Best Bidder Bidding Rules and Information

 

Q: Why is the home being sold by Best Bidder high bid process?

A: Because a bidding process allows all bidders to come to the house within a short period of time, so it provides a fast efficient and convenient way to sell a home in a manner that is fair to both the buyers and the seller. We need to sell this home FAST which is the reason for the extremely low starting price.

 

Q: How does the Bidding Work?

A: The Best Bidder Buying Approach eliminates all of the usual risks associated with buying a home at scary venues such as auctions. On Saturday and Sunday, there will be an open house from 1pm to 5pm so that you can view the property and sign up to participate in the bidding as well as place an initial bid of any denomination. The fi-nal bidding is held by phone on Sunday evening. Beginning at 7pm, each person will be called and advised of the current highest bid and they will receive the opportunity to raise their current bid to proceed to the next round. The rounds will continue until only one high bidder remains. All buyers should remain close to their phone on Sun-day evening to receive a call during each round.

 

Q: How do you sign up to bid on the home?

A: Come to the open house to view the home. If you are interested, you can sign up with your name, email address and phone number. 18

 

Q: What are the most important rules to know?

A: You must view the property prior to placing a bid. If interested, you must place a starting bid on the bid sheet to be contacted during the Best Bidder process. You must be available at 7pm Sunday evening by phone for the process and if you are the highest bidder, you will meet with the representative Sunday evening to fill out the bid forms. If you are the highest bidder and can’t comply and alternative ar-rangements haven’t been made, the seller may elect to call the next highest bidder and you will lose your chance to buy the property. The seller may decline any and all offers that are not acceptable to them.

 

Q: Do I need to put up a deposit for the property?

A: If you are the highest bidder, you will put up a small good faith deposit, usually $2,000. The earnest money will be returned to you upon the successful closing of the home.

 

Q: Will there be any liens or encumbrances on the home?

A: No, you will receive the home with a clean title.

 

Q: Will the agreement allow for any contingencies?

A: Yes, it’s completely normal to have your offer contingent upon you getting fi-nanced and contingent on your hired home inspector approving of the home.

 

Q: Will we be able to find out the current highest bid if we’d like to know what it is?

A: Yes, we will disclose the current highest offer to anyone at anytime.

 

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PLACING A BID AT THE BEST BIDDER OPEN HOUSE DOES NOT OBLIGATE YOU TO BUY THE HOME IN ANY WAY.

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