METHOD
We plan to sell our home to the Highest Bidder on Sunday Evening on April 11th 2010 in a Round Robin bidding process by telephone, after our weekend inspection/open house is over.
Inspection is from 10 am to 5pm Saturday April 10th and Sunday April 11th. Only buyers who come to see the home may bid on it.
What is going on here??? Why are we doing it this way?
We have to come to think that this method may work better for both the buyer and the seller.
• It involves about a week of living out of boxes instead of potential months of sporadic selling visits.
• It encourages full disclosure between the homeowner and the potential buyers.
• We do not start high and slowly come down – we start low and let the buyers market determine the top price.
• The sale is less costly for us and the buyers because there are no broker fees paid from the sale price. This means we can sell for less and each of us comes out ahead. Additionally, the commission savings instantly adds to the substantial existing equity for the buyer.
• We believe that if we attract a reasonable sized buying pool, then our home will sell for a price that is fair both to the buyer and to the seller.
• The sale process is entirely open. You do not bid against us, but against other bidders.
• Placing a bid does not make you liable in any way.
• Both you and the seller are under no legal obligation as a result of the bidding process.
• You will have plenty of time to review the terms of sale, consults with others, inspect the home and obtain any necessary mortgage
• The closing process is the same as in conventional home sales
RULES
No Pre-qualification is necessary to bid. All bidders are welcome. This is not a HUD auction, IRS auction, “repo” auction or foreclosure auction. (See Terms of Sale” auction for clarification of qualification rules.)
1) The bidding process will be conducted by the owners, Michael and Misa Blair.
2) Only buyers who have seen the hold during the Open Houses on Saturday April 10 & Sunday April 11, may bid.
3) If you wish to be included in the bidding process, then provide the following before 6pn on Sunday evening:
• Your name
• Sunday evening telephone number
• Initial offer
4) The round robin bidding will start at 8pm on Sunday evening, April 11th.
5) All preliminary bids must be multiples of 500 dollars and can be left at any time prior to 8pm on Sunday evening.
6) No one can enter the bidding after 6pm on Sunday.
7) The bidding will be open. We will tell anyone the status of the bids at any time.
8) Every bidder will have the opportunity to top the high bid until the highest bidder is established.
9) When the round robin opens we will telephone the highest bidder first. We’ll call the next highest bidder in line, and so on down the list until all bidders have been called.
10) We will conduct several rounds in this manner until there is only one offer left.
