1. Fast Action Home Sales Method
What’s going on here? We plan to sell this home to the highest bid through an open, friendly and
honest Round-Robin Bidding Process, on Sunday night, [date of sale]. Most people have never seen a
house being sold by a round-robin, open-bidding process, so you're probably wondering why we are
doing it this way. Well, the short answer is we’re convinced that it produces a better result for both
the buyer and the seller than does the conventional method of listing, waiting helplessly, and paying a
hefty commission for the privilege.
We have come to think that perhaps this method works better for both the buyer and the seller. We
discovered this method through friends who had successfully sold their home using this system.
So, rather than list with a broker at this time, we decided to use this method to sell our house
because:
• It involves about a week of hard work instead of potential months of sporadic selling visits.
• It encourages full disclosure between the homeowner and 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. You are under no legal obligation as a result
of the bidding process.
• You will have plenty of time to review the terms of sale, consult with others, inspect the home,
and obtain any necessary mortgage.
• The closing process is the same as in conventional home sales.
• We honestly believe that if we do our job, that is, to provide full disclosure, market the home to
a reasonable sized buyer pool, and answer honestly all of your questions, then this beautiful
home will sell for whatever the market will bear.
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2. Bidding Rules
No Prequalification Necessary. All Bidders Welcome!
This is not a HUD auction, IRS auction, “repo” auction, or foreclosure auction.
This is a “for sale by owner,” or “FSBO,” marketing plan to bring the buyer and
the seller together quicker in a condensed, mutually beneficial, selling period of
time.
(See “Terms of Sale” for clarification of qualification rules.)
1. The bidding process will be conducted by the owners, XXXXXXXXXXXX.
2. Only buyers who have seen the home during the Open Houses on XXXXXXXXXXXXX may bid on
it.
3. The Seller will cooperate with Buyer’s Agents. Among other factors, the highest/best bid
will be determined by the NET PROCEEDS to be receive by seller at the close of escrow.
4. If you wish to be included in the bidding process, then provide the following before 6pm on
Sunday evening, XXXXXXXXXXXXX:
• Your name
• Sunday evening telephone number
• Preliminary bid.
5. The round-robin bidding will start at XXX pm on Sunday evening.
6. All preliminary bids must be multiples of $500 and can be left at any time prior to 6pm on
Sunday evening.
7. No one can enter the bidding after 6pm on Sunday.
8. The bidding will be open. We will tell anyone the status of the bids at any time.
9. Every bidder will have the opportunity to top the current bid until highest & best bidder is
established. Owner shall have sole and absolute discretion to determine highest and best bid.
10. When the round-robin bidding 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.
We will conduct several rounds in this manner until there is only one bidder left. Depending
on the number of bidders, the bidding may continue beyond Sunday evening.
11. Each time you receive a call you have three options:
• Raise the current high bid higher in minimum multiples of $500.
• Stay at your current bid.
• Retire from the bidding process.
12. We will offer the home to the highest/best bidder at his or her highest bid price.
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3. 13. If the highest/best bidder does not meet the conditions of the terms-of-sale or fails to
provide credible ability to purchase the home – the home will immediately be offered to the
next highest/best bidder at his or her final bid price.
Important Note
A. For your protection: The bids are not legally binding contracts and can be withdrawn
at anytime.
B. For the owner’s protection: The owners in their sole and absolute discretion have the
right to reject for no reason or any reason whatsoever, any bid at any time prior to the
execution of a contract (in a form acceptable to the owner) by and between the
successful bidder and owner.
C. This is a sale with a Minimum Undisclosed Reserve.
D. Back-up purchase agreements will be taken.
GOOD LUCK!
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4. Terms of Sale
CONTRACT: A meeting will be held with the selected buyer to execute the purchase
agreement and accept a $XXXX earnest money deposit, which will be held in the escrow
account. The purchase agreement will be in the form of a real estate sales contract currently
used in xxxxxx County, xxxxx (name of State) and such contract shall govern all rights, duties
and obligations of the parties. Terms of the contract shall supercede any terms to the contrary
contained herein. Failure by the initial successful bidder to sign the purchase agreement and
deposit the $XXXX earnest money by the end of the meeting will disqualify that bidder. If the
highest bidder is disqualified, the next bidder will be notified immediately.
PURCHASER QUALIFICATION: Bidders must initiate financing on this home, if applicable,
within 24 hours of contract. Proof of the bidder's ability to pay the purchase price, and/or
qualify for financing, must be in the form of a written letter of qualification from a financial
institution and must be provided along with an additional deposit in the said escrow account
sufficient to bring the total deposit to 10% of the purchase price within 10 days of contract
acceptance. Purchaser should plan on conducting the closing by xxxxxxxxx (date)
Should the highest bidder fail to show his or her ability to pay the purchase price, or meet the
requirements for deposit and financing proof within the above specified 10 day period, or prove
unable to close this sale within the specified period, the seller reserves the right to terminate
the sale process and offer the property to the next highest bidder under the same stipulations.
Until a contract is signed, the owners reserve the right to reject any or all bids and terminate
the sale process at any time without explanation to any potential buyer.
CLOSING COSTS: All closing cost is at buyer's expense unless otherwise specified. Seller is
responsible only for payment of state and local conveyance taxes and preparation recording of
the deed. Taxes for current year shall be prorated. The parties will follow the standard
expense allocations as provided in the real estate contract.
REALTOR OR BROKER FEES: The owners will not be responsible for any commission or
fees due to a broker or real estate agent representing a buyer. If a buyer elects to work with a
broker or real estate agent the buyer will be solely responsible for any fees or commissions
incurred. All bids MUST BE NET TO SELLER. Furthermore, if an agent/broker is bidding on
behalf of his/her client an Certified POWER OF ATTY., must be presented to the seller at the
time the bid is entered.
SALES POSTPONEMENT/CANCELLATION: Owner, in its sole and absolute discretion,
hereby reserves the right to postpone, cancel the sale for any reason or no reason whatsoever,
including without limitation due to illness, foul weather or force majeure. In any event the sale
may be cancelled altogether or postponed to an alternative weekend. Notice will be given to
all...so we encourage you to call leaving your name and phone number specifically for this
purpose.
This is a sale with a Minimum Undisclosed Reserve.
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