Questions & Answers about "Ready, Set, SOLD"
Q: What is Ready, Set, SOLD?
A: Ready, Set, SOLD is a rapid sales process in which we list a home, provide immediate mass marketing to attract a high numbers of buyers to the scheduled open houses at which we start accepting offers. This process will allow us in many cases to have your home under contract in as little as 30 DAYS!
Q: Why do we sell homes through the round robin high bid process?
A: Because a bidding process allows all buyers to come to the home 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 sellers. We need to sell the home FAST and this is the reason for the extremely low starting price.
Q: How does the Round Robin Bidding work?
A: The Round Robin Bidding Process is a buyer friendly approach that eliminates all the usual risks associated with a multiple bid home. On Saturday & Sunday, there will be an open house from 2pm to 4pm to visually inspect the property and sign up to participate in the bidding as well as place an initial bid. The final bidding is held by phone on Sunday evening. Starting at 5 PM each bidder will receive a call informing him or her of the current bid and offering them the opportunity to increase their bid in order to proceed to the next round. Rounds will continue until only one bidder remains. Buyers will need to be available by phone Sunday evening to receive multiple phone calls.
Q: How Do You Sign Up?
A: Come to the open house & visually inspect the home. If interested? Fill in your name, phone number, and bid on the bid sheet.
Q: What Are The Rules?
A:
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You need to visit and inspect the property during the open house (ONLY).
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Complete the bid sheet so that you can be contacted Sunday evening.
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You will need to be available Sunday at 5 pm to participate in the Round Robin.
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You will need to be available to sign the contract by noon on Monday, if you are the winning bidder.
If you are the highest bidder and you cannot comply, and alternative arrangements are not made prior to Sunday night, we may elect to call the next highest bidder and you may lose your chance to buy the home.
The sellers may decline any and all bids not acceptable to them.
Q: How much do I need for a deposit?
A: Deposits are are collected from the winning bidder ONLY and are based on the type of financing. For transactions to which a loan will be used to fund the purchase, a minimum of 3.5% will be required. For cash transactions, a 10% deposit is required. Mortgage brokers will be available to you for finance pre-approvals.
Q: What happens to the deposit?
A: The deposit will be written in your contract as "earnest money" or a "good faith deposit" applied to the purchase price.
Q: Will there be any liens or encumbrances on the home?
A: No, you will receive a Deed and title insurance on the property. Any mortgages or debts against the property will be paid from the proceeds of the sale so that the home is completely free and clear.
Q: Will the Real Estate Purchase Agreement allow for any contingencies?
A: Yes, your offer may be contingent on a satisfactory home inspection and / or contingent on your obtaining financing for the home.
Q: Will we be able to find out the current high bid?
A: Yes. We will tell everyone at anytime what the current best bid is.
THE FOLLOWING IS VERY IMPORTANT! You MUST register your name, telephone number, email address and initial bid amount at one of the Open Houses. Only registered bidders can be included in the Final Round Robin Bid process and you MUST enter complete information... regardless of your bid amount, to be able to participate in the final bidding.
Making a Bid at the Open House DOES NOT OBLIGATE you to buy the property... it only allows you to participate in the private telephone bidding process and established bidding order.
The Round Robin Final Bid Process will begin at 5:00 PM via telephone. We will call all interested bidders who registered until there is one high bid, and no other bidder wishes to top it. All bids must be in a minimum of $500 increments. If there is more that one bid at a level, the earlier bid will be honored.
The caller will say, "Currently there are X number of bidders in this round and the current high bid is $___. Would you like to advance the bid?" You can take this opportunity to advance the bid and be included in the next round or decline and drop out from the bidding (again...there is no obligation). Once you drop out we thank you for participating and you will not be called again unless the high bidder is unable to proceed to closing.
Once down to the final bidders we will start to inquire as to your financing and any contingency terms (all cash, contingent on bank financing, approval letter, etc.).
Sale is for the "Highest and BEST" Bid/Offer, Example: an all cash offer closing in less time may take precedence over a higher offer contingent on financing and taking longer to close or that is contingent on the sale of a house. Seller reserves the right to accept, reject or rescind any bids before the formal Florida Real Estate contract process. A Sale and Bid is not finalized until a Florida Residential Real Estate Contract is executed between Buyer and Seller and Earnest Deposit Funds have been submitted. We need to sell this home FAST so if you get pre-approved while at the home, you will get a great price on the home. If the home "Highest and Best" offer is less than the amount owed on the property, the short sale process will be initiated to negotiate the sale with the sellers lender.
If you are the winning party we will make arrangements to meet with you at the home or our office to execute a Florida AS-IS Residential Real Estate Contract and collect earnest money deposit. All offers are As-Is, with no known defects, and right to inspect.
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