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Bidding Method
We plan to sell our House to the highest and best offer on June 3, 2007 in a silent bidding process by telephone after our weekend inspection/open house is over. Inspection is from 11 a.m. to 4 p.m. on Saturday June 2nd, and Sunday June 3rd 2007. Only Buyers who come to see the condo may make an offer on it.
What’s going on here?
Most people have never seen a house being sold this way, so you’re probably wondering why we are doing it this way. When you go to buy a house in today’s market most people go to a realtor. They show you a bunch of houses, all of which include a commission. The standard rate of commission is usually 6% of the total sale of the house. They will tell you that the seller pays that commission, but the buyer is paying it. When you buy a house through a realtor you as the buyer pay the commission as it is part of the total price of the property. What I want to do is save a potential buyer that money by selling it myself. Also realtors usually have to cater to A credit buyers. This is part of there business and they only have so many lenders they can refer you to. All lenders will go through a bank qualifying process and in the end you as the buyer still may not be able to purchase the house because you can not get a loan. This is why this is called a Best Offer Sale. You can not only bid on the price, but how you would like to pay for it. You can choose in the bidding process to go with seller finance. If you are the highest and best offer by Sunday night and you chose seller finance, we will finance it for you as the owner and you will not have to bank qualify.
We decided to use this method to sell our condo because: ● It involves about a week of hard work instead of months of potential sporadic selling visits.
● It encourages full disclosure between the homeowner and the potential buyer
● We do not start with a high price and slowly work our way 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 is no broker fees paid from the sale price. This means we can sell our home 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 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.
● There is more than one way to bid on the property and as such it gives people who would not be able to qualify for a conventional loan a chance to purchase a house with seller financing if they are the highest and best offer.
● 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 the sale, consult with others, inspect the property, and obtain any necessary financing.
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