Bidding Rules - All Bidders Welcome!
Auctions where the highest and best offer will get the home.
This is a prime opportunity to get instant equity.
The bidding process will be conducted by Jeffrey Nyland of Prudential Texas Realty.
Only buyers who have seen the home during the Open Houses on Saturday and Sunday may bid on it.
If you wish to be included in the bidding process, then you submit a preliminary bid when you inspect the home.
The bidding will be open. We will tell anyone the status of the bids at any time.
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.
The highest/best bidder at his or her highest bid price will get the home.
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.
.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.
Each time you receive a call you have three options:
1. Raise the current high bid higher in minimum multiples of $500.
2. Stay at your current bid.
3. Retire from the bidding process.
.
We will offer the home to the highest/best bidder at his or her highest bid price.
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
For your protection: The bids are not legally binding contracts until a contract after the conference call has been signed.
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. This is a sale with a Minimum Reserve. Owner may or may not accept offers below the Reserve price.
Back-up purchase agreements will be taken.
If you have an unresolved complaint with this Auction Company, it should be directed to: Texas Department of Licensing and Regulations, P. O. Box 12157, Austin, TX 78711 512-463-6599
Terms of Sale
CONTRACT: On Monday, the day after the open house, contact will be made with the highest/best bidder. The purpose of the contact will be to execute the purchase agreement and accept an earnest money deposit, which will be held in escrow. The purchase agreement will be in the form of a real estate sales contract currently used in Florida and such contract shall govern all rights, duties and obligations of the parties. Terms of the contract shall supersede any terms to the contrary contained herein. Failure by the initial successful bidder to sign the purchase agreement and deposit the earnest money by the end of Monday, the day after the sale, 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. Purchaser should plan on conducting the closing within 30 days and no longer than 45 days of the open house.
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, or prove unable to close this sale within the specified period, the owner 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 owner reserves 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. Owner is responsible only for payment of state & local conveyance taxes. Taxes for current year shall be prorated. The parties will follow the standard expense allocations as provided in the real estate contract. Owner will provide complete seller's disclosure upon request. Any information contained in the seller's disclosure is for information only.
SALES INFORMATION/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 Reserve. Owner may or may not accept offers below the Reserve price.
Only buyers who have seen the home during the Open Houses on Saturday and Sunday may bid on it.
If you wish to be included in the bidding process, then you submit a preliminary bid when you inspect the home.
The bidding will be open. We will tell anyone the status of the bids at any time.
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.
The highest/best bidder at his or her highest bid price will get the home.
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.
.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.
Each time you receive a call you have three options:
1. Raise the current high bid higher in minimum multiples of $500.
2. Stay at your current bid.
3. Retire from the bidding process.
.
We will offer the home to the highest/best bidder at his or her highest bid price.
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
For your protection: The bids are not legally binding contracts until a contract after the conference call has been signed.
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. This is a sale with a Minimum Reserve. Owner may or may not accept offers below the Reserve price.
Back-up purchase agreements will be taken.
If you have an unresolved complaint with this Auction Company, it should be directed to: Texas Department of Licensing and Regulations, P. O. Box 12157, Austin, TX 78711 512-463-6599
Terms of Sale
CONTRACT: On Monday, the day after the open house, contact will be made with the highest/best bidder. The purpose of the contact will be to execute the purchase agreement and accept an earnest money deposit, which will be held in escrow. The purchase agreement will be in the form of a real estate sales contract currently used in Florida and such contract shall govern all rights, duties and obligations of the parties. Terms of the contract shall supersede any terms to the contrary contained herein. Failure by the initial successful bidder to sign the purchase agreement and deposit the earnest money by the end of Monday, the day after the sale, 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. Purchaser should plan on conducting the closing within 30 days and no longer than 45 days of the open house.
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, or prove unable to close this sale within the specified period, the owner 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 owner reserves 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. Owner is responsible only for payment of state & local conveyance taxes. Taxes for current year shall be prorated. The parties will follow the standard expense allocations as provided in the real estate contract. Owner will provide complete seller's disclosure upon request. Any information contained in the seller's disclosure is for information only.
SALES INFORMATION/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 Reserve. Owner may or may not accept offers below the Reserve price.
By submitting an offer on this home, you are acknowledging that you have read and understand the bidding guidelines.
Jeffrey Nyland, TX AUC# 16644
Jeffrey Nyland, TX AUC# 16644
