Bidding Strategy

In General:

·As a bidder, you are not competing with the seller.  You are competing with other bidders.

·It is the seller’s best interest to conduct the bidding in a fair, honest and open fashion.

·This is not an outcry or absolute auction. Outcry and absolute auctions are characterized by strict rules, no time to think during the process, and cash in hand.  Our bids are taken leisurely.  As a bidder, you have enough time to fully consider your bids and what you are doing.  Neither party is legally obligated.

·Real estate agents are welcome to bring and bid on behalf of their clients.  The client will be responsible for paying any negotiated real estate commission in the event of a sale.

During the Inspection Period:

·If you do not know what to bid, make a bid that you know will not be the highest.  If you need to, ask for help.  You’ll then be called after the inspection period and be informed of the highest bid.  You may increase your bid at that time.

·Being the highest bidder going into the round-robin bidding gives you an advantage.  You’ll be the first bidder contacted in the final bidding process.

During the Round-Robin:

·Raising your bid in large increments may initially scare some buyers off and help you eventually win with a lower price.  This is called preemptive bidding.

·If you are in the running and the bid is increased beyond what you are willing to pay, you can make a final bid at a comfortable level below the highest bid, hoping the highest bidder drops out at some point.

We discovered this method while browsing through the bookstore for information on selling a home “by owner”. After reading about the method and doing some further research, we learned that thousands of homeowners have used this method with great success.

The national best seller aptly named “How to Sell Your Home in 5 Days” by Bill Effros.

We decided to employ the method for this sale because:

·The method encourages an open and honest disclosure between the homeowner and potential buyers.

·The method involves about a week of hard work to get ready, instead of months of sporadic “selling”.

·The final price will be determined by fair market value, instead of starting high and slowly coming down to a realistic level.

·The sale is less costly for us and for the buyer(s), than using a real estate broker.

·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 our beautiful home will sell for whatever the market will bear.

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All disclosures are made to the best of the seller’s knowledge.  No warranty or guarantee of any kind is given except to title.  The information disclosed is offered solely to help potential buyers evaluate this property.