Bidding Rules
1. The home will be sold to the highest bidder in round-robin fashion on Sunday, July 15th,
starting at 7pm. You must have placed your opening bid prior to 7pm in order to be involved
in the bidding. The bidding will take place over the phone. Starting at 7pm, we will contact
the lowest bidder on the bid sheet, and tell them where the high bid is at. They can either
choose to top the high bid, or to withdraw from the bidding. Once you have withdrawn you
may not reenter. We will continue calling every bidder until eventually everyone has dropped
out and we are left with a winner.
2. You must have visited the home during the open house to bid on it.
3. Bidders must be pre-qualified by our on-site mortgage broker. You don't have to use our
lender, but in order to be fair, we want to make sure that everyone can afford to pay the
amount that they're bidding.
4. The opening bid will start at $559,450.
5. The bid sheet and status will be open for anyone to see at anytime.
6. Bids must increase at a minimum of $1,000.
7. We will accept bids at the open house and over the phone until 7pm Sunday.
8. No new bidders will be allowed to enter the bidding after 7pm.
9. The highest bidder will be offered the home at their winning bid price (subject to the owner's
confirmation)
10. If you are working with an agent, the agent's commission will be factored into the bid
amount. For example, if you are bidding $200,000, the agent's 3% commission of $6,000 would
be subtracted from the bid. Therefore the bid would be calculated as $194,000. ($200,000 -
$6,000 = $194,000.)
11. May the best bidder win!