Why are you selling your home this way?
This is not a HUD auction, IRS auction, "repo" auction, foreclosure auction or a distress sale of any kind. This method of home auction is becoming very popular across the country because the process results in the buyer and seller getting the best possible deal. The buyer will not pay more than they they should and the seller will receive fair market value for their home.
If I make a bid and win the auction, am I bound to buy the home?
No, the winning bidder will gain the right to submit an official Purchase & Sale Agreement or to pass this right along to the next highest bidder. Once the Purchase & Sale Agreement has been submitted, the buyer will then be bound by the terms of that contract.
How much should I bid?
If you are serious about buying the home, you should bid whatever you truly feel the home is worth. This will help to ensure that you are the highest bidder and earn you the right to purchase the home for fair market value.
Will I have time to obtain financing and do a home inspection?
Yes, once the Purchase & Sale Agreement has been submitted, the home will be in escrow. The normal time for financing to be put in place and home inspection to be done will be allowed.
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