Complete Information to Buy or Sell Real Estate in Bend, Oregon
Welcome to The Hold Sold To Highest Bidder Auction Site
Welcome to our EXIT Realty Bend
Home Sold To Highest Bidder Site
One event took place on Saturday May 30 & Sunday May 31st, 2009
10:00 a.m. to 4:00 p.m. Each Day
20415 Buttermilk Court
Bend, Oregon
Final Round Robin Bidding Sunday Evening Beginning at 7:00 p.m. via telephone
Bidding Sheets Will Be Available At Event
Terms of Sale Will Be Avaialble at Event
How The Final Bidding Works & The Rules Available At Event
Question and Answer Sheets Will Be Available At Event
Thank you for stopping by! We are here to answer the questions you might have about our one-of-a-kind home buying process offered here in Central Oregon. We are proud to offer our sellers and buyers the opportunity to engage in the eal estate process in creative and effective ways. Our Home Sold To Highest Bidder is just that!
We will try to answer many of the questions that you may have here.
How The Final Bidding Works & The Rules
How the Bidding Process Works
Getting involved in the bidding process is simple. You DON’T have to be pre-approved for a loan and the bid can be withdrawn at anytime. To get involved simply leave your contact information with the open house host with the best phone number to be reached when the final bidding begins (please ask host for date and times).
Here’s how the final round robin bidding process works. We will conduct several rounds until there is only one bidder left. We call the top bidder and let them know the bidding had begun. Then we call the other bidders one after the other. Here are the options the bidders have when we contact them.
Each time you receive a call you have one of two options:
1. Raise your current above the highest bidder by at least $500 to stay in the bidding.
2. 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.
This is an open bidding process and we will tell anyone what the highest bid is at any time.
Every bidder will have the opportunity to top the current bid until highest & best bidder is established. The sellers have sole and absolute discretion to determine highest and best bid.
The highest/best bidder gets the home at his or her highest bid price upon approval of seller.
Bidding Rules
This is a sale with a Minimum Reserve by the seller.
All bids placed at the open house are not legally binding and can be withdrawn at any time. After the final bidding process is over a winning bidder will be determined. They will fill out an Oregon Real Estate Offer agreement with the price and terms agreed upon Monday after the open house.
If the highest and best bidder does not meet the conditions of the terms-of-sale or is unable to get financing to purchase the home – the home will immediately be offered to the next highest/best bidder at his or her final bid price. .
The sellers and buyers have the right to decide not to execute a contract (acceptable to the owner) at any time before an agreement has been signed. This is a sale with a Minimum Reserve. Owner may or may not accept offers below a set Reserve price. Back-up purchase agreements will be taken.
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INITIAL BIDDING SHEET
1. To enter the bidding you must leave a bid prior to the close of inspection on Sunday.
2. Your initial bid can be any amount however, the advertised starting bid is
$ 149,900.
3. Initial bids can be changed at any time up to the Sunday evening bidding.
4. Bids Can Be Withdrawn At Anytime
5. Bids are NOT Legally Binding
Name:_____________________________________________________________
Best Phone # To Be Reached At: (______) _________-____________________
Address____________________________________________________________
City: ______________________________ State: ________ Zip: _______________
Email: _____________________________________________________________
Starting Bid Amount $________________________________________________
(___) Yes (___) No Bidder Working with a Licensed Real Estate Agent? If YES, Buyers
agent must be present at time of this bid, present with future negotiations and represent BUYER by the writing of offer(s). If agent IS NOT present EXIT Realty will not cooperate and BUYER clearly understands that all negotiations will be conducted by EXIT Realty Bend with
no buyer representation implied, made or stated unless agreed to by mutual acceptance.
(___) YES!! Please send me exceptional deals on homes for sale when they become available.
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We will have all forms and disclosures available to the Home Sold To The Highest Bidder Auction Event. All
rules for the event will be posted for every visitor to read. You may also requet a short "Questions and Answers
About Round Robin Bidding" by requesting at mazz@propertiesinbend.com
The price listed on the Central Oregon Association of Realtors MLS site is a MINIMUM BID only and does not
indicate the sales price for this property. No representation of such has been made or implied.
EXIT Realty Bend are representing the SELLERS in this transaction unless otherwise disclosed and agreed
upon by BUYER(s). EXIT Realty Bend in no way has implied BUYER representation with this property.
Buyer may use a licensed real estate agent for representation in the bidding, negotiation and purchase of this
property. EXIT Realty Bend requires that any agent representing a buyer MUST BE PRESENT at time of
initial bid and register as a representative of a buyer. Buyers agent understands that EXIT Realty Bend will
engage represented and unrepresented buyers in a round robing bidding process and understands that EXIT
Realty WILL NOT engage directly with buyers agent in the robin robin process unless available at, when and
where the round robin process takes place and will be available at, when and where a sales contract to
purchase is completed. At, when and where indicates exactly as set by EXIT Realty Bend. Buyers agent further understands that in order to receive any compensation, as indicated in the MLS, buyers agent MUST fulfill all remaining obligations of a buyers agent including submission of full loan approval of buyer within 24 hours (as
listed in Term of Sale) and all other duties of a buyers agent.
This is a bank owned property and property is being sold AS IS.
Questions and Answers About The Bidding Event
Q: Why is the home being sold by round robin high bid process?
A: Because a bidding process allows all buyers to come to the home within a short period of time so it provides a fast, efficient, and convenient way to sell a home in a manner that is fair to both the buyers and seller. We need to sell this home FAST, this is the reason for the extremely low starting price.
Q: How does the Round Robin Bidding work?
A: The Round Robin Bidding Process is a buyer friendly approach that eliminates all the usual risks associated with buying at auction. On Saturday and Sunday, there will be an open house from 1pm to 4pm to visually inspect the property and sign up to participate in the bidding as well as place an initial bid. The final bidding is held by phone on Sunday evening. Starting at 7:00 PM, bidders will receive a call informing him or her of the current bid and offering them the opportunity to increase their bid in order to proceed to the next round. Rounds will continue until only one highest bidder remains. Buyers will need to be available by phone Sunday evening to receive multiple phone calls.
Q: How Do You Sign Up?
A: Come to the open house and visually inspect the home; interested, fill in your name, phone number and bid on the bid sheet;
Q: What are the Rules?
A: You need to visit and inspect the property during the open house. Complete the bid sheet so that you can be contracted on Sunday evening. You will need to be available by phone on Sunday evening beginning at 7 PM. You will need to be available Monday, June 1, 2009 to sign the contract if you are the winning bidder. If you are the highest bidder and you cannot comply, and alternative arrangements are not made prior to Sunday night, we may elect to call the next highest bidder and you may lose your chance to buy the home.
'The seller may decline any and all offers NOT acceptable to them.
Q: How Much Do I need For A Deposit?
A: You will need a earnest deposit Monday only if you are the winning bidder . Buyer is required to apply for financing
on Monday June 1, 2009.
Q: What happens to the deposit?
A: If you are the successful bidder, the deposit will be written in your contract as "earnest money" and will be turned over to the Title Company to hold until closing and then the deposit will be applied to your down payment on the home.
Q: Will the Purchase and Sale agreement allow for any contingencies?
A: Yes, Your offer will be contingent on your obtaining financing for the home within 48 hours. . Home is sold "As is". Seller(s) will make no repairs, provide any warranty or accept a promissory note for earnest.
Q: Will we be able to find out the current high bid?
A: Yes, we will tell anyone at anytime what the current best bid is.
All information is deemed to be correct, but EXIT Realty Bend, its agents and/or staff make no guarantees of any kind and will not be held responsible for such. Buyer understands that this property is a BANK OWNED property with a starting bid price of $149,900. This is a UNDISCLOSED Minimum Reserve offering
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