Our Terms and Bidding Rules
This is meant to be a suggested guide for our preferences
Treat All Parties Ethically and Fairly
Ethics and EZ bid online
Sellers have the right to determine how they will conduct the process of marketing and selling their home.
Minimum standards of conduct need to be considered as important. These include Federal and State Fair Housing practices among others.
This is not a MLS listing site, but the subject property may also be listed in the MLS and/or in sites like Zillow.
Agency
If Agents are representing a buyer or seller (including Transaction Broker) they need to be identified and disclosed with Initial Bid submission
It is assumed that Buyers and Sellers are Unrepresented unless otherwise disclosed.
Commissions
Any expense for Agency representation (including Transaction Broker) is the sole responsibility of the party being represented and the respective parties are responsible for their own contractual obligations they have created. This refers to Buyers, Sellers, and Brokers/Agents.
Commissions and Prices are negotiable and not fixed
There are no commissions created by the use of this site other than as permissable by law between Agents, Brokers and clients or customers.
Seller Preferred Terms for Bidding on This Home
All Users of this site agree to abide by the rules and terms.
- Buyer to attend Open House or view Video Tour to be allowed to bid
- Buyer Pre approval by a bonafide lender or verification of funds required to be submitted with winning bidder’s purchase offer
- Home Inspection within 10 days of signed sales agreement
- Mortgage Contingency up to 45 days
- Mortgage approval NOT contingent on sale of Buyer’s property
- Closing approximately 30 days after all Buyer contingencies satisfied
- Seller will provide all disclosures as required by State and Federal Law
- Sales are assumed to be As-Is unless otherwise agreed
- Personal Property included in the sale will be identified
- License Disclosure: Seller is a licensed Broker representing themselves. No Agency relationship is created with the Buyer.
- A Real Estate Agent may represent the Buyer but Buyer is solely responsible for their commission.
Register For Open House
Registered people will be notified when the Open House date is established after 20 to 25 bidders are registered.
We follow the Realtor's Code of Ethics
Competitive Bid Coordinator
The Seller will have a coordinator who ensures the Bidding Process runs smoothly. They are there to answer questions, provide a level playing field to all, and are trustworthy, honest, and ethical in dealing with all parties. While their allegiance is to the Seller, it is in everyone’s best interest to conduct the Bidding as transparently and fairly as possible.
Competitive Bid Process
Buyers may submit a minimum bid of $1000 and up for their Initial Bid during registration to show their intent to attend Open House.
After the Open House, bidding will be opened up for Bidders to consider changing their bids. A minimum increment of $500. may be placed above the current high bid.
If there is a clear winner acceptable to the Seller, bidding ends at completion of the Bidding Time established.
Seller, at their sole discretion, determines if it is necessary to run a “Final Round Robin.”
Only the highest three bidders will be able to compete in the Final Round. The lowest of the three bids goes first with each bidder submitting their bid in turn. Bidding shall continue in this manner until there is only one Bidder remaining
Bids are NON-Binding and subject to a written sales agreement being presented to Seller within 48 Hrs of completion of Bid.
Seller reserves the right to reject any and all offers.
Seller will accept or decline the written offer within 24 hours
Seller may disclose if there is a Reserve Price, and identify when it has been met
Communication
If for any reason the bidding site becomes non-functional the Seller may continue the process by receiving emails through the contact system or through text or phone.
Escrow
Upon completion of the Final Round, the successful Buyer and Seller agree to exchange contact information for their closing agents.
The Buyer or Buyer’s Agent/Settlement Officer will create the purchase and sales agreement according to local custom and present it to the Seller for acceptance within 48 Hours of conclusion of bidding. Upon acceptance, the deposit shall be put into escrow according to local custom.
Closing Agents can be title companies or attorneys depending on local custom. Buyers and Sellers should use their own attorney, realtor, title company, or transactional broker to handle their paperwork.
Real Estate Agents and Brokers can prepare paperwork/hold escrow if they represent clients in the transaction.
The Seller will NOT hold escrow deposits.
The Competitive Bid Process
The best way to learn about utilizing this effective strategy is to explore this site and get familiar with how easy it is to do. If you are a first time home buyer or seller you may want to spend time chatting with a few seasoned real estate profesionals or investors.