Hudson Pines Quick Sale Rules & FAQ (Live Bidding)
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 sellers. We need to sell the 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 a multiple bid home. On Sunday, December 14, 2014, there will be an open house, between 1:00 and 4:00 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 that evening. At the pre-determined starting time, each bidder 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 bidder remains. Buyers will need to be available by phone the evening of the Open House to receive multiple phone calls.
Q: How Do You Sign Up?
A: Come to the open house & visually inspect the home: interested? Fill in your name, phone number, bid, and other requested information on the bid sheet.
Q: What Are The Rules?
A: You will need to be available on the day of the Open House at the announced phone bidding start time to participate in the Round Robin. You will need to be available to sign a purchase offer by noon on Monday, 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 sellers may decline any and all bids not acceptable to them.
Q: How much do I need for a deposit?
A: No deposit is needed until a NY State purchase and sale contract is reviewed by your attorney and signed by all parties involved in the purchase of the home. The deposit needs to be returned with the executed contract for purchase and sale. Q: What happens to the deposit?
A: The deposit will be written in your contract as “earnest money” or a “good faith deposit” applied to the purchase price.
Q: Will there be any liens or encumbrances on the home?
A: No, you will receive a Deed and title on the property. Any mortgages or debts against the property will be paid from the proceeds of the sale so that the home is completely free and clear.
Q: Will we be able to find out the current high bid?
A: Yes. We will tell anyone at any time, during the Round Robin Bidding Process, what the current best bid is.
THE FOLLOWING IS VERY IMPORTANT! You MUST register your name, telephone number, email address and initial bid amount at the Open House. Only registered bidders can be included in the Final Round Robin Bid process and you MUST enter complete information…regardless of your bid amount, to be able to participate in the final bidding.
Making a Bid at the Open House DOES NOT OBLIGATE you to buy the property…it only allows you to participate in the private telephone bidding process and established bidding order.
The Round Robin Final Bid Process time will be between 5 and 7:00 pm Sunday evening via telephone. We will call all interested bidders who registered until there is one high bid, and no other bidder wishes to top it. All bids must be in a minimum of $5,000 increments. If there is more than one bid at a level, the earlier bid will be honored.
The caller will say, “Currently there are X number of bidders in this round and the current high bid is $___. Would you like to advance the bid?” You can take this opportunity to advance the bid and be included in the next round or decline and drop out from the bidding (again…there is no obligation). Once you drop out we thank you for participating and you will not be called again.
Sale is for the Highest and “BEST” Bid/Offer, Example: an all cash offer closing in less time may take precedence over a higher offer contingent on financing and taking longer to close or that is contingent on the sale of a house. Seller reserves the right to accept, reject or rescind any bids before the formal New York Real Estate contract process. A Sale and Bid is not finalized until a New York State Residential Real Estate Contract is executed between Buyer and Seller and Earnest Deposit Funds have been submitted. We need to sell this home FAST so if you get pre-approved while at the home, you will get a great price on the home.
If you are the winning party we will make arrangements to meet with you at our office to execute a purchase and sale offer form that will be submitted to the seller’s attorney in order to prepare the actual NY State purchase contract. All offers are “as-is,” with no known defects, and right to inspect.
For more information on each unit, please refer to MLS#’s:
4437052, 4444669, 4444670, 4437061, 4444672, 4437063, 4437075
Attn: Realtors – Feel confident, your commission is protected. If you send your buyers, just have them sign in with your name as “how did you find us”. If your buyer is the successful high bidder, write up your regular purchase offer, and your commission is paid same as any transaction. See listings in MLS.