BidOnThisPad.com

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 You DON’T have to be pre-approved for a loan and the bid can be withdrawn at anytime.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 reach 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 in this manner 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 id 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.

Bidding Rules

This is a sale with a Minimum Reserve.
All bids placed at the open house are not legally binding and can be withdrawn at any time.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 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 homeowners 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.

You may view and print the Bidding Rules and Terms Of Sale by clicking on the document below.