Bidding Process

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No Prequalification Necessary. All Bidders Welcome

You may be asking "What's going on here?"  Hopefully this will answer all you questions.

Most people have never seen a property being sold by a Round-Robin open bidding process, so you're probably wondering why we sell homes this way. We believe this method works better than the "Traditional" way for both buyers and sellers.  We also believe that it works well in any market, i.e. - Buyers Market or Sellers Market.  We let the market dictate the price of the home, not just comparable houses.

This is Sold Magic’s Pick Your Price System™. (See Terms of Sale for clarification of qualification rules.)

1. The bidding process will be conducted by Sold Magic LLC after the Open House.
2. All Bidders are Welcome to offer a Non-Binding “Pick Your Price” Bid.
3. If you wish to be included in the bidding process you must provide Sold Magic with your name, email and telephone number before the end of the last showing day.
4. The Round-Robin bidding will start at 9 AM the Monday morning after the 2 showing days
5. All preliminary non-binding bids can be either called in before Monday at 8 AM or handed to a Sold Magic Representative on the open house days.
6. No one can enter into the bidding process after 9 AM on Monday.
7. The bidding will commence when a Sold Magic Representative will call all bidders and tell everyone the highest and best bid.
8. Every bidder will have the opportunity to top the current high bid
9. Each time a bidder receives a call they will have 3 options
-Raise the current high bid at a minimum of $1000
-Stay at the current bid
-Drop out from the bidding process
10. Everyone will be notified of the winning bid
11. If the highest/best bidder does not meet the conditions of the Terms-of-Sale or if the highest/best bidder fails to provide credible ability to purchase the home - the home will immediately be offered to the next highest/best bidder at his/her final bid price.

Important Notes
For you protection: The non-binding bids are not legally binding contracts and can be withdrawn at any time.
For the owner's protection: The owner reserves the right to reject any and/or all bids without explanation with exception to an accepted ratified contract.

Back-up purchase agreements will be taken.

This is a sale with a Minimum Undisclosed Reserve.

 

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