The settlement process is the same as in a conventional sale.
INSPECTION & DISCLOSURE:
The Sellers will provide an inspection period during the open house after the bidding process for several days. A Sellers Disclosure will be included in Buyers Package.
At the close of bidding, an appointment will be made with the highest and best bidder to complete a Standard Colorado Real Estate Contract Agreement and accept a earnest money deposit, which will be held in escrow.
Failure by the initial successful bidder to sign a contract agreement within 24 hours will disqualify that bidder. If the highest and best bidder is disqualified, the next highest and best bidder will be notified immediately.
Bidders must initiate financing on this Home. Proof of the bidder’s ability to pay the purchase price, and/or qualify for financing, must be in the form of a written letter of qualification from a financial institution and must be provided along with the Contract.
Purchaser should plan on closing within 30 days of contract acceptance; unless other extenuating circumstances are agreed to after purchase qualifications are met.
Should the highest and best bidder fail to show his or her ability to pay the purchase price, or meet the requirements for deposit and financing proof within the above-specified time, or prove unable to close within the specified period, the sellers reserve the right to terminate the sale process provided the Buyers are deemed in default per the terms of the Real Estate Agreement. At that point, the Sellers will have the option to offer the property to the next highest and best bidder under the same stipulations.
Until a contract is signed, the owners reserve the right to reject any or all bids and terminate the sale process at any time without explanation to any potential buyer.
Sellers are responsible only for transfer taxes and their own legal fees. Taxes for the current year shall be prorated between parties. Seller will follow typical requirements provided under Colorado state law.
REALTOR OR BROKER FEES PAPERWORK:
If a Buyer elects to work with a Broker or Real Estate Agent, the Seller will pay 2% commission to that Agent/Broker. The Buyers solely responsible for any fees or commissions incurred above 2% unless specifically authorized by Seller.
The Sellers, in their absolute and sole discretion, reserve the right to postpone the sale for any reason or no reason whatsoever, including without limitation illness, foul weather or force nature. In any such event, the sale may be postponed to an alternative date. Notice will be given to all... so we encourage you to call leaving your name and number specifically for this purpose.
This is a sale with a Minimum Undisclosed Reserve.