Tips to Bidders

Tips to bidders:

If you have interest in the property use our online form to get your bid in early. This is an incredible opportunity for you to set the market price – “name your price for the property”. This is a non-binding bid process where the seller desires to sell the property quickly and is willing to take non-binding offers from all interested individuals.  You are not entering into a Contract to Purchase at this time. It is not necessary to show proof of funds or prequalify to bid, but we do ask you to make every effort to begin the process and reasonably have the ability to qualify for the funds necessary to close on the property prior to bidding. If you are unsure, contact us to set up something with a qualified mortgage broker to answer your concerns.  If you are the winning bidder then at that time you will be asked to enter into a Purchase Contract that will be contingent on you securing financing, as well as other conditions that protect you. You will have typically up to 48 hours to review the purchase contract and sign the agreements. If you are unwilling to enter into the contract then the seller may elect to accept another offer. But you have nothing to loose in the process of bidding.

The Bid Process:

Bid on the property by filling out the online form – no money is required at this time – agree to the good faith conditions.

You can elect to be notified if there is a higher bid and adjust your bid if so desired.

The Seller may accept a bid at any time before the deadline (so it is important to get your best bid in as soon as possible). The Price you bid is the price you pay. No auction premiums or commissions are added. Once your bid is accepted you will be notified and given typically two days to review and enter into the “Agreement to Buy and Sell Real Estate Residential” (The Purchase Contract) and remit a 5% escrow deposit.

The Purchase Contract:

The Contract of Purchase will afford a financing condition to be met within two weeks and you are allowed to hire your own home inspector and have 5 business days to accept the property condition (homes only). If you cannot meet the conditions or do not accept the property because of your condition report you can withdraw your contract offer and will receive a full refund of your escrow deposit.  Deposits are held in trust accounts by the sponsoring Real Estate Broker and maintained under strict guidelines from the State of South Carolina. It is our Seller’s intention to get a fair market price in a timely manner from an informed buyer.

If you are the successful bidder please read the contract documents carefully and we suggest having your closing attorney review the Contract Agreements and other forms prior to signing.

Closing:

Closings are typically scheduled within 45 days from signing and acceptance from the seller of the Agreement to Buy and Sell Real Estate. Closings can be held at a local attorney of your choosing.

Disclosures

Broker reserves the right to add or delete any property from auction or to alter the order of sale. BIDDERS ARE RESPONSIBLE TO PERFORM DUE DILIGENCE, INCLUDING BUT NOT LIMITED TO Personal on-site inspection of each property prior to Bidding. All properties sell “as is-where is” with no warranties expressed or implied. All properties will be conveyed by special warranty deed. The information set forth herein has not been independently verified by seller or broker. Its accuracy is not warranted in any way, including, but not limited to, information set forth herein concerning utilities, lease information, zoning, and acreage of parcel and square footage of improvements and all photographs . BUYER AGREES THAT THEY ARE NOT RELYING ON THE INFORMATION PROVIDED IN DECIDING WHETHER TO BID ON THE PROPERTY AND HAVE CONDUCTED THEIR OWN DUE DILIGENCE INVESTIGATION PRIOR TO BIDDING. There is no obligation on the part of seller or the broker to update this information.  The sellers AND broker do not have any liability whatsoever for any oral or written representation, warrants or agreements relating to the property except THOSE OF THE SELLER(S) as expressly set forth in the “ Agreement to Buy and Sell Real Estate.”