TallynsReachHomeAuction

 
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Home Real Estate Auction Details
Tallyn's Reach Home - 5 Day Sale Auction Info.  E-mail

Auction Definitions >> Auction Methodology >> AUCTION REGISTRATION >> Virtual Auction Room >>

Auction Bidding Information & Method

Subject to property availability, this Tallyn's Reach Home will be:
1. Open for Inspection 6/25/2011 from 10:00 AM - 4:00 PM MST
2. Scheduled To Be Auctioned to the Best Bidder 6/25/2011  4:00 PM MST
3. Open For Bidding -- Starting Bid $509,500

Once the "Best Bidder" is selected, the parties put the property under contract as a normal residential real estate transaction with approved Colorado "contract-for-purchase" subject to standard contingencies such as appraisal, satisfactory property inspection, and financing if applicable.

Property Address:
To Come
Auction Registration >>

Auction Bidding Method:

• Initial bids can be left in any amount but must be verified by 3:00 PM MST Saturday.
• Initial bids can be changed until 3:30 PM MST Saturday.
• The bidding will be open and can be viewed in the virtual auction room.
• Final telephone round-robin bidding will begin at 4 PM MST Saturday. The best bidder will receive the first call to let him/her know that the bidding has begun. The next best bidder will then be called and given the opportunity to top the best bid, and so on down the list.
• Every bidder will have the opportunity to top the best bid until the best bidder is established.
• If there is more than one bid at the same level, the earliest bid will be honored.
• Bids must be at least $1,000 apart. ($509,500…$510,500…$511,500…Etc.)
• When the final bidding has completed, the best bidder will have 48 hours to arrange financing or demonstrate that financing will be available within a satisfactory time. Otherwise, the second best bidder will be given the opportunity to purchase the home.
• As with any real estate transaction, there is no legal obligation to purchase or sell until a contract is executed.



Real Estate Auction Definitions:

"International Bidder:”
Any bidder domiciled outside of United States including Alaska & Hawaii

“Out-of-State Bidder:”
Any bidder domiciled outside of Colorado, USA

“Best Bid:”
That bid determined by the seller to be most qualified given price considerations including seller’s perception of a given bidders ability and willingness to close the transaction in a timely manner with good funds

“Formal Notice of Auction Award:"
The seller may notify the “Best Bidder” by phone, facsimile, email, and/or registered mail. All such forms of notification will constitute legal “Formal Notice of Award”

“Best Bid Award Price:”
That “Best Bid” price that through the “round-robin” bidding process the seller’s award the auction subject property to

“Buyer’s Premium:”
There are no "buyer's premiums", fees or charges associated with this 5 day sale auction format to the best bidder.

 

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