Note: Unless clearly, specifically noted, our auctions are NOT subject to court confirmation or bank approval. Unlike most true foreclosures, you do not need all cash or 10% down cash day-of-sale. Once the successful bidder is chosen, a normal ecrow process with full due diligence is opened, albiet with short contingencies. These are not HUD, IRS, Tax or Repossession auctions.

First, be aware that we have to strike a balance between two opposing agenda: Your goal to buy the property for as little money as possible, and our being hired by the seller or bank to sell for as much as possible. We place a very high value on integrity and your word. We will be up-front, open, and forthcoming about the process and how it works, and expect you to be a person who honors your word.

Second, some people don't want to get involved in a bidding war, which we fully understand. Everyone wants to get a good deal. Please seperate yourself from the "game" and just offer a price you're willing to pay. Our job is to sell the property and successfully close at the best price possible. Fundamentally, the property is a commodity, and if you do your research in advance, then come up with a walk-away price, and if it works for you, great, we're happy to do business. For those who do not honor their word, be advised we are careful with our contracts and will generally keep the deposit if someone backs out past their contingency dates.

Last, we do business by a mantra of "win-win or no deal". We wish you success and hope to work with you!

1. The auction will be an open house and bids will be taken at the property, in an open book on-site. These bids are a "first pass" and also let us know a few basics of your offer such as down payment. You may submit a sealed bid if you prefer. All parties who place a bid will recieve a call notifying them of the high bid with a chance to overbid the current high bid by $1,000.

2. Once the pool is down to the top 5 bidders, the non-price aspects of the offers are considered, such as deposit, down payment, credit score, etc. and the seller or bank will choose the winning first and backup offers are written up as a standard purchase contract. Generally we prefer a 21 day escrow if possible. The seller or bank is not required to accept the highest bid. There is usually an undisclosed minimum bid.

3. Contingencies are removed on both sides and the transaction is closed as a normal ecrow.

1. Only buyers who have seen the home and inspected it may bid on it.

2. If you wish to be included in the bidding process, then provide the following before 5:00 PM on the day of auction. A. Your name B. Sunday evening phone number(s) C. Your preliminary bid

3. Bid on the home as-is.

4. All preliminary bids for sale must be in multiples of $1,000 and can be left at any time prior to 5:00 PM day of auction. No one can enter the bidding after 5:00 PM

5. The bidding will be open.  We will tell anyone the status of the bids at any time.

6. Every bidder will have the opportunity to top the current bid until the highest & best bidder is established.

7. The home will be sold to the highest & best bidder in round-robin bidding by telephone on the night after the initial open house / inspection period. To enter the round-robin bidding you must leave a bid prior to 6:00 PM Sunday night

8. When the round-robin bidding begins, we will telephone the highest bidder prior to the round-robin bidding first to let them know that they are in fact the highest bidder and to give them the opportunity to increase their bid.

9. The next highest bidder will get the second telephone call to see if they would like to top the current high bid, and so on down the list until all bidders have been called.

10. Every bidder will have the opportunity to top the high bid until the final highest bidder is established.  Bids must be $1,000 apart.  Each time you receive a call, you have 3 options:

• Raise the high bid for the sale by $1,000 or more in multiples of $1,000
• Stay at your current bid
• Quit the bidding process

11. If there is more than one bid at the same level, the earliest bid will be honored.

12. The highest/best bidder will be offered the home at his/her bid price.

13.An earnest money deposit of 3% of the sale price will be required and collected from the highest and best bidder within 24 hours after the completion of the round-robin bidding.

Pre-emptive bidding is when you raise your bid in a large increment to scare off other buyers, which could result in you ultimately getting the property for less money.

If you are in the running and the bid is increased beyond what you are willing to pay, you can make a final bid at a comfortable level below the highest bid, hoping the highest bidder drops out at some point.