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Home Real Estate Auction Details
Steamboat Springs Home - 5 Day Sale Auction Info.

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

Auction Bidding Information & Method

This Steamboat Springs Home will be:
1. Open for Inspection Saturday 3/26/2011, 10:00 AM - 4:00 PM MST, and Sunday 3/27/2011 10:00AM to 2:00PM.
2. Scheduled To Be Auctioned to the Best Bidder 3/27/2011 - 5:00 PM MST
3. Open For Bidding -- Starting Bid $419,500

Property Address:
To Come
Auction Registration >>

Please understand that the bidding process is for pricing purposes only. Once a “Best Bidder” is awarded the “Best Bid Award Price,” the sale becomes a normal real estate transaction subject to standard contingencies such as inspection, appraisal, and financing. See sample Sales Contract and seller disclosures below:

Auction Bidding Method:

Initial bids can be left by those who attend the inspection period, or have made arrangements to preview the property beforehand, in any amount at or above the "starting bid amount," but must be verified by 4:00 PM MST Sunday.
• Initial bids can be changed until 4:00 PM MST Sunday.
• The bidding will be open and can be viewed in the virtual auction room.
• Final telephone round-robin bidding will begin at 6 PM MST Sunday. 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. ($419,500…$420,500…$421,500…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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