Auction Bidding Information & Method

This Austin Estates Home will be:
1. Open for Inspection 4/9/2011 and 4/10/2011 1:00 PM - 4:00 PM MST
2. Scheduled To Be Auctioned to the Best Bidder 4/10/2011 6:00 PM MST
3. Open For Bidding -- Starting Bid $124,500

Property Address: 1331 Kingsley Drive

Auction Bidding Method:

• Initial bids can be left in any amount.
• Initial bids can be changed until 5:00 PM MST Sunday.
• 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 $500 apart. ($124,500…$125,000…$125,500…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.
• Brokers are welcome.  To make the bidding fair to those without Brokers, Buyers will pay the commission to their Brokers in addition to the Bid Price.

 Auction Definitions:

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.