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Bidder/Buyer Info

BIDDER / BUYER INFO ABOUT BIG SKY BID REAL ESTATE AUCTIONS

AUCTION ALERT: SIGN UP FOR AUCTION ALERTS!

All Real Estate offered through Big Sky Bid Real Estate through any of the real estate auction formats are available to be bid on by any qualified bidder. It is important that all interested bidders understand all terms of any offering, because when the auction starts and a bidder makes a bid they are acknowledging they are in full compliance and are in agreement to all the terms of the auction they are participating in.

Just some important terms all bidders should understand:

Standard Auction: most popular live auction to where the final bid would be subject to seller’s approval. A “reserve price” is not necessary because regardless the seller reserves the right for final approval.

Sealed Bid Auction: An auction designed to where bidders register to participate and receive a bid packet for submission to a third party holder of the bids. Then all bid packets are open simultaneously by seller for immediate consideration (seller does not have to accept any bid, unless it is an absolute offering). An additional live auction may follow to where ONLY those bidders placing a qualified sealed bid are invited to arrive at the highest and best value for the property.

Absolute Auction: an auction where regardless of final bid the seller is selling the property at the highest bid obtained.

Minimum Amount Needed to Register to Bid: This is a pre-determined amount and can range in amounts. This is presented in the form of a cashier’s check made out to the bidder on the day of the auction.

Earnest Money Deposit Due Immediately By Winning Bidder: This is the good faith earnest money amount the winning bidder, who has become the buyer, is required to place on escrow deposit with the Title Company, of which is to be applied to final purchase price. This amount could be, or become, ‘non-refundable’ or ‘forfeited’ if any winning bidder fails to close the transaction as agreed. *The “minimum amount needed to register to bid” can be used toward this earnest money total.

Terms Of Sale: This is the manner in which the seller will accept a contract to purchase. With auctions the most common is “cash”, others could be “new loan”, “Seller financing (CFD)”, etc.

Buyer’s Premium: This a percentage amount that is added to the final and winning bid to arrive at the final Contract Price the bidder/buyer will pay for the property. *This amount is used to recapture marketing expenditures by the Seller and/or Seller’s brokerage/auctioneer to get the property to the market so new owner has an opportunity to purchase on the exclusive auction date. Big Sky Bid Real Estate is known for either eliminating the additional buyer cost of paying a buyer’s premium or keeping it to an unheard of bare minimal amount – this allows for many more buyers to enter the bidding pool to achieve the very best value for Big Sky Bid Real Estate sellers.

Bidder Due Diligence: This is the ability for all bidders to conduct their own due diligence research on any property offered through Big Sky Bid Real Estate prior to any auction.

Sale Bill & Auction Announcements: The Sale Bill is the informational flyer/brochure/catalogue/bid packet that provides the description of what is to be sold and all terms of that sale; however, any and all “Auction Announcements” (including on the day of the auction) controls the sale and therefore any changes before the Auction begins supersedes all previous statements. Any problems, issues or changes are addressed immediately by Big Sky Bid Real Estate.

In addition, all participants (Sellers & Bidders/Buyers) understand the following Notice on all offerings:

“Offering is subject to errors, omissions, prior sale, change or withdrawal without notice, and approval of purchase by owner and/or lender. Information regarding acreages, square feet, etc., are intended only as general guidelines and have been provided by sources deemed reliable, but not guaranteed. Prospective buyers should verify all information to their satisfaction as broker/auctioneer are not an inspector, contractor, surveyor, appraiser or provide any further professional services beyond the scope of professional real estate brokerage/auctioneering services.”