FREQUENTLY ASKED QUESTIONS...

BUYER AGENT

Will this bidding process eliminate the need for an agent?


Absolutely not. Having an agent as a representative for each party is extremely important. We are agent centric.




Why is the starting bid price so low?


As part of a bidding strategy you start at a low starting bid price and allow market forces to determine what the highest bid will be. It creates interest and momentum.




Why not just sell properties the normal way?


Normal can be extremely stressful for both the Seller and the Buyer. NORMAL The Seller is absolutely completely disrupted with people in and out of their home all hours of the day, evening and weekends. They are unable to live their normal life for an unknown length of time. The Buyer is rushing over to the new listing in order to get in early, pushed into making an immediate decision and then blindly offers their 'highest and best' and then they have to sit and wait to hear if they were the chosen offer. And when they don't get it, they have no idea why and start the process all over again. USAHOMEBIDS The Seller has an exact schedule ahead of time as to when showings will take place (predetermined open houses only) and when the offer will be presented. The Buyer knows exactly what they need to bid to be the winning bidder. Buyer has complete control as to whether they get the home or not.




Why do we need transparency?


It’s really a matter of being honest. It’s also a matter of being effective and efficient with your clients.




Can I bid on behalf of my buyer?


Yes, although it is recommended that the Buyer bid for themself. The intent here is to give the Buyer control.




Are there any special forms?


No, you use your state's standard real estate contracts.




If my buyer has the highest bid, do they automatically win the house?


Not necessarily. The winning bidder will be given 24 hours to submit their offer on the standard state contract with their offered terms and conditions. It is recommended that the Buyer still write a strong competitive offer as the Seller has the right to accept, counter or decline their offer. The advantage here is that the Buyer has the exclusive attention of the Seller with no other competing offers to entice the Seller to accept their contract. The Buyer has complete control to make this happen.




Is there a reserve price?


Not necessarily, this is not an auction. The list price is however the starting bid price.




What's the Buyer's Premium?


Buyer’s Premium is a percentage fee paid by the Buyer. The amount of the Buyer’s Premium will be added on top of the winning bid which shall establish the final sales price. Winning Bid + Buyer’s Premium = Sales Price.




How do I get paid?


You will be paid just like you normally are in a typical real estate transaction, through escrow.




I still have questions who should I ask?


Contact the listing agent.




What are the terms and conditions of the purchase contract?


If you are the winning bidder, your agent will have 24-hours to submit your offer on your state's standard purchase contract. Just like any other offer, you can modify the standard verbiage if you would like. If the Seller accepts your offer, whatever is agreed upon in that contract will be the terms and conditions for your purchase.




Will my buyer be able to do any inspections?


If you are the winning bidder, your agent will have 24-hours to submit your offer on your state's standard purchase contract. Just like any other offer, you can modify the standard verbiage if you would like. If the Seller accepts your offer, whatever is agreed upon in that contract will be the terms and conditions for your purchase.




Will my buyer be able to ask for any repairs?


If you are the winning bidder, your agent will have 24-hours to submit your offer on your state's standard purchase contract. Just like any other offer, you can modify the standard verbiage if you would like. If the Seller accepts your offer, whatever is agreed upon in that contract will be the terms and conditions for your purchase.




Will my client get to do an inspection?


If you are the winning bidder, your agent will have 24-hours to submit your offer on your state's standard purchase contract. Just like any other offer, you can modify the standard verbiage if you would like. If the Seller accepts your offer, whatever is agreed upon in that contract will be the terms and conditions for your purchase.

It should not be assumed that the Seller will agree to a lower price if the appraisal does not match agreed upon purchase price.





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