|
You are responsible for viewing the home and performing your due diligence before buying the house. Only after you are comfortable with the house should you begin bidding on the house. If you have any questions regarding a house, please use the Contact Us Email Form.
The bidding process is simple. There is a starting bid amount that will get the bidding started. The highest bidder will purchase the house.
If you are the highest bidder, you will initially receive an automated email confirming that you are the highest bidder. You will then receive an email within 2 business days contacting you to setup a time to sign contracts and pay earnest money in the amount of 5% of the purchase price. The earnest money must be paid in certified funds. You will also be responsible to pre-pay 4 weeks of finance charges at the time the contract is signed. Any unused finance charges will be credited at closing. If you intend to close within 14 days you may put down 10% as the earnest money and will not responsible for pre-paying 4 weeks of finance charges.
You will be allowed immediate possession after the contract is signed.
You can then close within 14 days at the bid price. If you do not close within 14 days then financing will automatically kick in as described in the contract. You will be responsible for an additional 1% of the outstanding balance per week during the contract period. At anytime you may pay the entire contract or a partial amount to reduce the outstanding balance.
At closing you can either take title or be the beneficiary of the established Land Trust which will allow the title to continue to be seasoned.
If you are not notified within 48 hours please contact us via the Contact Us Email Form.
Become A Member
|