HOME TO BE OFFERED AT 66% OF LIST PRICE
SUNDAY NIGHT- ROUND ROBIN BEGINS AT 5PM
OPEN SAT & SUN 1-3 PM
BARGAIN PRICING!
Opening Offer Price $74,900
OPEN FOR INSPECTIONS
Sat & Sun (August 6 & 7) 1-3 PM
OPEN FOR INSPECTIONS
Sat & Sun (August 6 & 7) 1-3 PM
1213 W. Springfield, Champaign
This home offers so much, you must see it to appreciate it!! Charming bungalow convenient to U of I, schools, bus line and shopping. Great space for the money with 3 bedrooms, plus a den and a full basement! Some new flooring, newer furnace, A/C and electrical. Large family room looks onto nicely landscaped, fenced yard with a huge storage building. Perfect for first time buyers or investors!
Questions and Answers about the Round Robin Bidding Process
Q: Why is the home being sold by round robin high bid process?
A: Because a bidding process allows all buyers to come to the home within a short period of time so it provides a fast efficient, and convenient way to sell a home in a manner that is fair to both the buyers and sellers. We need to sell the home FAST, this is the reason for the extremely low starting price.
Q: How does the Round Robin Bidding work?
A: The Round Robin Bidding Process is a buyer friendly approach that eliminates all the usual risks associated with a multiple bid home. On Saturday & Sunday, there will be an open house from 1pm -3pm to visually inspect the property and sign up to participate in the bidding as well as place an initial bid. The final bidding is held by phone on Sunday evening. Starting at 5 PM, each bidder will receive a call informing him or her of the current bid and offering them the opportunity to increase their bid in order to proceed to the next round. Rounds will continue until only one highest bidder remains. Buyers will need to be available by phone Sunday evening to receive multiple phone calls.
Q: How Do You Sign Up?
A: Come to the open house & visually inspect the home: interested? Fill in your name, phone number where we can reach you after 5 p.m. on Sunday night, and amount you'd like to bid on the bid sheet.
Q: What Are The Rules?
A: You need to visit and inspect the property during the open house. Complete the bid sheet so that you can be contacted Sunday evening. You will need to be available starting Sunday at 5 pm to participate in the Round Robin. You will need to be available to sign the contract by noon on Monday, if you are the winning bidder. If you are the highest bidder and you cannot comply, and alternative arrangements are not made prior to Sunday night, we may elect to call the next highest bidder and you may lose your chance to buy the home.
No bid is binding on the buyer or the seller until a sales contract is executed.
The seller may decline any and all bids not acceptable to them.
Q: How much do I need for a deposit?
A: You will need a small deposit (usually $1000) on Monday afternoon - only if you are the winning bidder. Financing and pre-approval will be available for you the weekend of the open house, if needed.
Q: What happens to the deposit?
A: If you are the successful, the deposit will be written in your contract as "earnest money" or a "good faith deposit" applied to the purchase price.
Q: Will there be any liens or encumbrances on the home?
A: No, you will receive a Deed and title insurance on the property. Any mortgages or debts against the property will be paid from the proceeds of the sale so that the home is completely free and clear.
Q: Will the Real Estate Purchase Agreement allow for any contingencies?
A: Yes, your offer will be contingent on you getting financed for the home and contingent on a satisfactory home inspection.
Q: Will we be able to find out the current high bid?
A: Yes. We will tell anyone at anytime what the current best bid is.
THE FOLLOWING IS VERY IMPORTANT! You MUST register your name, telephone number where you can be reached starting at 5 p.m. on Sunday evening, email address and initial bid amount at one of the Open House Dates. Only registered bidders can be included in the Final Round Robin Bid process and you MUST enter complete information ... regardless of your bid amount, to be able to participate in the final bidding.
Making a Bid at the Open House DOES NOT OBLIGATE you to buy the property...it only allows you to participate in the private telephone bidding process and established bidding order.
The Round Robin Final Bid Process will begin at 5:00 PM via telephone. We will call all interested bidders who registered until there is one high bid, and no other bidder wishes to top it. All bids must be in a minimum of $2000 increments. If there is more that one bid at a level, the earlier bid will be honored.
The caller will say, "Currently there are X number of bidders in this round and the current high bid is $___. Would you like to advance the bid?" You can take this opportunity to advance the bid and be included in the next round or decline and drop out from the bidding (again...there is no obligation). Once you drop out we thank you for participating and you will not be called again.
Once down to the final two bids (sometimes 4) we will start to inquire as to your financing and any contingency terms (all cash, contingent on bank financing, approval letter, etc.).
Sale is for the Highest and "BEST" Bid/Offer, Example: an all cash offer closing in less time may take precedence over a higher offer contingent on financing and taking longer to close or that is contingent on the sale of a house. Seller reserves the right to accept, reject or rescind any bids before the formal Champaign County Association of Realtors Multiple Listing Service (CCAR MLS) Residential Real Estate contract process. A Sale and Bid is not finalized until a CCAR MLS Residential Real Estate Contract is executed between Buyer and Seller and Earnest Deposit Funds have been submitted. We need to sell this home FAST so if you get pre-approved while at the home, you will get a great price on the home.
If you are the winning party, we will make arrangements to meet with you at the home or our office to execute a CCAR MLS AS-IS Residential Real Estate Contract, earnest money deposit in the amount of $1,000 will be due at this time. All offers are As-Is, with no known defects, and right to inspect. - or - if you are working with a Realtor, meet with them and fill out our paperwork.
A: Because a bidding process allows all buyers to come to the home within a short period of time so it provides a fast efficient, and convenient way to sell a home in a manner that is fair to both the buyers and sellers. We need to sell the home FAST, this is the reason for the extremely low starting price.
Q: How does the Round Robin Bidding work?
A: The Round Robin Bidding Process is a buyer friendly approach that eliminates all the usual risks associated with a multiple bid home. On Saturday & Sunday, there will be an open house from 1pm -3pm to visually inspect the property and sign up to participate in the bidding as well as place an initial bid. The final bidding is held by phone on Sunday evening. Starting at 5 PM, each bidder will receive a call informing him or her of the current bid and offering them the opportunity to increase their bid in order to proceed to the next round. Rounds will continue until only one highest bidder remains. Buyers will need to be available by phone Sunday evening to receive multiple phone calls.
Q: How Do You Sign Up?
A: Come to the open house & visually inspect the home: interested? Fill in your name, phone number where we can reach you after 5 p.m. on Sunday night, and amount you'd like to bid on the bid sheet.
Q: What Are The Rules?
A: You need to visit and inspect the property during the open house. Complete the bid sheet so that you can be contacted Sunday evening. You will need to be available starting Sunday at 5 pm to participate in the Round Robin. You will need to be available to sign the contract by noon on Monday, if you are the winning bidder. If you are the highest bidder and you cannot comply, and alternative arrangements are not made prior to Sunday night, we may elect to call the next highest bidder and you may lose your chance to buy the home.
No bid is binding on the buyer or the seller until a sales contract is executed.
The seller may decline any and all bids not acceptable to them.
Q: How much do I need for a deposit?
A: You will need a small deposit (usually $1000) on Monday afternoon - only if you are the winning bidder. Financing and pre-approval will be available for you the weekend of the open house, if needed.
Q: What happens to the deposit?
A: If you are the successful, the deposit will be written in your contract as "earnest money" or a "good faith deposit" applied to the purchase price.
Q: Will there be any liens or encumbrances on the home?
A: No, you will receive a Deed and title insurance on the property. Any mortgages or debts against the property will be paid from the proceeds of the sale so that the home is completely free and clear.
Q: Will the Real Estate Purchase Agreement allow for any contingencies?
A: Yes, your offer will be contingent on you getting financed for the home and contingent on a satisfactory home inspection.
Q: Will we be able to find out the current high bid?
A: Yes. We will tell anyone at anytime what the current best bid is.
THE FOLLOWING IS VERY IMPORTANT! You MUST register your name, telephone number where you can be reached starting at 5 p.m. on Sunday evening, email address and initial bid amount at one of the Open House Dates. Only registered bidders can be included in the Final Round Robin Bid process and you MUST enter complete information ... regardless of your bid amount, to be able to participate in the final bidding.
Making a Bid at the Open House DOES NOT OBLIGATE you to buy the property...it only allows you to participate in the private telephone bidding process and established bidding order.
The Round Robin Final Bid Process will begin at 5:00 PM via telephone. We will call all interested bidders who registered until there is one high bid, and no other bidder wishes to top it. All bids must be in a minimum of $2000 increments. If there is more that one bid at a level, the earlier bid will be honored.
The caller will say, "Currently there are X number of bidders in this round and the current high bid is $___. Would you like to advance the bid?" You can take this opportunity to advance the bid and be included in the next round or decline and drop out from the bidding (again...there is no obligation). Once you drop out we thank you for participating and you will not be called again.
Once down to the final two bids (sometimes 4) we will start to inquire as to your financing and any contingency terms (all cash, contingent on bank financing, approval letter, etc.).
Sale is for the Highest and "BEST" Bid/Offer, Example: an all cash offer closing in less time may take precedence over a higher offer contingent on financing and taking longer to close or that is contingent on the sale of a house. Seller reserves the right to accept, reject or rescind any bids before the formal Champaign County Association of Realtors Multiple Listing Service (CCAR MLS) Residential Real Estate contract process. A Sale and Bid is not finalized until a CCAR MLS Residential Real Estate Contract is executed between Buyer and Seller and Earnest Deposit Funds have been submitted. We need to sell this home FAST so if you get pre-approved while at the home, you will get a great price on the home.
If you are the winning party, we will make arrangements to meet with you at the home or our office to execute a CCAR MLS AS-IS Residential Real Estate Contract, earnest money deposit in the amount of $1,000 will be due at this time. All offers are As-Is, with no known defects, and right to inspect. - or - if you are working with a Realtor, meet with them and fill out our paperwork.
ATTENTION REALTORS!
Realtors Commission - Feel confident, your commission is protected. You can bring or send your buyers. Just have them sign in with your name as "how did you hear about us". When your buyer is the successful bidder, meet with them the next day and write up your regular CCAR MLS sales contract. Your commission is paid same as any transaction.
If you have any questions about how this process works and why we are implementing it in our market, please visit our site especially for Realtors.
If you have any questions about how this process works and why we are implementing it in our market, please visit our site especially for Realtors.
