Marcus Real Estate
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High Bid & Low Bid Homes

     

By using both the High Bid and the Low Bid sales technique you can purchase one of our homes whether you are a qualified buyer or an interested buyer unable to obtain bank financing.


The High Bid Sale

Each one of our Properties
can be sold for the list price to a Cash or Mortgage Qualified Buyer. The Sellers will entertain all offers and look for the "Highest and Best Offer" or the Buyer that is willing to pay the price and terms acceptable to close the sale. Because qualified bids or offers are accepted online from across the Country, through a specific date, these homes can be advertised globally as "Highest and Best Offer" Virtual Real Estate Auctions. To schedule a showing or place an Offer on any one of our High Bid Homes Please Contact the Broker.

 

The Low Bid Sale

In the Low Bid Sale
, Homes are sold under $500 (Five Hundred Dollars) for Cash, Free and Clear of a Mortgage. 

This is a called the Lowest Unique Bid Real Estate Auction. On the single property web site you have an opportunity to view the many beautiful still shots, watch the home’s virtual tour, review the home’s detailed description, expenses, check out the local schools and weather, view the area map, take an area tour and review the seller’s disclosure. Bids from buyers across the country will be accepted throughout the month. The Bid range is $.01-$500.00 (One Penny to Five Hundred Dollars). Bids are placed here online or by fax, in penny increments and are sealed to the public.

 

This Auction will require a specific number of bids to close out. Once the bid reserve has been met (Bids Required),  the bidders are sent  an electronic notification by email with a Final Registration Link. This link has The "Home Auction Service Pack" (outlined below), General Terms and Conditions and a place for the Bidders to Confirm their Final Bid Amount before the Close of the Auction.

 

"The Home Auction Service Pack" includes, but is not limited to, the following:

Survey
Appraisal
Pest Inspection
Preliminary Title
Home Inspection
Seller's Disclosure
The Low Bid Home Auction Guide

There is a fee of $110 
to validate your final bid once you have received and accepted the information contained within the Home Auction Service Pack. These fees collected pay for the cost of the Home and the Service provided.


Once All the Bids in the auction have been validated, the property will be taken off the high bid sales platform and the home auction will be closed to the public. All sealed bids are tabulated immediately and publicly posted online at MarcusRealEstate.com within 5 business days of the close of the auction. The successful bidder is then notified.  

The Criteria to be the successful bidder in this auction
format are to have placed the “lowest bid” that is “unique” or unmatched by any other bidder at the close of the auction. So if a bidder places a bid for one penny, and another bidder does the same, the bid amount would be the lowest, but no longer “unique” within the auction. Duplicate bids cancel out and similar to standard high bid auctions, bid values increase during the course of the auction. Upon the close of the auction the “lowest unique bid” amount becomes the sale price of the home (example $33.33).  All successful bids in home auctions are "Unique in Value", only one person in any Auction leaves with the house.
  

The Closing The new buyer, once contacted, has 48 hours to execute a contract for purchase for their successful bid amount and get their ENTIRE CASH BID into escrow with our closing attorney. There will be 60 days scheduled within the terms of the contract to perform any and all final inspections and close on the property. The service fees collected offset the cost of the home and the services provided so all homes are sold free and clear of all liens.

The Additional Costs Covered within the Auction are:

Title Insurance Policy to Buyer
Recording Fees to the Buyer
Home Warranty for the first year to the Buyer
Taxes and Insurance Paid for the First Year of Home Ownership to the Buyer
Pool Care, Lawn Care & Pest Control Contract for the First Year to the Buyer 
$100,000 Cash upon Closing for any defects, repairs or deferred maintenance 
 

REMEMBER YOU DO NOT BID MORE THAN FIVE HUNDRED DOLLARS IN THIS HOME AUCTION. The additional cost of the home is covered in the service pack fees collected at the close of the auction.  

**SEE SAMPLE AUCTION RESULTS**

BID NOW UNDER $500 CASH
      

 

 
                                                                                            

Maureen E. Marcus

Maureen E. Marcus

Marcus Real Estate, Inc.

Licensed Real Estate Broker

Sarasota, Florida 34233

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