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Real Estate Auction Services
Michael Fergus, Auctioneer
Howard Hanna Real Estate Services
Office: (216) 831 0210
Mobile: 440-221-7502
Fax: (216) 831 9784
28879 Chagrin Blvd., Woodmere, OH 44122
Dear Buyer,
We’re glad to see you found the property you like, and that you wish to participate in this Competitive Offer Sale. We would like to take a few minutes of your time to provide you with information about this process.
A Competitive Offer Sale is an auction which begins immediately upon listing and advertising, and ends when the property is sold, or the deadline for submission of offers has passed. Buyers are encouraged to submit offers immediately. All offers will be reviewed upon submission and responded to within 48 hours.
Please remember, at any time before the deadline the seller may choose to accept an offer. We strongly suggest that buyers submit their highest and best offers from the beginning if they really wish to purchase the property.
If you haven’t done so, please visit our website, www.m2bid.com. There you will find extensive information about this property as well as more information about Competitive Offer Sales.
Instructions for Submitting an Offer to Purchase:
1. From our website, www.m2bid.com, download our Competitive Offer Sales Documents packet.
2. If you are working with a real estate agent, please contact them to arrange a showing of this property. Your agent should be aware that they will be entitled to a full commission if you purchase this property. If you don’t have an agent, please contact us for assistance (440-221-7502, michaelfergus@howardhanna.com)
3. Before Submitting an offer we recommend that you complete any inspections that you feel are necessary. Should you determine that repairs and updates are necessary, the cost can be reflected in your purchase offer.
4. If you haven’t done so, contact your lender to determine the mortgage amount for which you’re eligible. Obtain a pre-approval letter which shall be submitted with your offer. If you need help, please contact your real estate agent, or contact us. (440-221-7502, michaelfergus@howardhanna.com).
5. When you’ve decided on the amount of your offer, please complete the purchase documents and initial, sign, and date them in the appropriate places. Again, your agent can help you or you can contact us (440-221-7502, michaelfergus@howardhanna.com)
6. With your offer you should submit earnest money in the amount indicated on our website, www.m2bid.com. Earnest money is evidence of the earnestness (seriousness and honest intention) of the buyer to complete the purchase as submitted. If you are working with a real estate agent, they will handle your earnest money and assure that it is placed in escrow. If you don’t have an agent, please contact us for more information (440-221-7502, michaelfergus@howardhanna.com). Please remember, if your offer is not accepted your earnest money will be returned to you.
7. You may submit your offer by mail, fax, or e-mail (all numbers and addresses can be found at the beginning and end of this document). If you’re working with an agent, they will handle this process as well as the escrow of earnest money. Otherwise, your earnest money check can be mailed to us.
8. We will acknowledge receipt of your offer. The seller will respond to your offer in one of the following ways:
· They may accept your offer as-is.
· They may reject your offer.
· They may engage in a negotiation with you, countering your offer with a higher offer or a change in conditions of the offer.
· They may acknowledge that your offer (bid) is lower than the highest current offer (bid) and ask you to raise your offer (bid).
· They may acknowledge that yours is the highest current offer and ask you to remain in the bidding while other offers are received.
· If yours is the highest current offer, you will be notified of any higher offer which is received and you’ll be given the opportunity to increase your offer.
9. Should your offer or another offer be accepted by the seller, we will notify you immediately. If your offer is accepted your earnest money will remain in escrow until closing, otherwise it will be returned to you.
10. If no offer is accepted by the end date, offers will be reviewed and all those who submitted offers will be contacted. Each will have the opportunity to compete to produce the best offer. The process will end when there are no further increases in the offers. At this time the seller will determine if the highest and best offer is acceptable. Document changes will be verified via fax, e-mail, or live participation.
11. Unless otherwise stated, closing will be required within 45 days of acceptance of the offer.
What is the “Highest and Best” offer?
The highest purchase price offered doesn’t necessarily produce the “highest and best” offer.
Sellers want an offer that produces a satisfactory price, but they also want an offer that indicates that the buyer is capable of closing the purchase without complications.
What makes the best offer?
1. A price that’s acceptable to the seller.
2. Significant Earnest Money/Escrowed funds. More money up front indicates a more serious buyer with greater financial ability to close.
3. A strong pre-approval letter from the lender. The greater the level of commitment, the lower the chance of financing difficulties.
4. No contingencies.
a. Financial ability to close is assumed. Failure to close will result in forfeit of earnest money.
b. Pre-offer inspections allow the buyer to take into account the cost of repairs and improvements when making their offer – and remove the need for inspection contingencies.
5. With all other factors being equal, the highest price will produce the highest and best offer.
Please proceed with all of these factors in mind.
Once again, if you have questions please feel free to contact us at any time.
Sincerely,
Michael Fergus, Licensed Auctioneer and Realtor®
440-221-7502
michaelfergus@howardhanna.com
Howard Hanna Real Estate Services
28879 Chagrin Blvd.
Woodmere, OH 44122
Office: 216-831-0210
Fax: 216-831-9784
Competitive Offer Sale Terms and Conditions
1. Buyers are encouraged to submit offers immediately. If no offer is accepted beforehand, offers may be submitted until the offer end date for this specific property.
2. Participants will be notified upon receipt of their offer.
3. Offers will be viewed upon acceptance and responded to within 48 hours.
4. NOTE: The Seller reserves the right to accept an offer at any time. Participants will be notified immediately in this event.
5. The Seller reserves the right to bid in their own behalf, as well as to counter all offers.
6. Offers should be submitted using a Cleveland Area Board of Realtors approved Offer to Purchase form, which is the standard form used by real estate agents. If you need this form, it can be downloaded from this website, www.m2bid.com .
This Property is being offered "As-Is". Pre-Offer inspections are strongly encouraged. The Competitive Offer Sale is an auction which begins immediately upon listing and advertising for offers, and ends when an offer is accepted by the Seller or when the end date passes without a sale. The Seller reserves the right to bid on their own behalf. The anticipated closing date is 45 days, or less, after acceptance of an offer.
Submission checklist
¨ Completed Purchase Offer Form
¨ Lender's pre-approval letter
¨ Earnest Money, or proof of Earnest Money must accompany the offer. Specific Required Amount for this property is found on this website, www.m2bid.com
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