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In order to promote opening bids, the following incentives are offered to buyers . These amounts offer initial security for sellers and build intensity as bidding begins.
Note: Buyers and brokers must submit opening bids on or before March 14th by 5:00 p.m. in order to be eligible for the incentives. Buyer Incentive One and one half percent (1.5%) of the buyer’s opening bid amount will be deducted from the buyer’s 10 % premium, should the buyer be the successful purchaser of the property for which he/she has provided an opening bid. Example #1: - A property was previously listed on the market for $1,000,000.
- A buyer submits his/her paperwork on time, with an opening bid of $500,000.
- During the auction the same buyer secures the highest bid on that property at $800,000.
- Buyer Incentive = $500,000 @ 1.5% = $7,500
- $7,500 shall be deducted from the buyer’s 10% premium.
Example #2: - A property was previously listed on the market for $500.000.
- A buyer submits his/her paperwork on time, with an opening bid of $250,000.
- During the auction the same buyer secures the highest bid on that property at $400,000.
- Buyer Incentive = $250,000 @ 1.5% = $3,750
- $3,750 shall be deducted from the buyer’s 10% premium.
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BENEFITS TO THE BUYER:
* Smart investments are made as properties are usually purchased at fair market value through competitive bidding
* The buyer knows the seller is committed to sell
* In multi-property auctions the buyer sees many offerings in the same place at the same time
* Buyers determine the purchase price
* Auctions eliminate long negotiation periods
* Auctions reduce time to purchase property
* Purchasing and closing dates are known
* Buyers know they are competing fairly and on the same terms as all other buyers
* Buyers receive comprehensive information on property via due diligence packet |
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Buyer Information 
