Bidding Rules

No Prequalification Necessary. All Bidders Welcome!

This is not a HUD auction, IRS auction, “repo” auction, or foreclosure auction.
This is a “FAST ACTION SALE” by PACIFIC HOMES REALTY,” marketing plan to bring the buyer and the seller together quicker in a condensed, mutually beneficial, selling period of time.

(See “Terms of Sale” for clarification of qualification rules.)

1. The bidding process will be conducted by Pacific Homes Realty.
2. Only buyers who have seen the home during the Open Houses on 5-17 and 5-18 may bid on it.
3. The Seller will cooperate with Buyer’s Agents. Among other factors, the highest/best bid will be determined by the NET PROCEEDS to be received by seller at the close of escrow.
   
4. If you wish to be included in the bidding process, then provide the following before 6pm on Sunday evening, May 18th:
   
   • Your name
   • Sunday evening telephone number
   • Preliminary bid.
     
5. The round-robin bidding will start at 7pm on Sunday evening.
   
6. All preliminary bids must be multiples of $500 and can be left at any time prior to 6pm on Sunday evening.
   
7. No one can enter the bidding after 6pm on Sunday.
   
8. The bidding will be open. We will tell anyone the status of the bids at any time.
   
9. Every bidder will have the opportunity to top the current bid until highest & best bidder is established. Owner shall have sole and absolute discretion to determine highest and best bid.
   
10. When the round-robin bidding opens we will telephone the highest bidder first. We'll call the next highest bidder in line, and so on down the list until all bidders have been called.

We will conduct several rounds in this manner until there is only one bidder left. Depending on the number of bidders, the bidding may continue beyond Sunday evening.

1. Each time you receive a call you have three options:
   
   • Raise the current high bid higher in minimum multiples of $500.
   • Stay at your current bid.
   • Retire from the bidding process.
     
2. We will offer the home to the highest/best bidder at his or her highest bid price.
   
3. If the highest/best bidder does not meet the conditions of the terms-of-sale or fails to provide credible ability to purchase the home – the home will immediately be offered to the next highest/best bidder at his or her final bid price.

Important Note

1. For your protection: The bids are not legally binding contracts and can be withdrawn at anytime.
   
2. For the owner’s protection: The owners in their sole and absolute discretion have the right to reject for no reason or any reason whatsoever, any bid at any time prior to the execution of a contract (in a form acceptable to the owner) by and between the successful bidder and owner.
   This is a sale with a Minimum Undisclosed Reserve.
   
3. Back-up purchase agreements will be taken.

GOOD LUCK!