Initial Bidding Sheet
Round Robin Auction Process – Q&A
Q: How does the Round Robin Auction work?
A: The Round Robin Auction is a buyer friendly auction that eliminates all the usual risks associated with buying at auction. On the day of the Auction (usually Saturday), there will be an open house for a few hours to visually inspect the property and sign up to participate in the auction, and to fill out a bid sheet to make an initial bid.
The actual auction is held by phone on the Following Evening (usually Sunday). Starting at 6 pm each bidder will receive a call informing him/her of the current bid and offering them the opportunity to increase their bid in order to proceed to the next round. The seller will continue to call those bidders that are still in the auction. Once a bidder is not willing to increase their bid to become the highest bidder they will not be called again and will not have another opportunity to bid. The rounds will continue until only one highest bidder remains. The second highest bidder will know who he/she is and that they will be contacted if for any reason the highest bidder cannot honor their bid. Buyers will need to be available (at home or by cell phone) to receive phone calls.
Q: How Do You Sign Up?
Q: Are There Any Rules?
A: A Few!
• You need to visit and inspect the property in order to bid (unless you contact the person holding the auction ahead of time).
• Sign-in and place a bid so that you can be contacted on the Following Evening
• Be available by phone on that Following evening beginning at 6 pm.
• If you are the highest bidder you will need to be available preferably on the following day complete the paperwork.
• If you are the highest bidder and you cannot comply, and alternative arrangements are not made prior to one day after the completion of the auction, we may elect to call the next highest bidder and you may lose your chance to buy the home.
Q: How Much Do I Need For A Deposit?
A: If you are the winner, you will need a small deposit when executing the contract (usually between $1,000 and $3,000). If you want or need financing, in many cases we will provide short term financing for the purchase price and fix & repair costs.
Q: How is the transaction handled once the highest bidder is identified?
A: After the auction is finished, the rest of the transaction will be handled like a traditional closing. Maggie Enterprises will coordinate all the closing procedures.
Round Robin Real Estate Auction
BID SHEET & Details
Bidder’s Name Telephone Number Email Add Amount Bid
__________________ (_____)_________ _______________ $_____________
Round – Robin Bidding Sheet
(Fill out and leave at property)
Auction – October 31, 2015
25 Orchard St, Marlboro, NY 12542
I will call all interested bidders until there is one high bid and no other bidder wishes to top it. All bids must be at least $500 apart. The earliest bid at the same level will be honored.
Example;“Currently the high bid is $______________. Do you want to advance the bid?”
Submit Your Initial Bid: $_____________________
Or call by 8:00 P.M. Sunday night with initial bid
Tel Number. #1(______) _________-__________ #2(_______) _________-___________
Email Address: ________________________________
Register For The Auction