18. What if winning bidder won’t buy?
Online bidders who have validated their identity and provided credit card information take auctions seriously and rarely try to renege on their winning bids. If they should do so, a $300 or $500 penalty will be assessed; the second-highest bidder is then contacted and allowed to purchase the property.
If the winning bidder backs out after they send the cashier’s check for the earnest money deposit, the sale cannot be cancelled without the forfeit of the deposit funds (which usually is substantial more than the credit card penalty.) The non-refundable nature of the deposit funds was made clear in the terms and conditions agreed to by the winning bidder.
Additional services
Sellers unsure about meeting all mandatory disclosures required by the state, looking for help with marketing that will maximize your pool of serious buyers or bidders, or hoping for help with contracts? Oresy.com offers these services at a fraction of what standard real estate brokerages charge. These optional services will be handled by a real estate professional in your area:
● Promote and conduct two open houses
● Post the property on Oresy.com
● Create a YouTube video “walkthrough”
● Market the property worldwide (making sure your property will be found by major search engines and be “search engine optimized” for maximum visibility)
● Oversee the online auction or negotiate a traditional real estate sale online
● Gather all disclosures mandatory in your state
● Order ‘Natural Hazard Disclosures’
● Post the property on MLS as any broker would
● Revise contracts after you receive offers/bids
● Guide your sale through the escrow process
Value
When it comes to the bottom line, what does Oresy.com deliver? Here’s a representative example of how much our selling methods will save you?
Example property sale price: $300,000
| | Commission paid (traditional broker) | Total | Savings |
| Traditional broker | 6% commission | $18,000 | |
| Scenario 1: Sell on Oresy.com with a buyer’s agent | 2.5% to buyer’s agent ($7,500) plus Oresy.com fee ($1,500) | $9,000 | $9,000 |
| Scenario 2: Sell on Oresy.com without a buyer’s agent | Oresy.com fee ($1,500) | $1,500 | $16,500 |
Conclusion
Enormous changes are taking place today in the real estate industry. The ‘network effect’ of the Internet promises easier sales and better prices for sellers that leverage the most appropriate of the selling methods now available. Partner with professionals as appropriate for your property, the market you’re selling in, and your level of confidence in doing some or all of the work once done primarily by brokers and agents by yourself.
Most surprisingly for many sellers, online auctions have become a great path for many; the cost of selling is reduced by thousands of dollars and sellers are able to select among several methods of auction.
Whatever options you exercise in the end, we at Oresy.com hope this guide has opened your eyes to new options, clarified issues of greatest concern to would-be sellers, and helped you begin to formulate your path to the handshake that sells your property.
Broker/Owner/Real Estate Auctioneer
Continental Realty Inc.
16 Crow Canyon Court Suite 100
San Ramon CA 94583
DRE# 01422589
925-548-5461
If the winning bidder after they are sent back to the cashier check for earnest money deposit, the sale can not be canceled without losing the deposit of funds.
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