Buying or selling a home can be a long, arduous process for all those involved. But CHI Realty, Inc., a licensed Real Estate Broker and a member of the Multiple Listing Service (MLS), has developed a fair and equitable process that greatly reduces the time it takes to make a sale. Welcome to the Negotiated Auction™. This system provides the transparency and speed of an auction with the protections of a negotiated sale for both buyer and seller.
For the Seller
When selling your home, you want to get a good price in a reasonable amount of time. The Negotiated Auction™ attracts credible buyers quickly and results in a sale in line with the market.
It usually only takes about two weeks to sell your home. First, the seller sets a starting price low enough to attract several potential buyers. It is a price at which “bidding will start” but not at which the seller may be willing to sell. Then, in an auction format, pre-qualified buyers will offer competing bids. Experience has demonstrated that the winning bid is typically comparable to the fair market value of the property.
For the Buyer
Unlike customary home auctions that require a 10-percent down payment, which is lost if the buyer does not close within 30 days, the Negotiated Auction™ allows serious bidders a 10-day period to decide. The bidder also gets to see an independent home inspection report before bidding. If the bidder subsequently decides not to sign a contract or fails to secure a mortgage, the deposit is refunded.
CHI, the non-profit parent of CHI Realty, Inc., can assist bidders with pre-qualification, if requested, because of its relationships with several banks. Bidders typically need to have at least the initial bid price in cash at a bank, a mortgage pre-qualification letter, or a combination of the two.
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