Highest bidder sales, or property auctions, have been a popular method of selling real estate in the U.S. and other countries for many years. However, this is a relatively new way to sell property in Panama. This could be the best solution for selling your home or land quickly and we believe that auctions will become popular in Panama in the near future. When owners see that there is an option to sell their property in as little as 2 weeks and get close to, or the same.as the market value for their real estate, who wouldn’t rather auction their home? You no longer have to wait a year or more to sell a property you are ready to be away from. What exactly is a “Highest Bidder Sale”?
Marketing for a Highest Bidder Sale is very heavy and usually starts about 1 or 2 weeks prior to an Open House weekend and the actual Bidding, which leads to a purchase. This is an overview of the process:
- Only buyers who have seen the home during the Open Houses will be allowed to bid.
- If you wish to be included in the bidding process, then provide the following before 4pm on Sunday of the Open House weekend:
- *Your Name
- *Telephone number where you can be reached Sunday evening
- *Preliminary bid amount
- Round Robin Bidding will start at 6:30pm on Sunday, June 5, 2016.
- All preliminary bids must be increments of $1000 and can be left at any time prior to 4pm on Sunday.
- No one can enter the bidding after 4pm.
- The bidding will be OPEN, We will tell anyone the status of the bids at any time.
- Every bidder will have the opportunity to top the high bid until the highest bidder is established.
- When the Round Robin bidding opens at 6:30pm on Sunday, we will call the highest bidder first.
- We’ll call the next highest bidder next; and so on down the list until all bidders have been called.
- We will conduct several rounds in this matter until only one bidder is left.
- Each time you receive a call you will have 2 options:
- *Raise your bid by $2000 or more.
- *Retire from the bidding process.
- We will offer the home to the highest bidder at their highest bid price.
- If the highest bidder does not purchase the home or meet the conditions of the terms of sale, the home will be offered to the next highest bidder at his or her final bid price.
- The sellers reserve the right to reject any and/or all bids without explanation.
Any bid submitted by a buyer does not commit you or the sellers legally. It is only a bid, not a legally binding contract. This is truly a Win-Win situation and a viable solution to property owners looking for a quick sale!
For more information contact: Auctions@PanamaUpdate.com
To see current auctions coming up in Panama go to Auctions
For more information on Highest Bidder Sales see: http://highestbiddersale.com/
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