THE GOAL OF THE TOP-3 BIDS™ METHOD:
The TOP-3 BIDS™ online offer platform is a fair and seller-centric process designed to generate up to 3 highest and best offers for the owner within a compressed marketing period, typically 10 to 12 days of intense marketing to attract potential buyers.
PHASE-1) PREVIEW PERIOD:
This is typically a 10-day window to allow an ample number of buyers to find and tour a TOP-3 BIDS™ offering. During this time, buyers should visually inspect the property, determine their highest offer amount, arrange for funding, and acquaint themselves with the guidelines for participation and make a practice bid for maximum readiness.
PHASE-2) ONLINE OFFER DEADLINE:
Practice bids are recommended, however most of the bidding occurs in the final 30 minutes. This online offer period sets a range of value for a property and because all bid amounts are visible to other buyers, it allows any buyer the fair opportunity to land near the top of the bidding hierarchy. The bidder landing at the very top at the end of the bidding period is not necessarily the “winner” – but is usually the favored buyer going into the formal offer and vetting phase.
PHASE-3) FORMAL WRITTEN OFFERS, HIGHEST & BEST, VETTING:
(Buyers should await a confirming email with instructions for submitting their formal offers.) Once notified, those buyers have two (2) calendar days to deliver their formal offers. Only offers from the online bidding will be considered (this prevents someone from "sneaking in" while known bid amounts are under review).
This phase is also a call for “highest and best.” Under highest and best… buyers have the ability to rethink their offer amount and/or restructure their contract terms such as closing date, earnest money, down payment, financing date, quality of proof of funds, etc.
PHASE-4) PRESENTATION TO SELLER:
On Day-3 following the online offer deadline, the Seller will be presented the vetted offers along with a single page summary that they will acknowledge in writing and select a primary offer and designate another as a backup. The Seller is the sole decision maker, not TOP-3 BIDS™ or the affiliated agent representing the listing. The offer netting the seller the most money usually wins.
"Buyer to pay an Acquisition Premium of $ * at closing, which is separate from and in addition to the sale price"
* the Acquisition Premium (AP) varies with each property and is identified on the actual online bidding page. See links at left to visit the bidding page and ascertain the AP. The AP can be added into your bid in you prefer to build it into your loan amount. Do this during the formal offer writing.
- 1) Select the property you have interest in;
- 2) Read the bidding instructions and terms for that specific property;
- 3) At end of bidding, the top bidders will be notified with formal offer instructions;
- 4) The real estate agents representing the top bidders will submit their buyer's formal written offer within 2 days, along with proof of funds and/or loan pre-approvals;
- 5) After vetting, the TOP-3 BIDS™ (including runner-ups) will be presented to seller on the 3rd day for review and to determine which offers will be accepted as primary and/or backups;
- 6) Final decision is solely the seller's choice, based on price, terms, etc., and presuming the offer meets or exceeds their minimum reserve amount;
- 7) Runner-up buyers have their choice of remaining as a back up or not.