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Dear Jackie:
I can’t figure out the proper place to post a question on the forum, so I am sending it to you directly. If you think it is worthwhile you can post it.
On a higher priced home, is there a way to combine the highest bidder auction technique for both price and down payment? (i.e. We would like to get the highest price and the highest down payment possible, although I realize there may be a tradeoff between the two.) We can offer owner financing on the home, and don’t want to limit the amount of potential down payment by stating a down payment.
Thank you,
Debbie Bunnell
ANSWER:
Hi Debbie,
I’ve done that kind of a sale. I just have two places on the bid sheet. They enter their highest Down payment and their highest price.
You need to be careful in your terms and conditions to state what the RULES are and clearly state them in the terms. If one person has the highest down but another person has the highest price, how will you determine who the high bidder is?
The round robin part of the process takes longer but it works.
Hope this helps
Jackie
P,s, To post in the forum, just click on General Discussions then at the upper left of the box, click on NEW TOPIC.
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