Profile picture for hasaramark

ARE ALL SALES FINAL OR ARE THEY ALL SUBJECT TO A RESERVE?

My wife and I are going to buy a large home in Florida after we sell our properties in TN and KY.  I need to know if once the bidding expires, is the property sold to the highest bidder or is it pending waiting on a decision by the selling party as to the acceptance or rejection of the highest bid?

  • February 15 2014 - Haines City
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

The term "reserve"  is used with auctions.   A real estate auction is either "absolute" or with a reserve.  If the reserve is not met the auctioneer will announce it to the audience.   Sheriff's auctions of property at the courthouse steps are different.

At the Sheriff's auction the auction cannot begin until the plaintiff (lender) is represented among those on the steps.  The property ID is called and the lender's rep will bid $100.00.   When someone else tries to outbid the lender  the lender ups the bid to whatever is owed including all back interest, attorney fees, back taxes, court costs and other possible costs.   Florida is unique with this.

Upon the successful bid you you've a short time too present all of the funds to close the purchase with the clerk of courts for the county the property is in, it could be just hours.
  • February 18 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

In Florida, almost all real estate agents work as Transaction Brokers with no fiduciary duties of loyalty, confidentiality or full disclosure...that means that they are facilitators in the middle and cannot give advice or advocate for you.

Just so you do not get yourself into a situation that you want to get out of,  Go to the National Association of Exclusive Buyers Agents www.NAEBA.org,  to find the buyers agent that only represent home buyers and never sellers.

Eve

  • February 16 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It almost sounds like your referring to foreclosed properties? In either case: be it a bank owned, foreclosure auction, conventional sale, short sale, The seller has every right to not accept an offer based on terms, price or many other factors (Example: even if a property is "listed" for $300k and you offer $300k, the seller could simply change their mind about selling if they so choose). as most attorneys tell me... if its not in writing, executed by both parties... its NOT enforceable!

having said that, the typical practice up here in Ma. for HUD foreclosed properties IS a "reserve" set and if you did not offer enough to meet THAT "reserve" your bid is not going to go anywhere and the asset manager would prefer to re-post the property at a lower price before allowing it to simply be handed to the highest bid made which was BELOW their "reserve".

 If you had a good buyer agent they would explain advantageous methods to achieve what your trying to do. It would require a book for me to explain all the options and possible scenario's here. We all know their are many web sites that allow a buyer to place online bids (they even ask you while making that bid "are you working in an agent for this") I strongly advise you to find an agent to work with since they will KNOW what needs to be done in an effort to get your foot in the door at the most realistic advantage (It cost you nothing as buyer to ask an agent for help with this). a word to the wise... If it looks to good to be true, it probably is! The trick is not to get something for nothing (since that is unrealistic) but rather to make the deal, execute it, close it at the best possible advantage that CAN be achieved.

as another snow storm is upon us here in South Eastern Ma... I hope this helps
you can [contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • February 16 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.