Today, Kevin Cuozzo of Exit Realty has an MLS listing for sale at 255 Northhampton Street #203 for $399,900.00. What makes this different from other listings on MLS is that this condo will be sold in a Round Robin Auction format.
Q: How does the Round Robin Auction work?
A: The Round Robin Auction is a buyer friendly auction that eliminates all the usual risks associated with buying at auction. On Sunday, June 7, 2009 from 12pm – 4pm there will be an open house to visually inspect the property and sign up to participate in the auction, and to place an initial bid, the min bid to participate in the auction is $399,9000. The actual auction is held by phone on Monday evening June 8th. Starting at 7 pm each bidder will receive a call from the Auctioneer informing him or her of the current bid and offering them the opportunity to increase their bid in order to proceed to the next round. Rounds will continue until only one highest bidder remains. Buyers will need to be available (at home or by cell phone) Monday evening to receive multiple phone calls.
Q: How Do You Sign Up?
• You need to attend the open house at 255 Northhampton Street on Sunday, June 7, 2009 from 12pm – 4pm and visually inspect the Boston condo;
• Fill out the questionnaire, and bid sheet;
• Provide a deposit of $1000.00.
Q: Are There Any Rules?
• You need to visit and inspect the property you wish to bid on.
• Complete the Questionnaire and bid sheet so that you can be contacted on Monday.
• You will need to be available by phone on Monday evening beginning at 7 pm.
• You will need to available Tuesday to complete the paperwork if you win the bid.
• If you are the highest bidder and you cannot comply, and alternative arrangements are not made prior to Monday night, The Auctioneer may elect to call the next highest bidder and you may lose your chance to buy the home.
Q: How Much Do I Need For A Deposit?
A: You will need a deposit when registering of $1000. An additional deposit will be collected Tuesday from the winning bidder when the paperwork is finalized.
Q: What happens to the deposit?
A: The seller is looking for real buyers that truly want to buy this Boston condo. The deposit of the successful bidder will be applied to the purchase price; all other deposits will be returned within seven days. If the successful bidder defaults, the deposit is forfeited.
Q: Are there any liens or encumbrances?
A: No, you will receive a Warranty Deed and be able to purchase title insurance. Any mortgages or debts against the property will be paid from the proceeds of the sale.
Q.: Will the Purchase and Sale agreement allow for any contingencies?
A: Yes. Please declare required contingencies on your bid sheet. Financing contingencies should state the terms of any pre-approval obtained by the buyer. Inspection contingencies are limited to ensuring the proper operation of major systems (heating and structural, etc). For any major deficiency discovered (and not previously disclosed) the seller shall have the option to repair, credit back or void the sale.
According to MLS the seller has agreed to pay 6 months of condo fees.
Your thoughts? New way of selling Boston condos? Or just another real estate agents marketing ploy to sell an over priced Boston condo?