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?
A: YES!
• 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?

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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