Michael J.

Fergus, Realtor and Licensed Auctioneer

Direct: (440) 221 7502 Fax: (440) 974 2345 mikefergus1@gmail.com

PROGRESSIVE RESERVE AUCTION:

PURCHASE OFFER INSTRUCTIONS
Buyers agents are entitled to the full commission offered in the MLS listing. A Progressive Auction ends when the Seller enters into a Purchase Agreement with a Buyer, or the pre-established end date for submission of bids has passed. So Buyers are encouraged to submit bids immediately. All bids will be reviewed and responded to within 48 hours. At any time before the end date for submission of bids the seller may choose to accept an offer. Buyers should submit their highest and best offers if they are committed to purchasing the property. If you need more information, please contact us by phone or e-mail (440-221-7502, mikefergus1@gmail.com).

INSTRUCTIONS FOR SUbMITTING AN OFFER TO PURCHASE:

1. Purchase offers must include a signed Progressive Reserve Auction Terms and Conditions form. This form is found under Additional Documents in the MLS tool bar. 2. All other documentation and disclosures are common to real estate sales in the general market area and comply with NJ law. 3. A lenders full written pre-approval of the buyers mortgage is required with the purchase offer. 4. Earnest money is required with the offer. Your markets standard and customary amount is acceptable. 5. Offers may be submitted by Fax (440-974-2345) or E-mail (mikefergus1@gmail.com).

THE SELLER wILL RESPONd TO yOUR bId wITHIN 48 HOURS. THEy MAy RESPONd IN ANy OF THE FOLLOwING wAyS:
1. Accept or reject your bid As-Is. 2. Counter your bid or negotiate terms and conditions. 3. Explain that currently there is a higher bid(s) and ask if youd like to raise your bid above all other bids. 4. Ask you to remain in the bidding as more bids are presented. 5. If another offer is presented which is higher than yours, youll have the opportunity to raise your bid above the competing bid.

Michael J. Fergus, Realtor and Licensed Auctioneer

Direct: (440) 221 7502 Fax: (440) 974 2345 mikefergus1@gmail.com

If your bid or another is accepted by the seller, youll be notified immediately. . If the Seller has not entered into a purchase agreement with a Buyer by the end date for bid submissions, the seller may ask that those who made entered bids be contacted to participate in a competition to produce the best offer.

wHAT MAkES THE bEST bId?

1. A price thats acceptable to the seller 2. Significant earnest money/escrowed funds. More up-front money indicates a buyer with more financial resources and a greater likelihood of closing without problems. 3. A strong pre-approval letter from a lender. 4. The offer with the fewest contingencies.

PLEASE PROCEEd wITH ALL OF THESE CONSIdERATIONS IN MINd. IF yOU HAVE ANy qUESTIONS PLEASE FEEL FREE TO CONTACT US AT ANy TIME.
Michael J. Fergus, Licensed Auctioneer and Realtor