Property Bidding Information & Method
This Chautauqua Park Luxury Home will be:
1. Open for pre-inspection by appointment
2. Accepting online bids through September 7, 2014
3. Open For Bidding -- Starting Bid $995,000
Please understand that the bidding process is for pricing purposes only. Once a “Best Bidder” is awarded the “Best Bid Award Price,” the sale becomes a NORMAL REAL ESTATE TRANSACTION subject to standard contingencies such as inspection, appraisal, and financing. See sample Sales Contract and seller disclosures below:
- Colorado Real Estate Commission approved Standard Sales Contract
- Colorado Real Estate Commission approved Source of Water
- Colorado Real Estate Commission approved Seller Disclosures form
- Colorado Real Estate Commission approved Square Footage Disclosures form
- Colorado Real Estate Commission approved Lead Based Paint Disclosure
Property Bidding Method:
Initial bids can be made in any amount but must be verified by the bidding closing date.
Initial bids can be changed at anytime until 6:00 PM local time on the bidding closing date.
Verified bids will be posted and can be viewed in the virtual bidding room on this website.
The seller may elect to negotiate sealed bids prior to the bidding closing date.
Final telephone round-robin bidding will begin at 6 PM local time on the bidding closing date. The high initial bidder will receive the first call to let him/her know that the bidding has begun. The next highest bidder will then be called and given the opportunity to top the high bid, and so on down the list.
While bidding is open, every bidder will have the opportunity to top the best bid until the best bidder is established.
If there is more than one bid at the same level, the earliest bid will be honored.
When bidding begins, the best bids will be at specified, fixed integrals apart, which for this Chautauqua Park property must be at least $10,000 apart. ($1,010,000…$1,020,000…$1,030,000…Etc.)
Once the best bidder is established and global transaction terms are agreed to, the sale becomes a NORMAL REAL ESTATE TRANSACTION subject to customary contingencies such as appraisal, financing, property inspection, etc.
When the final bidding has been completed, the best bidder will have 72 hours to put the property under contract in accordance with all applicable real estate laws in the state that the property is located. Sample approved Colorado Real Estate Commission contracts are available for review via the website links on this page above. Otherwise, the second best bidder will be given the opportunity to purchase the home.
As with any real estate transaction, there is no legal obligation to purchase or sell until there is agreement on terms, and a valid real estate contract is executed.
Real Estate Bidding Definitions:
"International Bidder:”
Any bidder domiciled outside of United States including Alaska & Hawaii
“Out-of-Town Bidder:”
Any bidder domiciled outside of Telluride, Colorado, USA
“Best Bid:”
That bid determined by the seller to be most qualified given price considerations including seller’s perception of a given bidders ability and willingness to close the transaction in a timely manner with good funds
“Formal Notice of Auction Award:"
The seller may notify the “Best Bidder” by phone, facsimile, email, and/or registered mail. All such forms of notification will constitute legal “Formal Notice of Award”
“Best Bid Award Price:”
That “Best Bid” price that through the “round-robin” bidding process the seller’s award the auction subject property to
“Buyer’s Premium:”
There are no "buyer's premiums", fees or charges associated with this property bidding format to the best bidder.