How to Bid on a Property
There are two methods to submit a Bid for a Property listed on our website:
Place Bid - At any time prior to the "Auction End Date and Time" or acceptance by the Seller of a Buy Now Bid you may submit Bid for the Minimum Bid Price or higher by clicking on the
button. The Bids will be presented and opened by the Seller within one (1) business day after the Auction End Date and Time.The successful Bidder will be notified by email and/or phone. The Successful Bidder will have one (1) business day from date of notification to sign a Buy-Sell Agreement and other required documents listed below. If you have any questions regarding placing a Bid you can email PlaceBid@MontanaBankOwnedProperties.com
Buy Now - At any time prior to the "Auction End Date and Time" or acceptance by the Seller of a Buy Now Bid, a Bidder may submit Bid for the Buy Now Price or higher by clicking on the
button."Buy Now" bidder(s) will notify by email and/or phone of receipt of their bid. "Buy Now" bidder(s) will have one (1) business day from date of notification to sign the Buy-Sell Agreement and other required documents listed below. If you have any questions regarding a Buy Now Bid you can mail BuyNow@MontanaBankOwnedProperties.com
- * All Buy-Sell Agreements must be submitted to West Venture Properties, LLC. Acceptance by the Seller will be based not only on the bid price but subject to Seller's review of any contingencies in the bid and the financial qualifications of the successful Bidder in the event of lender financing vs. Cash.
Documents Required from Successful Bidder
Download BrochureWithin one (1) business day of acceptance of Buyer's bid, the following Montana Association of REALTORS® approved documents must be signed by the bidder and submitted to West Venture Properties, LLC by the bidder's realtor/broker:
- Buy-Sell Agreement;
- Agency Disclosure form;
- Buyer/Broker agreement;
- Megan's Law disclosure;
- Other disclosures required by law for the specific property; and
- Pre-qualification or pre-approval letter from a lender if financing is required to complete the purchase for the Bid amount (Purchase Price).
Buy-Sell Agreement Terms and Conditions
Each buy-sell agreement shall include the following terms and conditions unless otherwise indicated on each individual property:
- Successful bidder shall deposit all earnest money with the title company, as defined in the purchase agreement, within one (1) business day after receiving notice of Seller's acceptance of the bid. The Earnest money will become non-refundable upon removal of any contingencies. Earnest money deposit must be an amount acceptable to the Seller.
- The entire remaining purchase price, in excess of the earnest money amount, shall be paid, in cash, at closing.
- Closing shall occur no later than thirty (30) days from the date the bidder is notified of Seller's acceptance of their bid.
- Title inspection contingencies must be removed within 3 days from acceptance.
- Seller shall obtain and pay for a standard coverage seller's title insurance policy in favor of the purchaser from the title company defined in the purchase agreement.
- The title company providing the Seller's title insurance policy shall act as closing agent of the transaction.
- Closing fees shall be paid equally by Seller and the Purchaser.
- Current year property taxes will be prorated to the day of closing.
- Any other closing costs shall be paid in accordance with normal practices as determined by the title company.
- All Buy-Sell Agreements that are not "Cash" at closing but are subject to financing must have a prequalification letter from a Bank or other lending institution that is acceptable to the Seller, stating that the Buyer has been pre qualified for the exact Purchase Price that the buyer has submitted in their Bid.
Definitions
- Purchase Now Bid is an offer to purchase submitted to West Venture Properties, LLC that is at or above the Purchase Now Price. These bids will be opened and reviewed by the Seller within 3 business days from receipt. If accepted by the Seller the property will be marked "Pending Sale" until closed.
- Purchase Now Price is the price the Seller will accept for the property prior to the Auction End Date, subject to their review of any contingencies in the bid and the qualification of the bidder.
- Minimum Bid is an offer to purchase submitted to West Venture Properties, LLC that is at or above the Minimum Bid Price. These bids will not be opened by the Seller until the end of the Auction End Date for the specific property.
- Minimum Bid Price is the minimum acceptable purchase price for the property that the Seller would accept, subject to their review of any contingencies in the bid and the qualification of the bidder.
- Action End Date (final Auction Day) is the date and time that bidding will end for the specific property listed on the web site. This date may vary for each property and will be displayed on each property.
