Michael DeRosa Exchange
Multiple Offer Procedure
The following Terms and Conditions shall be applicable to Buyers and to any offers they wish to submit:
The Listing Agent must receive your Highest, Best and Final Offer (with NO Escalation Clause)
on or before to be announced @ PM EST (offer deadline)
1. There will be no physical purchase offers presented on-site at the property by buyer’s agents.
2. All offers will be presented to Seller by Listing Agent only.
3. All offers must be made in writing; no verbal offers will be presented. All offers must be submitted to Listing Broker in standard purchase offer format sent by e-mail.
4. After receipt of offers, Seller shall have the absolute right to conduct negotiations through Listing Agent to deal with one or more Buyers, to further negotiate the terms and conditions of any offer. In so doing, Seller shall have no obligations to negotiate, communicate or counter with each and every other Buyer, or with any Buyer.
5. Seller shall have sole and absolute discretion to accept or reject any offer received.
6. Seller is not required to accept any particular offer, regardless of its terms, and has the absolute right and discretion to reject all offers.
7. Under no circumstances shall any verbal communications between a Buyer and Seller and/or any Agent or Broker constitute or create an obligation on the part of the Seller to sell any property to anyone under any terms.
8. The acceptance of any offer shall be conditioned upon the signing by the Buyer and Seller of a written purchase contract of sale subject to Attorney approval for both Buyer and Seller before becoming legally binding.
9. In the event Seller rejects offers or an accepted offer does not result with a mutual attorney approval of purchase contract or a closed transaction due to the failure of fulfilling a contingency, Seller reserves the right to re-open negotiations with any Buyer and Seller may request Listing Agent(s) to re-open bidding to solicit new offers.
10. For the avoidance of any conflict or interference, the Seller’s transaction closing attorney will not be named until after receiving all offers revealing what transaction closing attorney has been selected by each and every Buyer.
All offers will be considered subject to the following:
A. Proof of Buyer’s ability to purchase by providing a loan pre-approval letter, if obtaining financing.
B. Verification of available funds letter from Buyer’s financial institution, if paying cash.
C. Good Faith deposit, in the amount of 5 - 10 % of the Buyer’s Offer Price, due at the time of purchase contract submission, in the form of a check, to be made payable to and held by Michael DeRosa Exchange, LLC until the purchase contract is signed/accepted by Seller, at which time it shall become part of the Purchase Price and shall be deposited in an Escrow account at Manufacturers & Traders Trust Co. (M&T) bank or returned to Buyer if the purchase contract is not accepted. The Designated Escrow Agent and Bank for the Purchase Offer Deposit is as follows: Buyer’s Deposit shall be made payable to: Michael DeRosa Exchange, LLC (Escrow Agent) / Manufacturers & Traders Trust Co. (Bank).
D. Most favorable terms to Seller, which may include highest bid price, largest deposit amount, quickest payment method, and/or the least amount of contingencies. Therefore, the highest offer does not always become the winning offer.
By submitting an offer on any listings of Michael DeRosa Exchange you acknowledge your understanding and acceptance of all of the above procedures, terms & condition.