Achieving Certainty of Real Estate Sales Outcome by Control of Process. The Loy Auction-Marketing System for sale applies two key principles to accomplish control of the sale process: Avoiding unintended creations of real estate contracts enforceable against Sellers by the doctrine of equitable or promissory estoppel; and manipulating Buyers' decision-making processes. Buyers are forced to identify themselves. Buyers must compete with each other, not with an always-disadvantaged Seller. Buyers are forced to offer what they really are willing to pay, not what they merely say they will pay.
How The Loy Auction-Marketing System Controls the Sale Process
1. Seller receives full amount of Total Purchase Price, nothing deducted. At Closing Seller is fully reimbursed for expenses advanced to obtain Offers to Purchase Real Property Presented by Auction-Marketing.
2. Broker(s) receive Buyer-paid commission equal to 10% of Total Purchase Price, less full reimbursement to the Seller for out-of-pocket expenses advanced to obtain Offers to Purchase Real Property Presented by Auction-Marketing (historically 1.5% to 2.5% of Total Purchase Price).
3. Property inspections, previews and tours only at fixed dates and times. No exceptions are made to accommodate any prospective Buyer's convenience or requirement. Absolute inflexibility on this point is key to maintaining control of process and certainty of outcome.
4. Offers to Purchase Real Property Presented by Auction-Marketing are always drafted for Seller's preferences. Buyer contingencies and / or amendments of Offers are not permitted.
5. A Buyer-executed written Offer to Purchase Real Property Presented by Auction-Marketing is obtained within thirty to forty-five days. The date of Closing is at Seller's option, usually thirty or less days after the Seller's written acceptance of the Offer.