Resort at Singer Island

In essence, this is a modified auction under the 5 Day Sale approach (How to Sell Your Home in 5 Days, Third Edition, Bill Effros, Workman Publishing, New York) wherein property owners auction off their properties themselves.

See: http://www.amazon.com/How-Sell-Your-Home-Days/dp/0761146814

Pending your online registration, you may be offered certain periodic promotions by the property sellers to encourage potential buyer/bidder participation and feedback.

In such cases, a certificate will be emailed to those responding to the “periodic” promotions and they will be awarded “Best-bidder” discount coupons that can be redeemed when – and if – the named recipient of the “Best-bidder” discount coupon is awarded the sale after the “Round Robin” bidding session.

Once the 5 Day Sale Auction is concluded and a “Best Bidder” is awarded the sale, the real estate transaction is put under contract in accordance with all applicable state real estate laws in the state the property is domiciled in.

At that point, the transaction is handled as is any normal real estate sale subject to financing (if applicable), property inspection(s), and appraisal.

Yes, once the “Best Bid” is accepted and a sales contract is executed, the transaction process is no different from a traditional real estate sales transaction.