There have been many proclamations over the years about the future of real estate and as usual residential real estate is leading the way with what is now called iBuyer. An iBuyer by basic definition is a company that uses technology to make an offer on your home instantly. iBuyers represent a dramatic shift in the way people are buying and selling homes, offering in many cases, a simpler, more convenient alternative to a traditional home sale.
The key to the iBuyer process is that they do the entire automated transaction online.
For commercial real estate as we sit here today we have the Biproxi Live Offer.
How Does It Work?
- Broker and seller set a reserve price.
- There is a fixed marketing period.
- This is a positive process for value-added assets and it also helps define the market value.
- This process also helps expedite the transaction process.
- The broker works with a Biproxi representative to onboard the property information, due diligence documents, and pricing information.
- Biproxi gives the seller potential buyer emails and phone numbers for the seller and broker to call!
- Biproxi connects to thousands of buyers through social, email and call campaigns.
- Brokers and sellers can also navigate and track all possible buyer information and marketing for the property.
- Any and all qualified leads must opt-in a submit proof of funds to be eligible for the Live Offer.
The Live Offer.
- After the marketing period the two day Live Offer period begins
- All qualified bidders then submit their best offers.
- The broker and seller receive Live updated bidding information.
- At the end of the Live Offer period, the winning offer is then accepted.
- Biproxi then completes the entire automated transaction process.
The Live Offer Platform is open only to users of biproxi who are licensed real estate brokers (each, a “Broker”), owners of real property with an intent to sell such real property (“Property”) who are represented by a Broker (each, a “Seller”), and buyers of real property with the legal and financial capacity to make binding offers to purchase Property (“Buyers”). Brokers, Sellers, and Buyers participating in a Live Offer are hereinafter referred to as “Participants.” Participants must create a biproxi account and maintain the account in good standing in order to participate in any Live Offer. Participants may create an account by signing up on the registration page. Participants must be able to enter into legally binding contracts under applicable law. Without limiting the above, minors under the age of 18 may not participate in a Live Offer. Biproxi reserves the right to deny, limit, or impose at any time conditions on creating Live Offers, access to the Live Offer Platform, or making Offers, for any reason including, without limitation, Participant’s solvency, credit history, and transaction history.
2. Listing and Selling.
- Creation. Only Brokers may create a Live Offer. Live Offers are initiated by Brokers by completing the Live Offer Sign-up for each Property placed in the Live Offer and signing the Participant User Agreement for Brokers. A Live Offer is not created until the Seller owning the Property approves the Live Offer and signs the Participant User Agreement for Sellers. Live Offers will begin at the times made available by biproxi and established by Broker (the “Live Offer Period”). Buyers may make Offers during the portion of the Live Offer Period established by Broker (the “Acceptance
- Sale Agreement. Brokers must post a purchase and sale agreement (the “Sale Agreement”) on the Property home page prior to commencement of a Live Offer.
- Minimum Acceptable Offer. A minimum acceptable Offer price may be set by the Broker at any time prior to commencement of the Live Offer (the “Minimum Acceptable Offer”). If no Minimum Acceptable Offer is set prior to commencement of a Live Offer, the Live Offer will be advertised as absolute without a Minimum Acceptable Offer, and a Minimum Acceptable Offer may not be added later. If a Minimum Acceptable Offer is set prior to commencement of a Live Offer, the Live Offer will be advertised as traditional, and the Minimum Acceptable Offer may be lowered (but not raised) at any time during the Live Offer. The amount of the Minimum Acceptable Offer will not be displayed.
- Seller Offers. A Seller may not make Offers to purchase its own Property (including, without limitation, through an account of another Participant); provided a Seller, or a Broker acting on behalf of a Seller, in a traditional Live Offer may enter an Offer using their own account that is less than the Minimum Acceptable Offer and that will not result in the sale of the Property. All such Offers shall be disclosed as Offers from the Seller.
- Completion of Live Offer. If a Seller creates a Live Offer and receives one or more Offers at or above the Minimum Acceptable Offer, if any, from a Buyer before the end of the Acceptance Period, Seller must sell the Property to the Buyer making the highest Offer in accordance with the Rules then in effect. The Acceptance Period will end at the time designated by Broker; provided, however, the Acceptance Period and Live Offer Period will automatically be extended for two minutes after any Offer made by a Buyer within two minutes of the end time of the Acceptance Period, as may have been previously extended.
- Changes. Once the Live Offer Period commences, neither Brokers nor Sellers may terminate a Live Offer. Brokers may change the terms of a Live Offer at any time prior to commencement of the Live Offer Period. Following commencement of the Live Offer Period but prior to commencement of the Acceptance Period, Broker may change: the Acceptance Period, the minimum Offer, the Offer increments and the Minimum Acceptable Offer. Following commencement of the Acceptance Period, Broker may extend the Acceptance Period once for up to thirty (30) days, lower the minimum Offer and lower the Minimum Acceptable Offer. No other changes to a Live Offer may be made once the Live Offer Period commences.
3. Offers and Buying.
- Approval. Buyers must be approved by the Broker prior to making an Offer in a Live Auction created by such Broker. Participants may apply for approval as a Buyer in a Live Offer by clicking the bid application button on the Live Offer home page. Buyers may make Offers only through the Broker using the Live Offer Platform.
- Making Offers. Prior to making the first Offer in any one Live Offer, a Buyer must execute the Participant User Agreement for Buyers that will apply to all future Offers in such Live Offer. Broker, Seller, and Buyer must disclose to biproxi in writing any offers to purchase or sell the Property that are made or received outside the Live Offer Platform.
- Offers are not retractable. If a Buyer places a Winning Offer, the Buyer shall complete the Transaction in accordance with the Rules then in effect.
- Winning Offers. A Winning Offer is the highest Offer at or above the Minimum Acceptable Offer, if any, submitted by a qualified and approved Buyer during the Live Offer Period and is acknowledged by biproxi as the highest Offer by email or telephone to the Buyer making the Winning Offer (the “Winning Buyer”).
- Purchase and Sale Agreement. The Winning Buyer and Seller are required to enter into the Sale Agreement within twenty-four (24) hours following the announcement of the Winning Buyer. Participants may not negotiate the Sale Agreement, and no changes to the Sale Agreement may be made following commencement of a Live Offer.
4. Participant Information.
Participant information includes any information Participant provides to biproxi or other Participants, including, without limitation, information provided in connection with registration, Seller Listings, Offers, or other processes made available on the Live Offer Platform, by E-mail, or otherwise (“Participant Information”). Participant is solely responsible for Participant Information, and biproxi only acts as a passive conduit for Participant’s online distribution and publication of Participant Information. Participant represents and warrants that its Participant Information: (i) shall be true and complete and shall not omit any information the absence of which would render the Participant Information misleading, (ii) shall not infringe any third-party’s copyright, patent, trademark, trade secret, or other proprietary rights or rights of publicity or privacy; (iii) shall not violate any law, statute, ordinance, or regulation (including without limitation those governing consumer protection, unfair competition, anti-discrimination, or false advertising); (iv) shall not be defamatory, trade libelous, threatening, or harassing; (v) shall not be obscene, contain child pornography, or be pornographic or indecent; and (vi) shall not contain any viruses or other computer programming routines that are intended to damage, detrimentally interfere with, surreptitiously intercept, or expropriate any system, data, or personal information.
For further information, please contact firstname.lastname@example.org
Biproxi.com Live Offer. The Future Of Commercial Real Estate Is Happening Now!
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+1 Whoever owns the entire value chain of the transaction….wins!