OLD GREENWOOD Fractional Auction Guide
The Old Greenwood HOA is offering a selection of fractional ownership shares for a member-only auction. This document answers the most common questions.
What is being auctioned?
Twelve fractional ownership shares across various cabins and weeks are being made available for purchase. The shares are currently owned by the HOA. A full list of available shares including cabin number, week, approximate value, bedroom count, and HOA dues is included in the email and on the website.
Who is eligible to participate?
The auction is open to current Fractional Owners only. You do not need to already own a share in the specific cabin being auctioned. If you purchase a share, you may also transfer or assign it to a friend or family member after closing.
How do I find more information about the shares?
The website for the auction will hold the disclosures and offer sheets for each share.
When can I submit an offer?
The offer window opens May 1st and closes May 8th at 5:00 PM. All offers must be received by that deadline to be considered.
How will the winner be selected?
After the offer window closes, all offers will be reviewed and ranked by price:
– The highest offer for each share wins.
– If two or more buyers submit the same price, all tied parties will be contacted and asked to submit a new highest-and-best offer.
– This process repeats until one buyer remains for each share.
– The winning buyer will be notified and an official purchase agreement will be drafted and sent for signatures in the following days.
What if I want to buy more than one share?
You may submit offers on as many available shares as you like. Each share is treated as a separate transaction.
OFFER & DEPOSIT REQUIREMENTS
How do I submit an offer?
All offers must be submitted using the offer sheet (LOI) provided on the landing page. Completed offer sheets should be emailed to the dedicated auction email address listed in the offer materials. Offers submitted by any other method will not be accepted.
What are the required terms for my offer?
All offers must meet the following requirements. See the summary table below:
Purchase Type
Close of Escrow
Contingencies
Deposit
Cash only no financing or loan contingencies
30 days (or sooner)
None all contingencies must be waived
$500 non-refundable, due upon acceptance via escrow
Closing Costs Buyer pays all title, escrow & transfer fees (~$1,900)
HOA Coverage
IMPORTANT
HOA covers all real estate dues
Offers that do not meet all of the above requirements will not be considered. There are no exceptions to the cash, non-contingent, or 30-day close requirements.
Is the $500 deposit refundable?
No. The $500 deposit is non-refundable upon acceptance of your offer. It will be collected through escrow as part of the closing process.
Can I back out after my offer is accepted?
Because offers are non-contingent and the deposit is non-refundable, withdrawing after acceptance would result in forfeiture of your $500 deposit. Please ensure you are fully committed before submitting an offer.
Can someone outside the HOA submit an offer on my behalf?
No. Only current Fractional Owners may submit offers directly. However, after closing, you are free to transfer or assign your ownership interest to a friend or family member if you choose.
What closing costs should I expect as a buyer?
Buyers are responsible for all title, escrow, and transfer fees associated with the transaction. Based on a recent comparable closing, these costs are approximately $1,900. This amount can vary depending on the specific transaction
Are there any costs the HOA covers?
Yes the HOA will cover all real estate dues.
Do I need a real estate agent?
No. The HOA has hired agents from Tahoe Mountain Realty to help facilitate the transaction at their cost.
How long does closing take?
All accepted offers are on a 30-day escrow timeline.
What happens after my offer is accepted?
Once your offer is selected, the following steps will occur:
1. You will be notified that your offer has been accepted.
2. An agent from Tahoe Mountain Realty will draft a purchase agreement and send it your way for signatures.
3. Escrow will open and the 30-day closing process begins.
4. Your $500 non-refundable deposit will be collected through escrow.
5. Ownership transfers upon close of escrow.
QUESTIONS?
How can I get additional help?
If you have questions not covered here, please reach out directly to Christopher Botto or attend office hours at the Pavilion. Contact details are below
