Below is an explanation of each listing phase:
Listing Posted: Once a listing has been activated on our website, the listing posted status will show complete. All listings start with a complete listing posted status. When a listing is posted, it means that the mineral owner has signed an exclusive with our company and is serious about getting competitive bids to sell their mineral rights.
Listing Evaluation: The listing evaluation phase runs anywhere from 7 to 10 days. The purpose of the listing evaluation phase is to give all mineral buyers an equal opportunity to evaluate the ownership. Mineral buyers frequently want to provide offers within 24 hours of listing and put a deadline on the offer so that other buyers don’t have an opportunity to bid. We do not allow this. During the listing evaluation period, we do not accept any offers.
Important: If you submit a bid during the listing evaluation phase, it will not be presented until after the accepting offer phase begins. If you submit a bid during the listing evaluation phase, and put an expiration date on the offer before the listing evaluation phase ends, your bid will never be presented to the seller.
Accepting Offers: After the listing evaluation phase has given all mineral buyers an equal opportunity to analyze the ownership, we will open the listing up to accept offers. How long the offer acceptance phase lasts depends on the demand. As bids are received, we will be working with you to verify that your bid is a qualified bid. Once all qualified bids have been received, we will present the qualified bids to the mineral owner.
Client Review: Once we have gathered the qualified bids, we will present these bids to the mineral owner. We’ll discuss the specifics of each bid. Our goal during this discussion is to get a clear indication from the mineral owner that they wish to sell at or above the best offers we are seeing. Once the mineral owner has indicated they are willing to move forward at or above the current offers, we will move to best and final phase.
Best and Final: The purpose of the best and final round of bidding is to give an equal opportunity to all mineral buyers. When there are multiple bids, we want to give each buyer and opportunity to sharpen their pencil and come up with their true best and final offer. After discussions with the mineral owner, we will provide each mineral buyer who submitted a qualified bid with an indication of the bare minimum price it’s going to take to be competitive. From there, each mineral buyer will have one opportunity to submit their best and final offer. We will not allow you submit multiple best and final offers. We simply gather that best offer from each buyer and the highest offer / best terms will be the winning bid at the sole discretion of the mineral owner.
Under Contract: Once the mineral owner has selected the best and final bid, we will notify the winner to begin preparing the purchase and sale agreement and to meet the obligations to make their bid qualified. If the winning bidder does not provide a purchase and sale agreement and meet the requirements to make their bid qualified within 72 hours, we will move onto the next mineral buyers best offer. Once the purchase and sale agreement has been fully executed, all phases will show complete indicating to mineral buyers that this listing is sale pending.
Important: Until a purchase and sale agreement has been signed between buyer and seller, all offers are non-binding. Neither buyer nor seller has any legal obligation to honor any offer or move forward with any sale.
If you have questions about the listing phases, please contact us using the form below before placing a bid on a listing.