REAL ESTATE ONLINE BIDDING TERMS
To bid, you must be of legal age to enter into a contract to purchase real estate (18 in most states, 21 in others). If you're in doubt about the legal age to enter a contract in your state, please consult with competent legal counsel before bidding. All bids are placed in US DOLLARS.
PLEASE READ AND REVIEW THESE REAL ESTATE ONLINE BIDDING TERMS AND THE SPECIFIC TERMS AND CONDITIONS OF SALE THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. THE PROPERTY SPECIFIC TERMS AND CONDITIONS OF SALE IS LOCATED ON THE DOCUMENTS TAB OF THE PROPERTY’S AUCTION PAGE. IF YOU HAVE NOT READ AND REVIEWED THESE, DO NOT BID.
- All bids shall be deemed pending unless and until duly accepted by the auctioneer.
- If there is more than one high bid at the same level (a tie bid), the bid first submitted will be honored.
- All bids are accepted at the sole discretion of the auctioneer. The winning bidder is deemed the bidder that places the bid that is accepted by the auctioneer.
- All decisions of the auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Auctioneer reserves the right to deny any person to participate in the auction or expel anyone from the auction who attempts to disrupt the auction. The auctioneer reserves the right to sell the property in any manner so desired. Individual purchases are to be considered as singular and are not contingent upon the sale of any other properties.
- All announcements made prior to the conclusion of the auction supersede any prior oral or written statements. The seller reserves the right to add to or delete all or a portion of the property. On behalf of the seller, the auction company may, at its discretion, change or modify any part of the sales contract or terms of sale at any time prior to execution of sales contract without further notice to any bidder or purchaser.
- The auctioneer has the sole and absolute discretion to advance the bidding on behalf of the seller, including the discretion to reject any bid which the auctioneer believes, does not advance the auction and/or is injurious to the auction. Bids that may be rejected include without limitation bids that appear to the auctioneer to be nominal, suspicious and/or suspect.
- Seller reserves the right to postpone or cancel this auction at any time for any reason.
- Neither the company providing the software, nor the auction company or seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason, including but not limited to any internet connection failures.
- All registration information the bidder provides shall be current, complete, and accurate. All bidders are responsible for any bids placed under their bidder accounts/number and passwords. The security of bidder information is the responsibility of the bidder. Bidders must notify auction company if they believe that their bidder account/number and password have been compromised.
- All properties will be selling subject to seller approval unless otherwise stated.
- By using the “App” or registering to bid, you agree to all of the terms and conditions and expressly acknowledge and affirm that you have read and are familiar with the Online Bidding Terms, Terms and Conditions of Sale as well as all the disclaimers, conditions and all other related documents set forth in regard to the auction, property, and method of bidding.
- By placing a bid, you acknowledge that your bid is a legally binding offer to purchase the property being auctioned. Your bid (i.e., offer) may be accepted by the auctioneer, in which case a legally binding agreement will be in place between you and the auction company.
- The MaxBid function on the online bidding platform is private; however, it can be seen by the auctioneer.
A buyer’s premium will be added to the high bid price to determine the total contract price.
TERMS OF SALE
- All auctions are considered a CASH SALE and not contingent upon purchaser’s ability to obtain financing.
- The purchaser will deposit ten percent (10%) of total contract price in the form of a cashier's check or wire transfer with the remaining balance due at closing within 30 days as disclosed on the property's auction page and defined in the Terms and Conditions of Sale
- Contract packages will be sent by e-mail to the purchaser at the conclusion of the auction. The purchaser must execute and either fax, email or hand-deliver the package back to auction company on auction day.
ONLINE AUCTION REGISTRATION
- Bidders are required to register to place bids by submitting a valid credit card. There is no charge to your credit card to register to bid. Real Estate cannot be purchased using a credit card.
- Should the auction company require a registration amount in order to place bids on a property, this information (including the required amount and specific directions) will be disclosed on the property's auction page and defined in the Terms and Conditions of Sale. Should you not be the purchaser, your registration amount (minus any wire transfer fee) will be promptly returned. The registration amount, if required, will be applied toward the down payment.
- Bidder must be approved by auction company.
A service fee will apply to all payments made via wire transfer. For wire transfer instructions, please email email@example.com.
It is agreed by all parties that in the event the purchaser fails to execute the Contract For Sale And Purchase, or submit the required deposit, or close the transaction, purchaser will be declared in default and will forfeit any registration amount and/or down payment. Seller and auction company reserve all rights allowed by law and the Contract for Sale and Purchase, to file suit for damages, specific performance or cancellation of the transaction, with the seller to retain the down payment and registration amount.
EQUAL OPPORTUNITY CLAUSE
All bidding is open to the public. The property is available to purchasers without regard to race, color, religion, sex familial status, national origin, or physical handicap.
The identity of all bidders will be verified, bidding privileges are provisional, and if complete verification is not possible, auction company reserves the right reject the registration and bidding activity is subject to termination.
POWER OF ATTORNEY
Any person bidding on behalf of another person or entity must have a valid, legally enforceable, unexpired, Power of Attorney approved by auctioneer before the being approved to place bids.
AUCTION END TIMES
- All online auctions are subject to extended bidding due to bidding activity. Auction company reserves the right to adjust the auto extension time period or end the auction at any time.
- If you are outbid by another bidder, you will receive an email notice. If time allows, you can increase your bid if you so desire.
- As the auction nears the ending time it will auto-extend until bidding is silent for a minimum of 2 minutes.
- The high bidder will be notified via email after the auction ends.
TIME SHALL BE OF THE ESSENCE.
PROPERTY INFORMATION, INSPECTION and DISCLAIMER
- The property is selling “AS IS, WHERE IS WITH ALL FAULTS” subject to, and any CONTRACT IS NOT CONTINGENT upon: any state of facts an accurate survey or personal inspection of the property may reveal, any existing or proposed rights-of-way, restrictive or protective covenants, easements, encroachments, rights or claims of parties in possession, zoning, building codes, permits, governmental agencies regulations, environmental conditions, wetlands, riparian, or littoral rights, flood zones, subdivision and HOA regulations, water rights or water access, mineral rights or reservations, leases or tenancies, suitability, merchantability, marketability, operability, tenant ability, habitability, income, soil condition, sink holes or percolation, safety and health codes, or fitness for a particular use or purpose, and subject to all title exceptions as set forth in the Title Commitment. No guarantees are given as to the availability of utilities or the permitted or allowable uses on the property. The seller or auction company have not made, do not make and will not make, and hereby disclaim any representation or warranty, whether expressed or implied or statutory, whether oral or written, with respect to the property. Bidders are advised to independently verify all information deemed important.
- It is the Purchaser’s sole responsibility to 1) review all property information; 2) independently verify any information deemed important including, but not limited to, information available in public records; and 3) inquire of public officials as to the applicability of and compliance with land use laws, health, sanitary, safety and fire codes, any environmental laws and regulations, and any other local, state or federal laws and regulations.
- All information contained in any and all promotional materials was provided by the seller and is believed to be correct; however, neither the seller nor the auction company makes any guarantee or warranty as to the accuracy or completeness of such information. Neither the seller nor the auctioneer is required to update any information.
- Neither the seller, its attorneys, any broker, nor the auction company shall be liable for any relief including damages, rescission, reformation, allowance or adjustments based on the failure of the property, including, but not limited to, amount of square feet, acreage, dimensions, maps, taxes, income, etc. or to conform to any specific standard or expectation, or any third-party documents or information.
- Any work performed by a potential bidder or on behalf of a potential bidder is solely at the expense and responsibility of the potential bidder.
CONFLICT OF PROVISIONS
In the event of a conflict with the Online Bidding Terms and the property specific Terms and Conditions of Sale that is located on the documents tab of the property’s auction page, the Terms and Conditions of Sale shall control the provision in conflict.