REAL ESTATE AUCTION TERMS:
These properties will be offered for sale via the auction process on the stated date. All bidders must be pre-registered and pre-qualified to bid and purchase. Eligible buyers must provide a bank letter of credit to pre-qualify, and bring a $5,000 cashier/certified check to the auction, made payable to themselves. Bidder may need to supply a bank note.
A 10% buyer’s fee will be added to the highest accepted bid to become the purchase price. The resulting highest bid is subject to acceptance by the seller to become the successful bid.
Co-brokers are welcome and may qualify for 3% co-broke commission, but must identify themselves no later than 48 hours prior to the auction.
Closing typically occurs within 30 days from the date of the auction.
If buyer fails to perform, buyer’s $5,000 is forfeited. Prebids are welcome up to 48 hours prior to the date of the auction, only one pre bid will be entertained per buyer. Seller will determine whether they will accept the pre bid prior to auction date advertised. If seller does not accept, the pre-bid will be carried forward to the auction date, the highest pre bid will then be the starting point for the vocal portion of the process. Property will be sold on an “as is, where is” basis.
OFFER TO PURCHASE AND TITLE:
The auction company will provide an offer to purchase form and copy of the preliminary title.
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