Bid Requirements and the Auction
The sale is an online only auction. Bidders should be familiar with the Real estate they will be bidding on.
The auction will be held within 60 days of entry of an Order by the Court approving the auction process. The Trustee reserves the right to add or withdraw any of the property to be sold on the day of the sale.
The successful bidder shall be required to sign the form Sales Contract for Unimproved Land immediately after being declared the winning bidder at the online auction.
Successful bidder of the Real Estate shall also deliver a 10% of the total purchase price within one (1) business day immediately after the auction to Sutton Title, the designated title company for this transaction (the “Escrow Agent”). The deposit can be made by either personal check, company check, certified funds or cashiers check.
The Winning Bidder’s deposit shall be deposited into the Escrow Agent’s escrow account (the “Escrow Account”). The deposit shall immediately become non-refundable and credited toward the purchase price at closing.
All bidders understand that all real estate is being sold in “As-Is, Where-Is” condition.
By bidding, each bidder acknowledges that they have read and agree to the Sales Contract for Unimproved Land and will immediately sign the Sales Contract for Unimproved Land after the auction without any changes to the pre-printed text.
From its commission, at closing, the Broker shall offer a 3% brokerage commission, based on the Winning Bid price, to any real estate broker that represents a client at the auction, subject to the Auctioneer's broker registration requirements. In order to qualify for the commission, the broker must be the procuring cause for the purchaser and submit a signed Broker Participation form provided by the Auctioneer no later than one (1) business day prior to the conclusion of the online auction. The Broker Participation form can be obtained by contacting Auction Markets, LLC or downloading it at AuctionMarkets.com.
“As-Is, Where-Is” Condition
The Sale of the Real Estate shall be on an “AS IS, WHERE IS” basis and without representations or warranties of any kind, nature or description by the Trustee, its agents, the Broker, the Auctioneer, or the estate. All the Trustee’s rights, title and interest in and to the Real Estate shall be sold free and clear of all pledges, liens, security interests, encumbrances, claims, charges, options and interests thereon (collectively, the “Interests”), such Interests to attach to the net proceeds of the Sale of Real Estate, with the same validity and priority as existed immediately prior to such sale.
Each bidder shall be deemed to acknowledge and represent that it has had an opportunity to inspect and examine the Real Estate prior to making its offer, that it has relied solely upon its independent review, investigation and/or inspection of any documents in making its bid, and that it did not rely upon any written or oral statements, representations, promises, warranties or guaranties whatsoever, whether express, implied, by operation of law or otherwise, regarding the Real Estate or the completeness of any information provided in connection with the bidding process, in each case.
Neither Auction Markets, LLC, Century 21 New Millennium nor the Seller have had the property surveyed and that the acreage and building sizes represented may be more or less. In the event the acreage or building sizes are less than represented or more than represented in the marketing materials, the bid price shall not be adjusted upward or downward prior to closing.
No personal property conveys with the Real Estate unless included in the Real Estate Purchase & Sale Agreement.