Auction Terms & Conditions "ONLINE ONLY" REAL ESTATE BIDDING
AUCTION TERMS AND CONDITIONS
Proper and complete online registration is required to bid. All bidders must provide name, address, phone number, and email address to register. A credit card (MC, Visa or Discover) is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit will be charged to the credit card provided at registration. By registering or bidding on this Auction, bidder agrees to be bound by these Terms and Conditions, the auction announcements, and the Contract for Purchase and Sale. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.
The only way this property may be purchased is via online bidding during the published bidding period. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office for assistance (620.326.7315) To place a bid, bidders enter their "maximum" bid and click the "Place Bid" button. Each time that bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum. The system will not advance a bidder's own bid. Online-only auctions utilize the "Soft Close" feature that automatically extends the bidding time if a bid is received in the last 2 minutes of the published bidding period. The extensions will continue until 2 minutes have lapsed without any bidding activity, at which time the auction is concluded.
A buyer's premium of 10% ($1,500 minimum) of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s).
Sample calculation -- High bid = $50,000
Buyer's Premium = $ 5,000 (10% of 50,000)
Total purchase price = $55,000
Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.
At the conclusion of the auction the Winning Bidder will receive an email confirming his or her winning bid status. In this or a subsequent email the Winning Bidder will receive a link to sign all documents electronically along with wiring instructions for submitting the required earnest money deposit to the named title company.
The Auctioneer or his representative will contact the Winning Bidder the following day to address any questions concerning the required process. Should the electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and deposit payment process must be completed by close of business on the day following the auction conclusion. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Theurer Auction/Realty auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller's confirmation, unless advertised otherwise. Any property with a high bid exceeding the Seller's reserve will be declared "sold" by the Auctioneer. In instances where the seller's reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller's sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.
DOWN PAYMENT (DEPOSIT):
The Winning Bidder shall be required to make an earnest money down payment. This deposit must be paid by wire transfer, personal/business check (if Winning Bidder is known by the Company), or by certified funds, by close of business the day following the bidder being declared the Winning Bidder. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Theurer Auction/Realty auction events.
The Winning Bidder shall close within 30 days of the auction date, unless stated differently in the Purchase Agreement.
EVIDENCE OF TITLE:
Seller shall cause to be furnished to Buyer a title insurance company's commitment to issue, after closing, a title insurance policy in an amount equal to the full purchase price naming Buyer as the insured. Seller and Buyer shall each pay one-half the cost of Owner's Policy. Buyer shall pay for any title coverage for the benefit of Buyer's lender.
REAL ESTATE TAXES & ASSESSMENTS:
Seller shall pay 2017 taxes and prior years. Buyer is responsible for 2018 taxes.
The Real Estate is not offered contingent upon inspections. The Real Estate is offered at public auction in its present, "as is, where is" condition and is accepted by Bidder without any expressed or implied warranties or representations from Seller or Theurer, including, but not limited to, the following: the condition of the Real Estate; the Real Estate's suitability for any or all activities or uses; the Real Estate's compliance with any laws, rules, ordinances, regulations, or codes of any applicable government authority; the Real Estate's compliance with environmental protection, pollution, or land use laws, rules, regulations, orders, or requirements; the disposal, existence in, on or under the Real Estate of any hazardous materials or substances; or any other matter concerning the Real Estate.
It is Buyer's responsibility to have any and all desired inspections completed prior to bidding, including, but not limited to, the following: roof; structure; termite; environmental; survey; encroachments; groundwater; flood designation; presence of radon; presence of lead-based paint or lead-based pain hazards; presence of asbestos; presence of mold; electrical; appliances; heating; air conditioning; mechanical; plumbing (including water well, septic or lagoon compliance); sex offender registry information; flight patterns, or any other desired inspection. Bidder acknowledges that Bidder has been provided an opportunity to inspect prior to the ending of the Auction and that Bidder has either performed all desired inspections or accepts the risk of having not done so.
EASEMENTS AND LEASES:
Sale of said property is subject to any and all easements of record and any and all leases.
Theurer Auction/Realty LLC and its representatives are Exclusive Agents of the Seller.
A commission will be paid to any properly licensed Broker or Agent who registers a successful buyer according to the appropriate Broker Participation Agreement. This form is available from the Auction Company and must be completed and returned no later than 24 hours prior to the auction end date.
DISCLAIMERS AND ABSENCE OF WARRANTIES:
The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement. The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller's reserve (if applicable). This property is available for and subject to sale prior to auction. Property is being sold subject to Seller confirmation.
As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Purchase Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion.
The Real Estate is offered for sale to all persons without regard to race, color, religion, sex, handicap, familial status, or national origin.
Seller User Terms
Bidder User Terms