ABSOLUTE AUCTION – Selling Regardless of Price Without Reserve!
Bidding will close on Wednesday, August 26, 2020 at 9:00 a.m.
Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Warner Real Estate & Auction Co. will reject the registration, and bidding activity will be terminated.
Extended Bidding: All online auctions have a scheduled ending time. All auctions have an extended bidding feature. Each auction will automatically extend if a bid is received in the last three (3) minutes prior to the scheduled ending time. For example: If an auction is scheduled to end at 1:00 p.m., and a bid is received at 12:58 p.m. on an individual item, then the bidding will remain open on that item until 1:01 p.m. The extending bidding will remain active until no additional bids are received in a three (3) minute time period.
Earnest Money: At the close of the auction, the successful bidder will be emailed the contract package to execute and return to Warner Real Estate & Auction Co. The successful bidder must remit a $5,000 non-refundable deposit in the form of wire transfer or cashier’s check to Foundation Title, LLC within 24 hours of conclusion of the auction. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.
Insurable Title: It is understood that insurable title, free of encumbrances, except subject to all reservations, easements, rights of way, and restrictive covenants of record or on the premises, and to all government statutes, ordinances, rules and regulations is to be furnished. The described property is to be sold in “as is, where is” condition without warranty either expressed or implied by the Seller or Auctioneer. In the event the Seller cannot convey insurable title to the property, your earnest money deposit will be returned.
Financing: Sale of the property is not contingent upon buyer obtaining financing.
Inspection: All property is sold “As Is, With All Faults.” Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied. Warner Real Estate & Auction, Co., disclaims all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property. Placing a bid on the offered property, whether in person, or by agent, by written bid, telephone bid or other means, constitutes an agreement by bidder to these conditions of sale. For residences built prior to 1978, buyer waives the right to a 10 calendar-day opportunity to conduct a risk assessment or inspection for the presence of Lead-Base Paint and/or Lead-Base Paint Hazards. Square footage dimensions and acreage are approximate and should be independently verified prior to bidding. Warner Real Estate & Auction Co., its agents and subagents, and the sellers assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. All information and dimensions were derived from sources believed to be correct but are not guaranteed. Buyers shall rely on their own information, judgment, and inspection of the property. All auction day announcements take precedence over any previously printed material or any other oral statements made.
Buyer’s Premium: No Buyer’s Premium
Contracts: Contract Packages will be sent by e-mail to the high bidder, who must execute and email, fax or overnight mail back to Warner Real Estate & Auction, Co., within 24 hours of receipt. If the successful bidder does not execute and return their contract with earnest money deposit within 24 hours of receipt they will be considered in default and subject to legal action. This is a legal binding contract.
Auction Administrative Fee: In the event a winning bidder fails to submit the signed ‘Contract for Sale of Real Estate’ and $5,000 earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $15,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Warner Real Estate & Auction Co., and the Seller as provided in the Auction Terms & Conditions and the ‘Contract for Sale of Real Estate’. All administrative fees are non-refundable.
Conditions of Default: If any conditions contained herein are not complied with by the buyer, Warner Real Estate & Auction, Co. may, in addition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either, a) cancel the sale, retaining as liquidated damages any payments made by such buyer, b) resell the property at public auction or privately on seven days notice to such buyer, or c) take such other action as it deems necessary or appropriated. If Warner Real Estate & Auction Co., resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. In any event, the buyer’s $5000 earnest money deposit will be retained by Seller as liquidated damages.
Closing: Time being of the essence, this sale shall be closed on or before 30 days from the auction bidding closing on August 26th, 2020. The successful buyer will also be required to make an appointment with the closing agent to pay the balance of the purchase price and receive the deed to the property. All closings must occur on or before specified dates. Closing is to take place on or before 30 days from date of auction. Buyer acknowledges and agrees that time is of the essence.
Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as buyer’s agent. Warner Real Estate & Auction, Co. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time.
Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold ’AS IS’ with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding.
Indemnification and Release: Purchaser and anyone claiming by, through or under Purchaser hereby fully and irrevocably release Seller and Auctioneer and their respective employees, officers, directors, representatives, and agents from any and all claims that purchaser may have or hereafter acquire against Seller and Auctioneer, their employees, officers, directors, representatives and agents for any cost, loss, liability, damage, expense, demand, action or cause of action arising from or related to any construction defects, errors, omissions or other conditions, including environmental matters, affecting the property, or any portion thereof.
Broker Participation: Pre-approved (no later than 5 pm (Eastern) 8/25/2020) broker participation is well compensated. Broker must fill out and submit broker participation form by time stated above and adhere to all rules in order to be compensated.
Technical Issues: Neither the company providing the software nor the auction company shall be held responsible for a missed bid or the failure of the software to function properly for any reason. The online bidding will begin to close on Wednesday, August 26th, 2020 @ 9:00 am (Eastern Time). If there is bidding in the last few minutes before the auction closes, extended bidding will commence. If there are no bids within 3 minutes, the auction will end. This procedure prohibits any last second 'sniping' from taking place. Please contact Richard Warner @ 856-769-4111 if you need assistance with registering and the online bidding platform.
Contract for Sale of Real Estate: This property is offered under the specific terms provided in the contract. The Contract for Sale of Real Estate is available at www.WarnerRealtors.com in the property information packet located from within the “DOCUMENTS” section. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract for Sale of Real Estate, DO NOT BID!
Foundation Title, LLC has performed a title search on the property. You can use your own to review the documents, however, Foundation Title, LLC will be the closing title company.
Warner Real Estate & Auction Co. has the sole authority to resolve any bidding disputes that may arise.