Online Auction Terms and Conditions
In order to obtain authorization to bid online, you must register beforehand in accordance with the required fields on the Bidder Registration form. The registration form will be reviewed by an Auction Management Corporation representative and an email will be sent once you have been approved to bid.
Purchase and Sale Contract:
Each property is offered under the specific terms provided in the Auction Purchase and Sale Agreement (PSA). The PSA is available at www.auctionEbid.com for each specific property. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and review the Purchase and Sale Agreement, Do Not Bid!
Auction End Times:
All Auction Management Corporation (AMC) Online Only Real Estate Auctions are timed events. Auctions with multiple properties have staggered end times with 10 minutes between each ending.
EXAMPLE: an auction scheduled to end at 3:00 PM will close the first property at 3:00 PM., the second at 3:10 PM, etc. AMC Online Only Real Estate Auctions also have an auto extend feature. Any bid placed within 10 minutes of the auction ending will automatically extend the auction for 10 minutes from the time the bid is placed. Example, if an auction scheduled to end at 3:00 PM receives a bid at 2:59 PM, the close time of the auction automatically extends to 3:09 PM. The auto-extend feature remains active until no further bids are received within the 10 minute time frame.
From time to time, we will have an event with multiple assets where we give the option of bidding on multiple assets, such that a single buyer can buy many or all of the assets in that auction, as long as their bid exceeds the total of all other bids on the assets they wish to purchase. In this case, bidding on all assets in the auction is kept open until a set period after the last bid is placed on any asset in that auction, usually 5 minutes.
Personal Property Terms:
When selling non-real estate assets, the terms are due immediately after being declared the winning bidder, in the form of cash, certified funds, or wire transfer.
Real Estate Terms:
At the close of the auction, successful bidders will be emailed a PSA to be executed and returned to Auction Management Corporation. Successful bidders will submit the required earnest money deposit in the form of a cashier's check or wire transfer to Auction Management Corporation or other designated broker or escrow agent as identified for the specific property. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.
Contract documents will be sent by e-mail to the successful bidder, who must execute and fax or email back to Auction Management Corporation within 24 hours of the end of the auction.
Successful bidders not executing and returning their contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default.
The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, AMC will reject the registration, and bidding rights will be terminated.
A buyer's premium will be added to the bid price to determine the final contract price. The amount of the buyer's premium will be listed for each auction. It typically ranges from 5% to 10%.
Buyer's Premium Example (Using a 10% Buyers Premium):
Bid Price: $100,000
Plus 10% Buyer's Premium: $10,000
Total Contract Price: $110,000
Real Estate Closings:
Time being of the essence, all sales shall be closed within the indicated timeframes (usually 30 days, but sometimes less). The seller will pay for preparation of the deed of conveyance, and all ad valorem taxes up to the date of closing. HOA fees and condominium assessments, if any will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with real estate sales.
For most assets, the inspection date is posted on that listing Please contact the representative listed for each asset if you have questions about inspection dates and times or to arrange a private showing.
On designated real estate assets, a co-op commission is available to properly registered brokers. The amount of the commission, if any, is posted on the listing for that asset. A broker participation from with complete instructions is available at www.auctionEbid.com
In all transactions, the auctioneer is acting as agent for the seller, not as buyer's agent.
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. Each bidder must conduct and rely solely upon their own investigation and inspection. All assets are sold "AS IS" with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding.
Real Estate - Lead Based Paint:
Under Title X, the purchaser of a single family residence built before 1978 has a maximum of 10 days to inspect the property for the presence of lead-based paint. All winning bidders must sign a waiver of the 10 day post sale inspection period.
Real Estate Notes:
Financing is not a contingency in any auction. Do not bid unless you are capable of closing for cash within the specified time period. Keys may or may not be available. It is Purchaser's responsibility to re-key property after closing. Certain Sellers may wish to effectuate 1031 tax exchanges. Purchasers agree to cooperate and execute necessary documents to enable Sellers to complete the transactions. All property is sold subject to easements and covenants of record. Real Estate to be conveyed by Limited Warranty Deed. Auctioneer is acting as agent of the Seller, not as buyer's agent.