GENERAL TERMS OVERVIEW: This real estate is being sold As-Is, Where-Is, with any & all faults, and subject to all laws, ordinances, easements, plats, current zoning, titles, & any other matters of record. This real estate is being sold subject to the immediate confirmation of the Sellers. This auction is being conducted through a “Timed to Live Onsite/Online Simulcast” bidding process which will begin on, or about, Monday, October 1, 2018 at 5:00 P.M. EST, and end on, or about, Thursday, October 25, 2018 at 1:30 P.M. EST (upon conclusion of the live, onsite auction simulcast). A 10% Buyer’s Premium will be added to the highest final bid and will become a part of the Total Sales Price. A non-refundable deposit of 10% of the high bid amount is required immediately following the auction (for any Purchaser(s) bidding in-person onsite). Online purchasers located in VA, MD, & DC must deliver executed documents and their full deposit to the Auction Firm office no later than 4 P.M. EST on Friday, October 26, 2018. Accepted forms of payment include Cash, Good Virginia Check (drawn on a Virginia Bank by a Purchaser with a valid current Virginia I.D. & mailing address), Certified Check, Cashier’s Check, or Postal Money Order. All Online Bidders must register on our company website and provide a valid credit card which will have a “credit hold”, in the amount of $2,000.00, placed on their card. Said credit hold will remain in place until the full deposit is received by the Auction Firm. Any other online out-of-state Purchaser(s) will have until, no later than, 12:00 Noon (EST), Monday, October 28, 2018 to deliver their executed Purchase Agreement and 10% Deposit, by overnight courier, to the Auction Firm office. Accepted forms of payment from an online, out of state Purchaser(s) are: Certified Funds (Certified Check, Cashier’s Check, or Postal Money Order). If the Purchaser fails to return the executed documents and required deposit, under the time constraints mentioned above, their credit card will immediately be charged in full for the amount of the credit hold (and the Purchaser shall be subject to further action as described below). The balance of the total purchase price is due at closing NO LATER THAN Monday, November 26, 2018. The Purchaser(s) shall immediately proceed with closing. Time is of the essence. The Seller will transfer the property with clear marketable title, free from any liens. Obtaining financing, if needed, is the sole responsibility of the Purchaser. No owner financing is being offered. The sale is not contingent upon the purchaser obtaining financing or any other matters. By bidding, all bidders hereby waive their rights to any post sale rights of rescission periods & understand the sale is immediately binding & irrevocable. No loan points payments, closing cost assistance, or any other purchase incentive is being offered. While all information regarding this property has been derived from sources deemed reliable and believed correct; neither the Seller, Auction Firm, or their Representatives make any guarantees or warranties, expressed or implied whatsoever; regarding, without limitation; zoning, ability to subdivide, accessibility, fitness for a particular use or purpose, topography, soil type or content (including percolation rate of the soil for septic purposes), functionality of any systems, availability of public utilities, or merchantability of all or any part of the property. Prospective Purchasers and Bidders shall rely solely upon information obtained through their own due diligence. Any reliance upon the information provided shall be solely at the bidder’s risk. The Auction Firm shall determine the bid increments and retains the right to modify the deposit requirement and to bid on behalf of the Sellers. The Purchaser shall waive their rights to any rescission periods &/or any other property inspections and shall accept the property As-Is, Where-Is. The Auction Firm retains the right to remove the properties from the auction process at any time, for any reason. Any and all decisions of the Auction Firm regarding the conduct of the auction shall be final and absolute without liability to any party. These terms, as well as all additional and elaborated Terms below, as well as any Terms announced prior to the commencement of the live auction, become an inclusive part of the agreement to purchase contract.
Thank you for your interest in this Timed to Live Online Auction of real estate being conducted by “For Sale At Auction”. The auction and conveyance of this property shall be governed by, and your online registration indicates each bidder’s agreement with: the Agreement to Purchase Real Estate at Auction contract, including any/all addenda, disclosures, and the non-negotiable Terms of Sale.
In order to bid online for this auction, all bidders must be registered with For Sale At Auction through our Bid Application (Available at the Apple App Store and Google Play - Just search “For Sale At Auction”). There is no fee to create your account, however a credit card is required to verify identification, and to verify and place a credit hold in the amount of $2,000.00. By bidding you are representing to the Auction Firm, and the Seller, that you have read, and agree to be bound by, all Terms and Conditions for this sale as stated herein. Please, DO NOT BID unless you have read, and agree to be bound by, these Terms of Sale.
THE ONLINE AUCTION BIDDING APPLICATION: The online portion of this auction is controlled by the auction program software. The Auction Firm is not responsible for software functionality or lack thereof, internet malfunctions or connectivity issues, bidding application or systems errors, which could cause a bid to fail to be recognized, or fail to successfully register a bidder. In the event of any bidding platform errors &/or related issues, the property could sell to the highest bidder onsite, as there is no recourse available to online Bidders in the event of any failure of the online auction platform. *If assistance with online bidding is desired, please call Ken Sebastian, Auction Coordinator, at: 540-841-2085. We’ll be happy to help!*
THE AUCTION PROCESS: Bidding starts at $25,000.00 on each property, and is open to the general public (any who are registered and approved by the Auction Firm). The Auction Firm will control all bidding increments. At no point will the bid increments be less than $1,000.00. Bidding will begin on, or about, Monday, October 1, 2018 at 5:00 P.M. and end upon conclusion of the “Live, On-Site, Simulcast” to begin at 1:01 P.M. (EST) on Thursday, October 25, 2018, and is estimated to end about 1:30 P.M.
*A Brief Explanation of the Bidding Methods* Interested bidders will essentially have (3) different methods of bidding available for this auction. The first is the “Timed” method (similar to how eBay operates): For Bidders unable to be online, or in-person, during the live auction; they can enter their bid start and high bid amounts, then walk away. The system will handle their bids for them. The second method is online bidding: For this method, the Bidder must be online during the live simulcast of the auction (Beginning at 1:01 P.M. EST, on October 25, 2018), and the Bidder will be in Full control of their bidding process throughout the auction. The third method is the “Traditional Auction Method”: Bidders may attend the auction, in-person, register at the auction location, and competitively bid against all in-house and online Bidders.
*Online Bidders may do so by smart phone using our App (Visit the Apple App Store or Google Play and search “For Sale At Auction” to download), or by laptop/desktop PC through our website: www.ForSaleAtAuction.Biz
LIQUIDATED DAMAGES FOR NON-PERFORMANCE: If the high bidder breaches any portion of these auction Terms of Sale, or the Agreement to Purchase Contract, and/or fails to return all executed copies of all required documents &/or the required 10% down payment, the Bidder’s high bid offer shall be rejected by the Seller. In addition, all of the Purchaser’s rights to purchase the property shall terminate with the Seller having the right to sell the property to another without limitation. In addition, the Purchaser(s) shall pay the Auction Firm liquidated damages in the amount of 10% of their high bid (of which any credit hold, held on Online Bidder’s credit card at the time of registration, shall become a portion thereof). The Bidder/Purchaser hereby authorizes the Auction Firm to charge the credit card used to register for the auction, in the amount of the hold, to satisfy any part of the liquidated damages owed the Auction Firm and Seller by the high bidder.
BUYER’S PREMIUM, DOWN PAYMENT & CLOSING: A Buyer’s Premium of 10% of the high bid amount will be added to the final bid to determine the total sales price (For example: If the high bidder bids the amount of $100,000.00, a 10% Buyer’s Premium will be added to the high bid for a total sales price of $110,000.00). Please consider this Premium when placing all bids. The Buyer’s Premium is non-negotiable. A non-refundable deposit of 10% of the high bid amount is required immediately following the auction. If you are a resident/citizen of a country outside of the United States of America, Wired Funds Transfers are required for the down payment balance and closing. The balance of the purchase price, along with all Purchaser closing costs, is due at closing NO LATER THAN Monday, November 26, 2018. The Buyer is responsible for all closing costs customarily charged to a Purchaser upon closing a real estate transaction in the Commonwealth of Virginia. Real estate taxes shall be pro-rated as of date of final settlement.
CONTRACT/DOCUMENT PROCESS FOR ONLINE PURCHASERS: Following the close of the auction, the Auction Firm shall contact any/all online high bidders by email, telephone, &/or fax to provide all required sale documents for the Purchaser’s execution. All purchase documents will be provided to the Purchaser, who shall be required to sign and return all purchase documents, along with the required deposit, to the Auction Firm, either in person or via OVERNIGHT delivery. Any Purchaser(s) located in VA, MD, & D.C. must return their executed purchase agreements and full deposit no later than 4 P.M.(EST) on Friday, October 26, 2018. Any other online Purchaser(s) must return their executed purchase agreements and full deposit no later than 12:00 Noon (EST) on Monday, October 29, 2018. Failure to return these items in the time-frame allotted shall result in the forfeiture of the high bidder’s bid deposit as partial liquidated damages pursuant to these Terms of Sale. The Contract for Sale and Terms of Sale are not subject to negotiation.
CONTRACTUAL DEFAULT/NON-PERFORMANCE: If the high bidder executes and returns the required sale documents and down payment, but fails to complete the sales transaction/closing for ANY reason (including, but not limited to, remitting the total purchase amount), the high bidder shall relinquish ANY right to complete the transaction and shall have no rights or interest in the property whatsoever, and will forfeit all down payment monies as partial liquidated damages. BE ADVISED… state law gives the Seller &/or Auction Firm the right to pursue legal action against Bidders/Purchasers who refuse to complete their contractual obligations. This may include, but is not limited to, suit to compel completion of the sale and/or criminal charges of fraud or other intentional act, as well as any other remedies available in law or in equity, including damages for any insufficiency between the original sales price and the price realized upon resale.
AS IS - WHERE IS SALE: All properties are sold "AS IS, WHERE IS" with no financing, inspection, or other contingencies to the sale. The sale is immediately binding and irrevocable. Bidders must conduct their own due diligence and investigation of the property to determine suitability prior to placing any bids. Bidders must rely solely upon their own investigation and not on information provided by the Seller, Auction Firm, or their representatives. Failure of a bidder to be fully informed on this property will not constitute grounds for claims or to cancel the sale. All information provided regarding this property was obtained from official public records, county officials, &/or other sources deemed reliable and believed correct, but is not guaranteed whatsoever. The Auction Firm, Seller, and their representatives DO NOT warrant the accuracy of any information provided. Please, do not bid if you have not inspected the property &/or done your Due Diligence.
*NOTICE* By Bidding, you are entering into a legally binding contract. An online, public auction bid, is legal and binding. There will be no refunds or bid cancellations. The registered bidder is personally, financially, and legally responsible for their bids and actions, whether representing themselves, or acting as an Agent for another.