REAL ESTATE TERMS OF SALE
City of Portsmouth, VA
Judicial Sale of Real Estate for Delinquent CDA Assessments and Real Estate Taxes
*Timed Public Auction with Online Bidding Only!*
Auction Opening: Tuesday, November 16, 2021
at 9:00 a.m. (EST)
Auction Closing: Tuesday, December 14, 2021
at 1:00 p.m. (EST)
GENERAL TERMS OVERVIEW: The real estate is being sold subject to the terms and conditions stated herein (“Terms of Sale”) and in the Purchaser’s Acknowledgment and Contract of Sale (“Contract of Sale”), and is being conducted utilizing a “Timed, Online-Only Public Auction” bidding process which begins Tuesday, November 16, 2021 at 9:00 a.m. (EST), and will begin closing on Tuesday, December 14, 2021 at 1:00 p.m. (EST). All interested bidders must register and be approved by the auction firm At Auction, Inc. (“Auction Firm” or “For Sale At Auction”). Registration and bidding are done through the Auction Firm website at (Bid.ForSaleAtAuction.Biz).
All properties are sold in gross, As-is, Where-is, and If-is, without any guarantees or warranties, expressed or implied, whatsoever. A Buyer’s Premium of 10% will be added to the highest final bid and will become a part of the total purchase price on each property.
These properties are designated as judicial sales. This means they are being sold by Order of the Circuit Court of the City of Portsmouth. All judicial sales are subject to approval of the Circuit Court. A deposit* of 10% of the total purchase price in the form of cash, certified check, or bank wire transfer shall be deposited with the Special Commissioner within six (6) days following the auction close, that is, no later than 5:00 p.m. (EST) on Monday, December 20, 2021. Said deposit will be transferred to the Clerk of the Circuit Court and will be credited toward the purchase price at closing. The balance of the purchase price, by certified check, shall be deposited with the Special Commissioner by the highest bidder ("Buyer"), payable to the order of the Clerk of the Circuit Court within fifteen (15) days of Court confirmation, and the Buyer shall immediately proceed with closing as directed by the Special Commissioner’s office.
TIME IS OF THE ESSENCE. Personal checks will not be accepted. The purchaser understands these properties can be redeemed by the current owner of record prior to confirmation by the Court only for good cause. Should any parcel fail to receive confirmation or be redeemed by the owner, the purchaser’s sole remedy shall be return of their deposit and the sale will become void and of no effect.
All properties will be conveyed by Special Warranty Deed, subject to CDA special assessments and any easements, covenants, and restrictions, and any rights of persons in possession. Buyer will be responsible for CDA special assessments and real estate taxes on the purchased parcel(s) from February 1, 2022 forward, regardless of the confirmation date. Information regarding CDA special assessments is posted in the “Documents” section of the online auction.
Following the close of the auction, each Buyer will receive their Contract of Sale via email from the Special Commissioner’s office. A sample of the Contract of Sale is posted in the “Documents” section of the online auction. Along with the Contract of Sale, the high bidders will also receive instructions as to how to submit their deposit and, if the Court approves the sale, their final payment. Each Contract of Sale shall be signed and returned immediately.
The sale is not contingent upon the Buyer obtaining financing or any other matters. Obtaining financing, if needed, is the sole responsibility of the Buyer. By bidding, all bidders hereby waive any post-sale rights of rescission and understand their bid is immediately binding and irrevocable. No loan points payments, closing cost assistance, or any other purchase incentive is being offered. While all information regarding the properties has been derived from sources deemed reliable and believed correct, neither the Special Commissioner, Auction Firm, the City of Portsmouth, nor their employees and representatives, make any guarantees or warranties, expressed or implied whatsoever regarding any property including, without limitation, structural integrity, physical condition, construction, extent of construction, workmanship, materials, habitability, 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 and all systems, availability of public utilities, or merchantability of all or any part of the property.
*Online Bidding Information, Further Terms, and Explanations*
Thank you for your interest in this Timed, Online-Only Public Auction of delinquent real estate tax and CDA special assessment being conducted by For Sale At Auction at the request of the Special Commissioner appointed by the Circuit Court of the City of Portsmouth, VA. This auction and the conveyance of these properties shall be governed by, and your online registration indicates each bidder’s agreement with, the Notice of Special Commissioner’s Sale of Real Estate, the Contract of Sale, and these non-negotiable Terms of Sale.
In order to bid online for this auction, all bidders must be registered with For Sale At Auction through the Bidding Application (available at the Apple App Store and Google Play - just search “For Sale At Auction”), or through the website at Bid.ForSaleAtAuction.Biz. There is no fee to create your account. Registration requires a two-step process that: (1) creates your account with username and password; and (2) requires a registration form specifically for this auction which requires including a copy of a government issued I.D (Driver’s License, Military I.D., etc.). Once both registration steps are complete, the Auction Firm will manually approve your bidder status and you’ll be ready to place your bids. By bidding, you are representing to the Special Commissioner and Auction Firm that you have read, and agree to be bound by, the Notice of Special Commissioner’s Sale of Real Estate, the Contract of Sale, and these Terms of Sale. Please be advised that in order to qualify as a bidder and/or purchaser at this auction, you cannot owe delinquent taxes to the City of Portsmouth (or be an agent, proxy, or representative of someone who does) and you may not be a defendant in any delinquent tax suit. DO NOT BID unless you have read, and agree to be bound by, ALL of these non-negotiable Terms of Sale.
FUNCTIONALITY OF THE AUCTION BIDDING APP: This online-only auction is controlled by our auction app software. The Special Commissioner, City of Portsmouth, and Auction Firm are not responsible for software functionality or lack thereof, internet malfunctions or connectivity issues, and/or bidding application or systems errors which could cause a bid to fail to be recognized, fail to successfully register an interested bidder, or recognize their bid. In the event of any bidding platform errors and/or related issues, the property could sell to the previous high bidder of record. There is no recourse, or remedy, implied or offered, to any online bidders in the event of any aforementioned issues.
THE AUCTION: Except as notice above, bidding is open to the general public (who are registered and approved by the Auction Firm). The Auction Firm shall control the bidding increments and retains the right to modify them at any time during the auction. Bidding will begin on Tuesday, November 16, 2021 at 9:00 a.m. (EST), and will begin closing on Tuesday, December 14, 2021 at 1:00 p.m. (EST). The Special Commissioner retains the right to remove any property from the auction process at any time, reject any bids, and cancel any sale, and for any reason. Any and all decisions made by the Special Commissioner shall be final and absolute, without further liability to any party. If any potential bidders have interest in bidding on a property, but do not have internet computer, smart phone, and/or internet access, please contact the Auction Firm who will assist with creating your account and placement of your bids.
*A Brief Explanation of the Bidding Process* Interested bidders can bid online any time during the timed auction bidding period. This “Timed” method is similar to how eBay operates. Bidders can enter their maximum bid amounts and walk away (with the software handling your bid increases automatically thereafter), or you can proactively enter each bid individually as you desire. You will receive “Push Notifications” whenever you are outbid by another bidder. Any bid made in the closing two (2) minutes of the auction will extend the bidding time on that property for an additional two (2) minutes to allow the previous high bidder to receive their outbid notification, and allow them the opportunity to increase their bid. Please contact the Auction Firm if you have any questions or require assistance with bidding or functionality of the app.
BUYER’S PREMIUM, DOWN PAYMENT & CLOSING: As noted above, a Buyer’s Premium of 10% of the high bid amount will be added to the final bid to determine the total purchase price (for example: a high bid in the amount of $10,000.00 will have a 10% Buyer’s Premium ($1,000.00) added to the high bid for a total purchase price of $11,000.00. Please consider the Buyer's Premium when placing all bids. The Buyer’s Premium is non-negotiable.
CONTRACTUAL DEFAULT/NON-PERFORMANCE: If the Buyer fails to complete the transaction for ANY reason, their deposit will be forfeited and they will be held responsible for any deficiency in price upon resale, and the costs of resale, among any other remedies allowed by law. BE ADVISED: State law allows the Special Commissioner the right to pursue legal action against bidders/buyers who refuse to complete their contractual obligations. This may include, but is not limited to, suit to compel completion of the sale, 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 well as original expenses of sale and the expense of resale. In addition, any high bidder who fails to fulfill their contractual obligations will be banned from bidding at ALL future auctions conducted by this Auction Firm.
AS IS - WHERE IS SALE: The properties are being sold in gross and strictly "AS IS, WHERE IS, IF IS” with no financing, inspections, or other contingencies of sale. The sale is immediately binding upon the Buyer and is 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 Special Commissioner, the City of Portsmouth, Auction Firm, or any of their employees or representatives. Any reliance upon information provided shall be solely at the bidder’s risk. Bidders shall rely solely upon information obtained through their own due diligence. Failure of a bidder to be fully informed on a property will not constitute grounds for claims or to cancel the sale. All information provided regarding the properties was obtained from official public records and/or other sources deemed reliable and believed correct, but is not warranted or guaranteed whatsoever. Interested parties may go upon UNIMPROVED real estate only for the purpose of making an inspection. Please, DO NOT BID if you have not completed your Due Diligence.
COURT APPROVAL REQUIRED: All sales are subject to the approval of the Portsmouth Circuit Court. Before the Special Commissioner delivers a Special Warranty Deed to the successful bidder, he shall report to the Court the result of the sale to be confirmed by the Court if the Court is of the opinion it should be confirmed.
These Terms of Sale, the Contract of Sale, and all announcements made through the close of the auction by the Special Commissioner and/or Auction Firm, become a part of the purchase agreement.
No delinquent taxpayer and no employee or elected official of the City of Portsmouth, and no immediate family member of a delinquent taxpayer or City employee or City elected official will be allowed to bid. By registering to bid at the auction, you are affirming that you: (1) are not a delinquent taxpayer or an employee or elected official of the City of Portsmouth, Virginia; (2) are not registering to bid on behalf of a corporation or other business entity that is a delinquent taxpayer or in which an employee or elected official of the City of Portsmouth, Virginia owns a controlling interest; (3) are not registering to bid in order to purchase property on behalf of a delinquent taxpayer or an employee or elected official of the City of Portsmouth, Virginia; (4) are not an employee of Sands Anderson PC or an immediate family member of an employee of Sands Anderson PC; and (5) are not registering to bid on behalf of a corporation or other business entity in which an employee of Sands Anderson PC or an immediate family member of an employee of Sands Anderson PC has a financial interest.
*NOTICE: By Bidding, you are entering into a legally binding contract. An online, public auction bid is legal and binding. Deposit refund available only if the Court fails to approve the sale or the property is redeemed by the owner. The registered bidder is personally, financially, and legally responsible for their bids and actions, whether representing themselves, or acting as an agent for another.