Auction Terms of Sale
Midpoint Industrial Park
Timed Auction with Online Bidding Only!
Bidding Ends: Monday, October 21, 2019 on/about 8:00 P.M. EST
** All Properties are Subject to Pre-Auction Sale **
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, zoning, titles, and any other matters of record. This real estate IS subject to pre-auction offers/sale and is being sold subject to the confirmation of the Sellers who, at their sole discretion, may choose between selling lots individually, or as a group in their entireties. Within 24 hours of the close of the online auction, all high bidders will be notified of the Seller’s acceptance, or rejection, of their bids. This auction is being conducted utilizing a “Timed Online” bidding process which will begin on, or about, Sunday, September 22, 2019, and will have a "soft close" on, or about, 8:00 P.M. on Monday, October 21, 2019. The bidding time will be extended for 5 minutes following the last bid, until any/all extension time expires. Upon expiration of time, the highest bidder will be declared. 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 following the auction. 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, Wire Transfer, or Postal Money Order. All 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 for the successful high Bidder, who will have until no-later-than 24 hours after notification of the Purchaser’s bid acceptance to deliver their executed Purchase Agreement and 10% Deposit, in person, or by overnight mail to “For Sale At Auction”, 41 Fox Run Lane, Fredericksburg, VA 22405-3303. If the Purchaser fails to return the executed documents and required deposit, 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 Wednesday, November 20, 2019. The Purchaser(s) shall immediately proceed with closing preparations. 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 from derived sources deemed reliable and believed correct; neither the Seller, Auction Firms, 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. The Purchaser shall waive their rights to any rescission periods &/or any other property inspections and shall accept the property strictly As-Is, Where-Is. These terms, as well as all additional and elaborated Terms below, become an inclusive part of the agreement to purchase contract.
Thank you for your interest in this Timed Online-Only 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 Bidding 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. For online bids, this card will be used 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. DO NOT BID unless you have read, and agree to be bound by, these Terms of Sale.
THE AUCTION BIDDING APP: The online auction is controlled by the auction software program. 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 an interested bidder. In the event of any bidding platform errors &/or related issues, the property could sell to the previous high bidder. There is no recourse, or remedy, implied or offered, to any online Bidders in the event of any aforementioned “issues”. The Auction Firm retains the right to remove the property 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.
THE AUCTION PROCESS: The “Opening Bid” is $10,000.00 per lot, or $210,000 for all 21 lots in their entirety, 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 $500.00. Bidding will begin on, or about, September 22, 2019, and will have a "soft close" on, or about, 8:00 P.M. on Monday, October 21, 2019. The bidding time will be extended for 5 minutes following the last bid, until any/all extension time expires. Upon expiration of time, the successful high bidder will be declared, and their bid presented to the Sellers for approval.
*A Brief Explanation of the Bidding Method* Interested bidders will essentially bid online during the timed bidding period. This “Timed” method is similar to how eBay operates where Bidders can enter their bid amounts and walk away (with the software handling your bid increases), or you can proactively enter your bids individually as you desire.
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 down payment, the Bidder’s high bid offer shall be rejected by the Seller. In addition, all of the Bidder’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 high bidder shall pay the Auction Firm liquidated damages in the amount of 10% of their Bid Amount (the Buyer’s Premium) of which the bid deposit/credit hold held on the bidder’s credit card, at the time of registration, shall become a part. The bidder hereby authorizes the Auction Firm to charge the same 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: a high bid in the amount of $20,000.00 will have a 10% Buyer’s Premium ($2,000.00) added to the high bid for a total sales price of $22,000.00. 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 following the auction and must be paid as specified above. 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, Bank Wire Transfer, 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”, placed in the amount of $2,000.00. Said credit hold will remain in place for the successful high Bidder, who will have until no-later-than 24 hours after notification of the Purchaser’s bid acceptance by the Seller to deliver their executed Purchase Agreement and 10% Deposit, in person, or by overnight mail “For Sale At Auction”, 41 Fox Run Lane, Fredericksburg, VA 22405-3303.
If you are a resident/citizen of a country outside of the US, certified funds (wire transfer or certified check) are required for the down payment and closing. The balance of the purchase price, along with all Purchaser closing costs, is due at closing NO LATER THAN Wednesday, November 20, 2019. The Purchaser is responsible for all closing costs customarily charged to a Purchaser upon closing a real estate transaction, and the Seller shall be responsible for closing costs typically borne by a Seller, in the Commonwealth of Virginia. Real estate taxes shall be pro-rated between the parties as of the date of final settlement.
CONTRACT/DOCUMENT PROCESS: Within twenty-four (24) hours following the close of the auction, the Auction Firm shall contact the high bidder by email, telephone, &/or fax to notify them of the Seller’s acceptance, or rejection, of their bid and will provide successful bidders with all documents requiring the Purchaser’s signatures. Within 24 hours of notification of bid acceptance, the Purchaser shall sign and return all purchase documents, along with the required deposit, to the Auction Firm, either in person or via OVERNIGHT delivery. 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 transaction 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 acts, 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. In addition, if the high bidder fails to fulfill their contractual obligations, they will be banned from bidding at all future auctions conducted by For Sale At Auction.
AS IS - WHERE IS SALE: This property is being sold strictly "AS IS, WHERE IS" with no financing, inspections, or other contingencies of 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 completed 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.