Online Internet Bidding
Event Terms & Conditions
May 08, 2018
On behalf of SVN|GARC. and our clients, thank you for your participation in this important online event. Please review the following section carefully. The terms of sale are non-negotiable. It explains the Terms & Conditions of buying property at this online bidding event.
HOW TO BUY A PROPERTY: You may participate in the Accelerated Sale in one of three ways:
- Register online and place your bids or max bid before the end of the Accelerated Sale.
- Submit a written offer to SVNGARC prior to the end of the sale. Offers, which are submitted in writing shall be submitted to the Seller and executed online.
The Seller reserves the right to accept an offer at any time prior to the conclusion of the bidding.
- Should the property be available you may submit a written offer after the bidding concludes.
All bidding is open to qualified bidders. The event will be conducted using online Internet Bidding only and will continue until Thursday, May 8, 2018. You must register in order to bid at the online bidding event.
PRIOR TO BEING AUTHORIZED TO BID on any property, bidders MUST register using a credit card, with at least $1,000 credit. The system will authorize and capture but not charge the account.
All property to be sold in "As is, where is" condition, with any and all faults and no implied warranties by seller or auctioneer. All information and dimensions were derived from sources believed correct but are not guaranteed.
All photographs, aerial photographs, location maps and displays are only approximations or approximate locations. There shall be no adjustment of price should dimensions or square footages be incorrect.
Buyers shall rely on their own information, judgment and inspection of the property and records.
If you are the Winning Bidder, you will be contacted by phone by a representative of SVN|GARC at the phone number you provided during registration. The Winning Bidder will be sent the Purchase Agreement via e-mail for signature with instructions on returning the purchase agreement and other applicable documents.
If a Winning Bidder cannot be reached within twenty-four (24) hours, or the Winning Bidder fails to return the Purchase Agreement executed (within 3 business days), then SVN|GARC or Seller can declare the Winning Bidder to be in default without further notice and the bidder will be subject to liquidated damages itemized in the Purchase Agreement in the event of default. The winning bid shall be declared Null & Void and the Seller and SVN|GARC shall have absolutely no further obligation or liability to that bidder. SVN|GARC or Seller reserve the right to immediately re-offer the property for sale.
Winning online bidders agree to be bound by the terms of the Purchase Agreement and must sign and return the Purchase Agreement including the required deposit to be made payable to Seller’s appointed closing agent listed on the Purchase Agreement. The total deposit of 10% may be in the form of a Cashier’s Check, Money Order, or Wire Transfer. The signed purchase agreement and deposit is due within 3 business days of notification to SVN|GARC. at 3316 Florida Ave Kenner, LA 70065. Upon acceptance by the Seller the deposit is non-refundable.
A ten percent (10%) buyer’s premium will be added to the winning bid price and included in the total contract price.
The balance of the purchase price is due at closing on or prior to 30 days from auction date. Insurable title will be conveyed by cash sale without warranty. All taxes, liens & mortgages will be paid at closing by seller.
Conduct of the auction and increments of bidding are at the direction of SVN|GARC and sellers. SVN|GARC reserves the right to assist bidders in bidding online. Please contact SVN|GARC for bidding assistance.
AUTO MAX BID:
The bidding system allows for an “automatic incremental bid” where the bidder enters the bidder’s maximum amount, but it only bids up to the next nearest amount. This saves the bidder from having to re-bid after another bidder bids. The bidding platform gives priority to Auto/Max bids. For example, if Bidder “A” has a max bid of $50,000 and Bidder “B” enters a single bid of $50,000, Bidder “A’s” max bid will prevail. The system will only bid for the bidder up to the next increment. It is advisable to utilize an Auto/Max bid.
If a bid is received within the final 5 minutes of the auction closing, the bidding will automatically extend for another 15 minutes and will continue to do so until bidding ceases. This is the online version of a live auctioneer’s “Going Once, Going Twice…”
SVN|GARC is acting as Agent for the Seller in these transactions and is to be paid a commission by the Seller. SVN|GARC is not acting as Agent for the Purchaser.
BROKER COOPERATION FEE:
A two percent (2%) Broker/Agent Cooperation fee will be paid at closing to the Broker that represents the winning participant on the property.
Potential bidders are advised to review the Purchase Agreement thoroughly, prior to undertaking due diligence review of any particular property. Sample Purchase Agreements are available from SVN|GARC.
All announcements from the website will take precedence over all previously printed material and any other oral statements made. The Purchase Agreement represents the final contracted terms. In the event of a dispute over any matter SVN|GARC shall make the sole and final decision and has the right to accept or reject the final bid or re-open the bidding. SVN|GARC and sellers reserve the right to refuse bidding approval to any bidder. All properties subject to seller confirmation, with reserve, within 2 business days, from receipt of signed Purchase Agreement unless designated as “Sold to the Highest Bidder”.
Sellers reserve the right to withdraw any property from the event at any time.
Purchasers to obtain their own financing if required. Purchase Agreements are not subject to financing or qualification.
If the purchaser fails to comply with any of these Event Terms & Conditions, the sale shall be canceled, and the
seller may, at its option retain the earnest money deposit as liquidated damages. If any sale is so canceled prior to the completion of the event, the property may, at the SVN|GARC’s discretion, be re-offered and re-sold
In the event a winning online internet bidder fails to submit the signed Purchase Agreement and deposit as provided in the Event Terms and Conditions, the winning bidder will be charged an administration fee of the initial deposit required. All administrative fees are non-refundable. Additional default remedies are reserved by SVN|GARC and the seller in the Purchase Agreement as if it had been signed
In the event Seller fails to comply with the terms of this Agreement, BUYER’s remedy shall be limited to the return of its deposit and the Purchase Agreement shall become null and void, neither party having further rights or liabilities hereunder, provided that the Deposit, if any, is returned to Buyer. Buyer agrees that it shall not have the right to demand specific performance.
Neither Seller nor SVN|GARC makes any representations or warranties of the accuracy or completeness of any information provided. Each prospective purchaser must conduct and rely solely upon their own investigation of the properties. Each bidder shall be deemed to represent, warrant and agree that:
(a) Such bidder has examined the property on which he or she intends to bid, is familiar with the physical condition thereof and has conducted such investigation of the property as such bidder has considered appropriate or has waived investigation of the property. There is no inspection period after the auction bidding.
(b) Neither SVN|GARC nor Seller, nor any affiliate, agent, officer, employee or representative of any of the foregoing has made any verbal or written representations, warranties, promises or guaranties whatsoever to such bidder, express or implied, with respect to the physical condition, operation, or any other matter or thing affecting or related to the property or the offering of sale of the property.
(c) Such bidder has not relied upon any representations, warranties, guaranties or promises or upon any statements made or any information provided concerning the property, including but not limited to the Brochures or Property Information Packages provided by SVN|GARC or the Seller or their respective agents and representatives, and
(d) Has determined to make its bid after having made and relied solely on its own independent investigation, inspection, analysis, appraisal and evaluation of the property and the facts and circumstances related thereto.
(e) Buyer has a 10 - calendar day opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead based hazards on residential properties built prior to 1978. Buyer has received the pamphlet "Protect Your Family from Lead in Your Home." Buyer has waived the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead based paint hazards.
SVN|GARC Agents nor the Sellers shall be under any obligation to disclose to any bidder and shall have no liability for its failure to disclose to any bidder, any information known to it relating to any property.
Online Bidders agree that any technical issues of the bidding platform are not the responsibility of the bidding platform, auctioneer, Bid Wrangler, SVN|GARC, sellers or any other entity associated with the sale. SVN|GARC, the sellers, and Bid Wrangler, shall not be held responsible for failure of online networks, bidder’s internet connections, cellular networks or time delays. SVN|GARC, the sellers and Bid Wrangler will not be held responsible for any missed bids or the failure of the software platform to function properly for any reason.
By registering, clicking AGREE and placing a bid, bidder agrees to the acceptance of all the terms and conditions of this online auction event.