DAVE’S TOP TEN LIST
TEN IMPORTANT THINGS YOU SHOULD REVIEW BEFORE AN AUCTION
1. INSPECT THE PROPERTY: If you have not attended an open house, walked through with an agent, driven by, walked around, looked in the windows, or sent an agent or friend to the property, PLEASE DO NOT BID. There is no inspection period after the auction.
2. CASH SALE: This cash sale is NOT contingent on or subject to financing, inspection, survey, or appraisal. If you do not have cash or financing, such as a home equity line of credit, bank line of credit, or rich uncle, already in place, PLEASE DO NOT BID.
3. BRING YOUR CONTRACTOR: Please feel free to have your contractor, roofer, inspector, or other construction expert inspect the property before the online auction ends. There is no inspection period after the auction.
4. REVIEW AUCTION TERMS: Please review the auction’s Terms & Conditions. They address everything from registration to bidding to deposits to closing. Make sure that you are comfortable with an online auction.
5. REVIEW PURCHASE AGREEMENT: Please review the Purchase Agreement for the auction.
6. AUCTION PREMIUM: Please remember that the ten percent Auction Premium will be added to the winning bid. For example, a $100,000 winning bid plus the auction premium of $10,000 equals a purchase price of $110,000.
7. PROOF OF FUNDS: All bidders must submit satisfactory proof of funds before bidding is approved. A current bank statement, brokerage account statement, or signed bank letter of credit guaranteeing funds. The documentation must be in the bidder’s name and should be redacted for personal information.
8. BIDDING: Bids placed by approved bidders will be considered final and cannot be modified, retracted, or rescinded.
9. ADMIN. FEE: If the winning bidder does not return the signed purchase agreement and deposit as agreed to and stipulated in the signed Terms & Conditions, the winning bidder will be charged a non-refundable administrative fee of $2500 on the credit card provided at registration.
10. RANGE OF VALUE: Figure out a range of value for your chosen property. You should have three levels for your bidding: 1. a steal, 2. a good deal, and 3. your highest limit. Please do not exceed your highest limit or your financial capability.
SVN|Gilmore Auction & Realty Co.
Online Auction Event Terms & Conditions
Welcome
On behalf of SVN|Gilmore Auction & Realty Co. (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.
REGISTRATION:
All bidding is open to qualified bidders. The event will be conducted using online Internet Bidding only. You must register in order to bid at the online bidding event.
Before being authorized to bid, bidders MUST
1. Review, approve, and sign the Terms & Conditions and the purchase and sale agreement for the auction.
2. Register using a credit card, with at least $2,500 credit, at our bidding site online. Upon registration our credit card system will check your credit card for available credit of $2,500. This is NOT a charge to your card. The system will authorize and capture but not charge the account. Some banks or credit card companies may place a hold, for some period, on your account. If you have any concerns about this, please ask your bank before registering to bid. SVN Gilmore Auction & Realty, SVN Auction Services and Bid Wrangler are not responsible for any hold that is placed on your account or card.
3. Proof of Funds: Bidders may be required to submit satisfactory proof of funds before bidding is approved. A current bank statement, brokerage account statement, or signed bank letter of credit guaranteeing funds. The documentation must be in the bidder’s name and should be redacted for personal information
PURCHASE AGREEMENTS:
The Purchase Agreement for this online bidding event will be available from SVN GARC. Please contact our office.
PROPERTY CONDITION:
All properties 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.
INSPECTIONS:
The SVN Gilmore Auction & Realty Team does its best to allow bidders to inspect all properties before the bidding ends. If you are considering bidding, please inspect the property before the bidding ends. We would not recommend bidding on a property without seeing it in person. Please remember that there is no inspection time after the auction.
If you have not attended an open house, walked through with an agent, driven by, walked around, looked in the windows, or sent an agent or friend to the property, PLEASE DO NOT BID. Please feel free to have your contractor, roofer, inspector, or other construction expert inspect the property before
WINNING BIDDER:
If you are the Winning Bidder, you will be contacted by phone or email by a representative of SVN|GARC at the phone number or email 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 2 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. A deposit of 10% of the contract price, in certified funds or a wire transfer, is due with the Purchase Agreement. The winning bidder must close on the sale on or before 30 days from the conclusion of the auction. The signed purchase agreement and deposit is due within 2 business days of notification to SVN|GARC at 909 West Esplanade Ave., Suite 105, Kenner, LA 70065. Upon acceptance by the Seller the deposit is non-refundable.
ADMIN. FEE: If the winning bidder does not return the signed purchase agreement and deposit as agreed to and stipulated in the signed Terms & Conditions, the winning bidder will be charged a non-refundable administrative fee of $2500 on the credit card provided at registration.