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 BIDDING: Bids placed by approved bidders will be considered final and cannot be modified, retracted, or rescinded.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.
AUCTION PREMIUM:
A ten percent (10%) auction premium will be added to the winning bid price and included in the total contract price.
CLOSING:
The balance of the purchase price is due at closing on or prior to 30 days from the auction date by the Seller’s closing attorney. Some of our auctions require a 21-day closing. Please check the individual property details. Insurable title will be conveyed by cash sale without warranty. All taxes, liens, and mortgages will be paid at closing by the Seller.
TERMS:
Conduct of the auction and increments of bidding are at the direction of SVN|GARC and Sellers. The auction bid increments are clearly shown on the online bidding platform. The increments will usually increase as the bidding escalates past certain levels. Please pay attention to the bid increments. SVN|GARC reserves the right to assist bidders in bidding online. Please contact SVN|GARC for bidding assistance.
ONLINE BIDDING APP:
Please download the online bidding app from the Apple Store or Google Play for smart-phones and tablets enabling bidders to place bids from any location.
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.
SOFT CLOSE:
If a bid is received within the final 5 minutes of the auction closing, the bidding will automatically extend for another 10 minutes and will continue to do so until bidding ceases. This is the online version of a live auctioneer’s “Going Once, Going Twice…”
SELLING AGENTS:
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.
ANNOUNCEMENTS:
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. This property will be offered with reserve by very motivated sellers.
WITHDRAWALS:
Sellers reserve the right to withdraw any property from the event at anytime.
FINANCING:
Purchasers to obtain their own financing if required. Purchase Agreements are not subject to financing or qualification.
BUYER DEFAULT:
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.
BUYER’S REMEDY:
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.
REPRESENTATIONS:
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:
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. 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.
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 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. 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 of the terms and conditions of this online auction event.
