TERMS AND CONDITIONS
To bid, the Buyer must sign a statement acknowledging acceptance of all of the following terms and conditions:
• Property condition: Buyer acknowledges that he/she is buying the property “as is/where is.”
• Property disclosures: The Seller has never lived in the property and therefore has no knowledge of the condition. The Buyer must sign a lead-based paint and the Seller's disclosure statments.
• Certificate of occupancy/presale inspection: Buyer is responsible to pay for any and all repairs that the municipality may require for a transfer of ownership.
• No contingencies: There is NO contingency for the condition of the property, financing or any other reason. The Buyer is expected to inspect the property and complete due diligence before bidding (see default fee).
• Minimum bids: There is no minimum bid, however all bids are subject to the Seller’s approval. The Seller has the right to reject any high bid. The Seller determines whether there is a reserve. If there is no reserve, the auction is considered "absolute" and the highest bidder is assured of purchasing the property.
• Buyer’s Premium: A Buyer’s Premium fee of 5 percent of the purchase price or $750, whichever is greater, will be paid by the Buyer to BankOwnedBids.com at closing.
• Default fee: If an offer is accepted and the Buyer fails to complete the offer process through closing, the Buyer must pay a $375 default fee to BankOwnedBids.com. The fee will be charged to the credit card the Buyer submitted during registration. The fee is compensation for the administrative costs of relisting and marketing the property.
• Requirements to bid: To place a bid, the Buyer must first register on BankOwnedBids.com. Before bidding, the Buyer is expected to have inspected the property and completed his/her due diligence.
• How to register: Go to BankOwnedBids.com, click on registration, complete the form and submit. Each Buyer must supply credit card information to prove that he/she is legally of age to sign a contract.
• How to view/inspect the properties: Call the listing office for an appointment.
• High Bidder's responsibilities: Within two business days of being notified by e-mail that you are the High Bidder, the Buyer or his Agent must overnight to BankOwnedBids.com:
1. The original signed Purchase and Sale Agreement,
2. The earnest money deposit in form of cashier’s check or certified funds.
3. Bank pre-approval of proof of funds.
4. Signed corporate disclosures and addenda available at the listing office.
5. If a Buyer represents a corporation, the articles of corporation and authority to sign must accompany the offer.
• Closing date: Closing usually will be within 30 days of the Seller's acceptance. The seller selects the Title Company.
• Title and liens: The Seller will convey marketable title with no taxes, outstanding water bills, or liens.
• Water bills: As soon as closing is completed, the Buyer is responsible for obtaining the final water reading and promptly submitting the bill to the listing office. Time is of the essence. After 30 days, the Seller will not pay the water bill, and the bill becomes the sole responsibility of the Buyer.
