Auction Terms & Conditions ONLINE TO LIVE - REAL ESTATE BIDDING
AUCTION TERMS AND CONDITIONS
REGISTRATION: Proper and complete online registration is required to bid online. All bidders must provide name, address, phone number, and email address to register. A credit card is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit will be charged to the credit card provided at registration. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.
BIDDING ONLINE: This property may be purchased at the live auction via either online or onsite bidding. (If you need assistance placing an online bid or prefer to submit a bid in person, please call our office for assistance. 618-833-2227. To place an online bid, bidders enter their "maximum" bid and click the "Place Bid" button. Each time that bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum. In the case of an auction with a reserve, if the max bid amount entered is less than the reserve, the system will place the bid at the max amount. Once the reserve is met, then the system will advance the bid (by the bid increments) only when the bidder is outbid by another bidder, up to the bidders max. The Auctioneer does not know any bidder's maximum bid. The system will not advance a bidder's own bid. The highest online bid at the time the auction converts to a live format, becomes the opening bid in the live auction. That bidders "maximum" bid, if applicable and not yet met, will also carry through to the live auction as described above. Any registered online bidders may continue to bid online in the live auction by logging in at the published auction time. An online bidder wishing to bid live onsite will need to properly register at the auction site and be assigned an onsite bidder number.
BUYER'S PREMIUM: A buyer's premium of five percent (5%) of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s). Sample calculation -- High bid = $100,000 Buyer's Premium = $5,000 (5% of 100,000) Total Contract Price = $105,000
FINANCING: Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.
CONTRACT SIGNING FOR WINNING ONLINE BIDDER: At the conclusion of the auction the Winning Bidder will receive an email confirming his or her winning bid status. In this or a subsequent email the Winning Bidder will receive a link to sign all documents electronically along with wiring instructions for submitting the required earnest money deposit to the named title company. The Auctioneer or his representative will contact the Winning Bidder the day of the auction to address any questions concerning the required process. Should the electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and deposit payment process must be completed by close of business on the day following the auction conclusion. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Joe Ollis Real Estate & Auction, LLC auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller's reserve, unless advertised otherwise. Any property with a high bid exceeding the Seller's reserve will be declared "sold" by the Auctioneer. In instances where the seller's reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller's sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.
DOWN PAYMENT (DEPOSIT): The Winning Bidder shall be required to make an earnest money down payment in the amount of $4,500. This deposit must be paid by wire transfer (or by check or cash), by close of business the day following the bidder being declared the Winning Bidder. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Joe Ollis Real Estate & Auction, LLC auction events.
CLOSING: The Winning Bidder shall close on or before December 31, 2020.
EVIDENCE OF TITLE: Seller shall furnish at seller's expense an Owner's Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s).
REAL ESTATE TAXES & ASSESSMENTS: 2019 taxes are to be prorated as of the closing date.
EASEMENTS AND LEASES: Sale of said property is subject to any and all easements of record and any and all leases.
AGENCY: Joe Ollis Real Estate & Auction, LLC and its representatives are Exclusive Agents of the Seller.
DISCLAIMERS AND ABSENCE OF WARRANTIES: The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an "AS IS", "WHERE IS" basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement. This property is available for and subject to sale prior to auction.
TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software, internet or any other auction-related technologies, Joe Ollis Real Estate & Auction, LLC reserves the right to extend bidding, continue the bidding or close the bidding. Neither the company providing the software, nor Joe Ollis Real Estate & Auction, LLC shall be held responsible for the failure of the software to function properly for any reason.
PRE-AUCTION SALES: As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Sale Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion. We hope you enjoy bidding in the online auction!
Seller User Terms
Bidder User Terms