AUCTION TERMS AND CONDITIONS
AUCTION REGISTRATION:
In order to register for the auction, you must have:
1) Pre-inspected the property and must confirm that you have done your own inspection prior to registration. The online registration form will need to be completed before online bidding is enabled.
2) You must provide proof of funds from your bank that you have sufficient funds to cover the required earnest money down payment in order to obtain a bid number. This may be accomplished by faxing the proof of funds to 770-980-9383 or emailing to info@amcbid.com at least 24 hours prior to the auction bid deadline. Proof of funds consists of a copy, fax, or original of a current bank statement in bidder’s name showing sufficient funds for 10% earnest money deposit.
3) You must submit a $5,000 Initial Bid Deposit in order to be allowed to bid. This may be accomplished by wiring the funds to our escrow account (wire instructions provided upon request) or overnighting the funds to our mailing address. The wire or overnighted funds must be received no later than 5 PM on Monday, February 6th, as we cannot guarantee that transfers after that time will be verifiable. Wiring instructions provided upon request.
AUCTION INFORMATION: All available material and updates are posted to www.AMCbid.com. Due diligence materials, Auction Purchase and Sale Agreement, Broker Registration forms, and other information may be obtained by calling 877-980-9565, or by visiting the website.
INSPECTION: Property may be inspected on Friday, February 3rd at 12 Noon SHARP. Anyone wishing to inspect must sign a RIGHT OF ENTRY AGREEMENT AND RELEASE AND WAIVER OF LIABILITY (download from our website) in order to be allowed access onto the site.
BUYER'S PREMIUM: Property will be sold with a Step-rate Buyer's Premium (BP) of 10% of the first $400,000 bid, and 5% of the amount bid over $400,000. The bid amount plus Buyer's Premium equals the final purchase price. Using a winning bid of $900,000 as an example, the buyer’s premium (added to the winning bid) is determined as follows:
First $400,000 bid yields a 10% Buyer’s Premium of…………………………...$40,000
Next $500,000 bid yields a 5% Buyer’s Premium of…………………………..…$25,000
For a total BP of …………………………………………………….……………….$65,000
which produces a Total Purchase Price of $965,000 ($900,000 Bid Plus $65,000 BP
CONDUCT OF THE AUCTION: Online bidders may register to bid at our website at www.AMCbid.com no later than 24 hours prior to the auction. Any bid within the last five minutes of the bid deadline causes an automatic extension of bidding. When 5 minutes passes with no bidding, the auction closes. The auction ends when the highest bid is recognized by the auctioneer. Bid increments and bidding methodology are subject to change at the sole discretion of auctioneer.
BID DEPOSITS RETURNED: Immediately following the auction, unsuccessful bidders' bid deposits will be returned to them. You can either provide wiring instructions or we will overnight you a check.
DEPOSIT REQUIREMENT: Immediately following the auction, the successful bidder must deliver additional earnest money via wire transfer to Escrow Agent which together with Initial Bid Deposit shall increase the earnest money deposit to ten (10%) of the Purchase Price (Bid Amount Plus Buyer’s Premium). Within two days of the Auction, Auctioneer shall also deliver to Escrow Agent the Initial Bid Deposit. Balance will be paid in full at closing. Escrow Agent is First American Title Insurance Company, located at 2425 E. Camelback Rd. #300, Phoenix, AZ 85016, Phone: 602-567-8139 Fax: 602-567-8101, with Kristen Brown, to serve as “Escrow Officer”.
Successful online bidder will be notified immediately following the closing of the auction and emailed the sale contract, to sign and return immediately upon receipt. Escrow Agent wiring instructions will also be provided for transmittal of the Additional Earnest money. If you have questions regarding registration, you may contact Heidi Googe at heidi@AMCbid.com or 404-821-8069. Please contact the sale manager for all other questions.
PURCHASING AND CLOSING: Buyer shall execute an Auction Purchase and Sale Agreement (“Auction PSA”) for the property immediately after being declared the successful bidder by Auctioneer. A form Auction PSA is available at our website. The Auction PSA which Buyer must sign contains an acknowledgment that Buyer has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property As Is with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND BUYER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time. Additional Earnest Money for a successful bidder must be in the form of wire transfer only.
Closing must occur no later than Thursday, March 9th, 2017 unless extended in writing by mutual consent of the parties. Balance of purchase price will be paid in full at closing. Buyer not closing within the contractual time period to close may forfeit his/her earnest money deposit.
BROKER PARTICIPATION INVITED: A broker commission of one percent (1%) of written opening bid will be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by mail, email, fax or hand delivery the prospect’s name and address on the Broker Registration/ Written Opening Bid form available as a download at the AMC website listing for this asset prior to bidder registration. The form must be signed by the prospect and the Broker, and must be received at the office of Auction Management Corporation no later than 24 hours prior to the published auction date. Broker must also be present with their prospect during bidding and sign the Auction Real Estate Sales Contract if their client is the winning bidder. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction. In the event a Prospect makes initial contact with Auctioneer, a Broker Registration will be disqualified.
FINANCING: Please note that financing is NOT a contingency of this transaction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.
PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.
AUCTION POWER OF ATTORNEY: For interested bidders who cannot attend the auction but would like to have a representative bid at the auction on their behalf, an Auction Power of Attorney can be obtained by contacting the Auction Information Office at (770) 980-9565.
TITLE: Property sold is subject to all matters of record, including, without limitation, recorded easements, existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.
BUYER'S NOTE: Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by Special Warranty Deed. Sale shall be closed at the designated office of First American Title Insurance Company, (“Closing Agent”), as noted in Auction Purchase & Sale Agreement, or as announced at the auction. Closing may occur remotely through overnite, email, and wire transfer. Each party shall pay its own attorneys’ fees. Only the following sale closing costs will be paid by Seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) reasonable title corrective expenses, in Seller’s sole determination; (3) 0% of closing fees charged by Closing Agent; and (4) Prorated property taxes as set forth in the Purchase and Sale Agreement and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, title insurance, transfer taxes, 100% of closing fees charged by Closing Agent, loan closing costs, and purchaser’s attorney fees are at the expense of the Buyer.
Information was gathered from reliable sources and is believed to be correct as of the date this material is published, however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction PSA. Unless advertised and promoted as an Absolute Auction, all assets herein are sold subject to Seller confirmation. Seller and its agents reserve the right to bid up to the amount of Seller’s published or unpublished reserve price, at Seller’s sole option. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.
