In order to register for the auction, you must have 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. In addition, 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. Proof of funds consists of a copy, fax, or original of a current bank statement in bidder’s name showing sufficient funds for 20% earnest money deposit.
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 770-980-9565, or by visiting the website.
BUYER'S PREMIUM: Property will be sold with a ten percent (10%) buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $10,000 bid, plus the 10% ($1,000) buyer's premium, equals the $11,000 final purchase price.
CONDUCT OF THE AUCTION: Online bidding will begin 10 days prior to the auction end date, possibly earlier. 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.
GROUPED EXTENSION: This auction will use a grouped extension bidding feature, where assets are placed with other assets in an extension group. There may be more than one extension group. Any bid within the last five minutes of bidding for an asset in the group causes an automatic extension of bidding on that asset and on ALL assets within that group. When 5 minutes passes with no more bidding on any of the assets in the group, then bidding on all assets in that group will close simultaneously.
EARNEST MONEY REQUIREMENT: Winning online bidders must deliver earnest money via wire transfer to the Escrow and Closing Agent escrow account immediately following the auction, in the amount of twenty percent (20%) of the purchase price (calculated by adding the high bid amount plus a 10% buyer’s premium) Balance will be paid in full at closing. The successful bidder will be notified immediately following the closing of the auction and emailed the sale contract, to sign and return. If you have any questions, you may contact Jeff Johnstonbaugh at jeff@AMCbid.com or 360-900-9676.
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 for each asset. The Auction PSA which Buyer must sign at the auction 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. Earnest Money must be in the form of wire transfer only.
Closing must occur no later than Friday, November 27, 2020. This deadline must be met 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 will forfeit his/her earnest money deposit.
BROKER PARTICIPATION INVITED: A broker commission of two percent (2%) of winning 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 form available as a download at the AMC website listing, 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 48 hours prior to the published auction bid deadline. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction.
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.
COVENANTS AND EASEMENTS: All property sold is subject to recorded covenants and easements which include existing roads and planned roads, power line and other utility easements or rights of way, ingress and egress easements, well sharing covenants, irrigation district easements and covenants, and other easements of record.
BUYERS 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 Bargain and Sale Deed. Sale shall be closed at the offices of Fidelity Title Company, 117 North 4th Street Yakima, WA 98901, attn: Christina Hennessy, email@example.com, 509-248-6210 (“Escrow and Closing Agent”) as noted in Auction Purchase & Sale Agreement, or as announced at the auction. 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 Escrow and Closing Agent; and (4) Prorated property taxes as set forth in the Purchase and Sale Agreement and back taxes due, if any, and (5) an Owners Title Policy. All other closing costs, including but not limited to surveys, title examination, title insurance, transfer taxes, 100% of escrow and closing fees charged by Escrow and Closing Agent, loan closing costs, and purchaser’s attorney fees are at the expense of the Purchaser. Escrow fees for all sales under $100,000 are $600 per sale.
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. Auctioneer has made every attempt to verify reported rents, but cannot warrant that reported rents will be accurate as of date of auction contract. Where available, copies of leases are posted to our website. All unverified rents are reportedly month to month. 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. SELLER DISCLOSURE, SOMETIMES KNOWN AS FORM 17 IN THE STATE OF WASHINGTON, WILL NOT BE PROVIDED DUE TO ESTATE SALE CIRCUMSTANCE. On homes built prior to 1978, Purchasers waive the opportunity to conduct a risk assessment for the presence of lead-based paint and/or lead-based paint hazards. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.