-AUCTION Terms & Conditions-
Online Real Estate Auction, ABSOLUTE - NO RESERVE!! 1-Minute "Soft-Close" Tuesday, October 10, 2023 @ 1pm PST
PREVIEW: Call your Real Estate Agent to see, or CRE Auctions at 208-202-5200, or email auctions@creauctions.com.
TERMS: Online Estate Liquidation shall be held on October 10, 2023 at 1:00pm PST. ALL Pre-Auction offers are encouraged, and may be accepted by Seller. A 5% Buyer's Premium will be added to the Final Bid Price to arrive at the Total Purchase Price. $50,000.00 Earnest Money is Due on Auction Day by Wire Transfer within 12 hours, as the non-refundable deposit. Closing to Occur within 30 days.
Property being sold "AS IS, WHERE IS." Buyer to conduct its own due diligence, inspections, and review of the Property to determine, to Buyer's own satisfaction, the physical condition of the Property, the condition of title, the suitability of the Property for Buyer's use, and all other conditions relating to the Property. Buyer shall not rely on any statement or representation made by Seller, Seller's agents, or this marketing flyer, but shall rely solely on its own investigation of the Property. This is being sold on behalf of an Estate, clear title will be provided upon closing by the Seller.
Buyer to pay a 5% buyer's premium calculated from the highest bid price ("Buyer's Premium") Seller to pay a 5% Seller's commission calculated from the highest bid price ("Seller's Commission"). In the event the Buyer is represented by another broker, Buyer's broker will receive a commission of: (i) 2% if the property sells at Auction; or (ii) 3% if the Property sells prior to Auction ("Cooperating Commission"). The Cooperating Commission will not be paid by the Seller, but will come out of the Buyer's Premium.
PLEASE DO NOT HESITATE TO BID, AS THIS WILL BE A FAST-MOVING ONLINE AUCTION. YOU MAY PLACE A MAXIMUM BID AND THE COMPUTER WILL BID ON YOUR BEHALF. A "SOFT CLOSE" MEANS THAT THE BIDDING WILL BE EXTENDED BY ONE MINUTES IF THE ITEM IS BID ON AT THE LAST MOMENT PRIOR TO CLOSING. **PLEASE WATCH CLOSELY AND USE A HARD-WIRED INTERNET CONNECTION, AS MOBILE DEVICES MAY HAVE A LAG TIME**
-REAL ESTATE AUCTION TERMS AND CONDITIONS AGREEMENT-
NAI Elliott ("Broker") and Corbett Real Estate Auctions ("Auctioneer"), AS AGENT FOR Seller, will offer the Property in today's auction according to the following terms and conditions:
1. At auction, Auctioneer may revise the printed property materials by written supplement and announce revisions to the auction process. Auctioneer may accept or decline any bid, any challenge to any bid or bidding increment, as Auctioneer may determine in its sole discretion.
2. BIDDER IS BIDDING ON THE PROPERTY IN "AS IS" CONDITION WITH ALL FAULTS INCLUDING BOTH LATENT AND PATENT DEFECTS AND ALL SALES ARE FINAL. Seller and Auctioneer are not making, have not made and expressly disclaim any representations or warranties, express or implied, with respect to any aspect, feature or condition of the Property including, without limitation, the existence of hazardous waste, or the suitability of Property for Bidder's intended use. Bidder shall independently verify all information and reports regarding any aspect or feature of the Property provided by Auctioneer. Neither Seller nor Auctioneer guaranty the accuracy of any information or reports provided on the Property. The Property is open to thorough public inspection and making a bid is an acknowledgement that each bidder has had ample opportunity to, and has either inspected or elected not to inspect the Property.
3. Auctioneer reserves the right to withdraw the Property or any portion thereof before the auction.
4. Only registered Bidders may bid on the Property being sold, any exceptions to this requirement shall be within the sole discretion of Auctioneer. No allowances, adjustments, or rescission of sale will be allowed for any reason. The Bidder listed below will be liable for any nominal charges required for verification of credit card used for Bidder Registration.
5. To the fullest extent permitted by law, Bidder agrees to indemnify, defend and hold harmless Auctioneer, Seller and their agents, contractors and employees, and hereby releases Auctioneer, Seller and their agents, contractors and employees from any and all claims, damages, liability, causes of action, judgments, expenses (including reasonable attorneys' fees and reasonable attorneys' fees on appeal) arising out of or in any way connected with the auction or the Property. Neither Auctioneer nor Seller will be liable to Bidder for any damages relating to or arising out of the auction or the Property, including direct, indirect, consequential, special or incidental damages.
6. Bidder shall look only to Seller as to all matters regarding the Property and any contract to purchase the Property. Auctioneer shall not be liable in any way if (a) Seller fails or refuses to deliver marketable title at closing or (b) with regard to any feature, condition or aspect of the Property, or lack thereof.
7. A BUYER'S PREMIUM OF 5% OF THE SUCCESSFUL BID WILL BE USED TO ESTABLISH THE PURCHASE PRICE BY ADDING THE BUYER'S PREMIUM TO THE SUCCESSFUL BID AMOUNT.
8. If Bidder is the highest bidder, Bidder shall wire a deposit in the amount of $50,000 on auction day, payable to Frontier Title & Escrow of Oregon LLC, as required by Seller. The required deposit shall be held in a trust account until closing and shall be non-refundable, except in the event of Seller's default, but applicable to the purchase price. Bidder furthermore agrees at the conclusion of the auction to sign all required sales and purchase contracts pertaining to the purchase of the Property.
9. In the event Bidder defaults under the terms of this document, Seller, shall,as its sole remedy, retain as liquidated damages all payments made by the successful Bidder, including the deposit made by the Bidder. In any action to enforce Bidder's obligations and/or recover damages pursuant to this Paragraph 9, Auctioneer shall be entitled to recover its reasonable attorneys' fees, expenses, and costs of suit incurred in such action, including its reasonable attorneys' fees on appeal.
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