Terms Updated 9/20/11

1. A bidder must be of legal age to enter into contract to purchase real estate (18 in most states, 21 in others). If a bidder is in doubt about the legal age to enter into contract in his state, then he should consult with competent legal counsel before bidding.
2. By default, there is no Buyer Premium, unless otherwise indicated in the individual auction.
3. ALL bids must be placed online.
4. Winning bid is subject to seller approval.
5. Sale is “as-is”, “where-is”. Seller will not fix anything.
6. A bidder must register and provide a lender pre-approval letter or proof of cash funds in an amount equal to or greater than the bid.
7. If a bidder is outbid by another bidder, he will receive an email notice so he can return and increase his bid if he desires.
8. The bidding will be open and everyone will have access to the bid history during the auction.
9. As the auction nears the ending time it will extend until bidding is silent for 24 hours.
10. If there is more than one high bid at the same level (a tying bid), the bid first submitted will be honored.
11. The high bidder will be notified via email after the auction ends.
12. Seller reserves the right to postpone or cancel this auction at any time for any reason.
13. Within 24 hours after the auction ends, winning bidder will be asked to sign a sales contract that includes the “Contract Sales Price” and minimum 1% earnest money deposit.
14. Sale may be contingent on Financing and Inspections, unless no contingencies is indicated in the individual auction.
15. Closing will take place at the designated title company no later than 45 days after auction ends.
16. Seller will provide clear title and deed at closing.