TERMS AND CONDITIONS
NOVEMBER 2020 ONLINE AUCTION
Auction Property: Multiple Property Locations
Auction Date & Time: Friday Nov. 6th with various ending times (see table below & website for more details)
Registration Deposit: Various. See chart below. Balance due within 30 days of sale.
Buyer’s Premium: 5% of the high bid price
Required Deposits & Auction End Times:
Sale #1 Roanoke City Lot: $500 / 10:00am
Sale #5 Lexington Home $10,000 / 12:00p
Sale #2 Exmore, MD: $5,000 / 10:30a
Sale #6 Ferrum Home $10,000 /12:30p
Sale #3 Moon, VA: $5,000 / 11:00a
Sale #7 Rocky Mount Lots $2,500 / 1:00p
Sale #4 Redwood Motel: $50,000 / 11:30a
General Terms and Conditions of the Auction:
- Registration: Bids will only be accepted from registered bidders. Registration is an acknowledgement that the bidder accepts the Terms and Conditions of the on-line Auction.
- Deposit: The successful bidder will be required to sign a Contract, immediately following the end of the Auction. A Deposit in the amount listed in the table above will be required upon signing the Contract. The Deposit will be applied to the Purchase Price at closing. The Deposit is Non-Refundable unless the seller is unable to convey clear title. Closings to take place within 30 days of sale. Time is of the Essence.
- Buyer’s Premium: There will be a 5% buyer’s premium which will be added to the high bid amount, to determine the contract sales price. Example: high bid price of $100,000 + $5,000 (5%) = $105,000 “Purchase Price”.
- “As-Is”, “Where-Is”: The property is being sold “AS-IS”, “WHERE-IS”. Potential Buyers must perform such independent investigations with respect to the property as they deem necessary to verify information provided by Auction Company or the Seller.
- Advertisements: All information provided by Auction Company and the Seller is deemed reliable but is not warranted. The information contained in any advertisements by Auction Company are subject to verification by all parties relying on it. No liability for its accuracy, error or omission is assumed by the Auction Company or the Seller.
- Representation: Auction Company and its representatives represent the Seller.
- Closing: Closing is to take place 30 days after the Auction – Time is of the Essence.
- Deed: Sale # 1, #4, #6, #7 Properties will be conveyed by General Warranty Deeds and Sale #2, #3, #5 will be conveyed by Special Warranty Deeds.
- Bidding: All Bidding is open to the public without regard to race, color, sex, religion, or national origin. As used in these conditions of sale the term "the final bid" means the highest bid acknowledged by the Auctioneer and the term "Purchase Price" means the sum of the final bid and the Buyer’s Premium. The highest bidder acknowledged by the Auctioneer shall be the buyer.
- Type of Auctions: Sale # 1, #4, #5, #6, and #7 are subject to the Seller’s Confirmation and Sale #2, #3 are ABSOLUTE AUCTIONS and are sold regardless of the price.
- Auctioneer’s Rights: Auctioneer reserves the right to set bid increments. Should there be any dispute after the sale, the record of final sale shall be conclusive.
- Closing Costs: The Deed shall be prepared and acknowledged by Seller at Seller’s expense and recorded at the expense of Buyer, except for the Grantor’s Tax which will be paid by the Seller. The Buyer shall pay all title searches, title insurance charges, survey expenses, usual conveyance expenses, and recordation taxes. Real estate taxes, water and sewer charges, if any, will be prorated as of the closing date.
- Financing: Sale of the property is not contingent upon the Buyer obtaining financing.
- Inspection: All property is sold "As Is, With All Faults.” Description and other information are provided as a service to customers only and do not constitute a representation or warranty, either expressed or implied. Seller and Auctioneer disclaim all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property. Auctioneer and Seller are not responsible for delivering possession of the property, which is solely the responsibility of Buyer.
- Bid Execution & Technical Problems: Walker is not responsible for failing to execute bids due to Auction Company’s or bidder’s technological difficulties. Walker has made reasonable efforts to provide for online bidding for this sale. You recognize and acknowledge, however, that technical problems with hardware, software or internet connectivity, as well as human errors, may arise and may affect, without limitation, the sale website, our online bidding program and process, your or our internet service and access, and your connection to this sale bidding program and process. You further acknowledge that these and other technical problems may develop at any time and with or without notice. You acknowledge and agree that neither Walker nor the Seller is in anyway responsible for any such technical problems, and that you have no absolute or other right to be able to bid on this sale in the event of any such technical problems. Notwithstanding the foregoing, you further acknowledge and agree that, in the event of any such technical problems, we reserve the right to postpone or cancel the sale and/or extend the bidding time for this sale and/or relist the property for sale at another time, in our sole discretion, and that our decision with regard to any such actions is and will be final. Bidders must take care in entering bids, and each Bidder will be responsible for all bids placed under the Bidder’s approved registration. Once entered and recorded online, a bid is deemed to be final on behalf of the registered Bidder and may not be modified, retracted or rescinded in whole or in part. In addition to forfeiting the bidder’s deposit, the bidder will also be subject to lawsuit for Damages and/or Specific Performance in the Court of Law of which the property is located. Further, all Attorneys' Fees incurred by the Seller, Seller and/or the Auction Company will be due and paid by a defaulting bidder.
CASTING A BID FOR THE PROPERTY ONLINE CONSTITUTES ACCEPTANCE OF ALL TERMS AND CONDITIONS, INCLUDING ANNOUNCEMENTS AT THE SALE AND THE TERMS OF THE CONTRACT WHICH, IF INCONSISTENT WITH ANY TERMS CONTAINED HEREIN, SHALL GOVERN.
ADDITIONAL TERMS FOR BIDDING ON-LINE
- REGISTRATION: Complete the Online Registration Form found on the online auction website, providing full name, complete physical address, current working email and phone number(s).
- Mail a cashier’s check payable to Walker Commercial Services, Inc. at the address listed in reference table above, for the deposit amount listed in the table above; or
- Wire funds to the escrow account for the deposit amount listed in the table above plus a $35.00 convenience fee to cover the wire transfer charge. For wiring instructions please contact Walker Commercial Services, Inc.
Note: Generally, wires must be initiated prior to 2:00 PM in order to clear by 5:00 PM; or
- Allow the Auction Company to place a hold on your credit card for the deposit amount listed in the table above. If you are the high bidder, you will have the option to have your credit card charged for the deposit amount plus an additional 3% ($75.00) processing fee. Alternatively, you can choose to wire funds or mail in a cashier’s check within 2 business days of the end of the auction. If you choose to wire or mail in funds, the credit card hold will remain in place until your deposit has been received.
In order to bid online, all of these steps must be completed prior to the online deadline listed in reference table above. Once completed, the auction company will approve your registration and you will be eligible to bid online. There will be no exceptions. Walker will have the option to speak with all online bidders. The successful bidder will be required to sign an electronic version of the Contract of Sale at the conclusion of the sale which shall be completed and returned to Walker within 12 hours or to not be unreasonably withheld or delayed. By completing the steps above, you agree to all of the terms and conditions of the sale.
**NOTE: High bidders using a credit card must contact Walker immediately following the auction, to identify which deposit type (check, wire, or credit card) that will be used for the final deposit which will accompany the electronic Contract of Sale. If we are unable to reach you immediately following the auction, we will authorize a withdrawal from your credit card for the deposit amount (plus the 3% processing fee). Deposits from high bidders become NON-REFUNDABLE immediately following the auction. Deposits will be applied to the purchase price at closing. Credit Card deposits for non-winning bidders will be released within 24 hours of the end of the auction. Check deposits made by the non-winning bidders will be returned by check in the mail, or can be picked up at the offices of the Auction Company, three business days after the end of the auction between the hours of 9:00 a.m. and 5:00 p.m. Checks that are not picked up will be automatically mailed to the address provided at registration.