TERMS AND CONDITIONS
1115 Barnett Road, NW, Roanoke, Virginia 24017
Auction Property: 1115 Barnett Road, NW, Roanoke, Virginia 24017
Auction Date & Time:
Online Auction: Starts Monday December 14th @ 8a
Onsite Auction: Friday December 18th @ 12p
Registration Deposit: 10% of expected high bid price
Buyer’s Premium: 5% of the high bid price
Substitute Trustee: Pete Pearl 540-512-1832
Trustee Company: Spilman, Thomas & Battle, PLLC
Trustee Company Address: 310 First Street, Suite 1100, Roanoke, VA 24011
General Terms and Conditions of the Auction:
- Registration: Bids will only be accepted from registered bidders. Your Driver’s License and a Cashier’s Check in the amount of 10% of the high bid will be required to register.
- Deposit: The successful bidder will be required to sign Memorandum of Sale, immediately following the falling of the hammer, and the cashier check, as described above, will be delivered to substitute trustee. The deposit will be applied to the purchase price at closing. The deposit is non-refundable. Closing is to take place within 30 days of sale. Time is of the essence. Time is of the essence.
- Deed: The properties will be conveyed by Special Warranty Deed.
- Announcements: Announcements made on the day of sale, take precedence over all prior communications, both verbal and written, concerning the sale or the property.
- Buyer’s Premium: There will be a 5% buyer’s premium in effect on the day of the sale. The buyer’s premium 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 “contract sales price”.
- “As-Is”, “Where-Is”: all information provided by auction company and the seller is deemed reliable but is not warranted. The information contained in this brochure and 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.
- Advertisements: all information provided by auction company and the seller is deemed reliable but is not warranted. The information contained in this brochure and 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 foreclosing party.
- Bid Increments: Auctioneer reserves the right to set bid increments.
- Lines on Photographs: The lines drawn on the photographs in our marketing materials are not exact. Refer to survey for the actual property lines.
- 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 trustee and auctioneer, and the term "purchase price" means the sum of the final bid and the buyer’s premium. The highest bidder acknowledged by the trustee and auctioneer shall be the buyer. The trustee has the right to reject any bid or raise any bid which, in his opinion, is not commensurate with the value of the property being offered. The trustee and auctioneer may advance the bidding at their absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute. 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 date of sale.
- 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. Trustee 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 Trustee 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, trustee 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
- COMPLETE THE ONLINE REGISTRATION FORM: Complete the Online Registration Form within the auction bidding platform: www.walkercommercialservices.bidwrangler.com.
- SUBMIT YOUR DEPOSIT
- Authorize Walker Commercial Services to place a hold on your credit card for the deposit amount listed in the table above. Funds will not be captured, only held at this time; or
- Mail a cashier’s check payable to Walker Commercial Services, Inc. at the address listed in the footnote 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.
- WALKER WILL APPROVE YOUR REGISTRATION: Upon securing your deposit Walker will approve your registration and you will be eligible to bid online.
In order to bid at our online only auctions, these steps must be completed. There will be no exceptions. Walker will have the option to speak with all online bidders. The successful bidder will be required to electronically sign a Contract of Sale at the conclusion of the sale which shall be completed and returned to Walker within 24 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 the credit card hold as their deposit 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 must accompany the signed electronic Contract of Sale. If we are unable to reach you immediately following the auction, we will authorize a withdrawal (capture) from your credit card for the deposit amount (plus the 3% processing fee). Final deposits must be received within 1 business day from the end of the auction. 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 within three business days after the end of the auction. Checks that are not picked up will be automatically mailed to the address provided at registration.