WCS AUCTION TERMS AND CONDITIONS
Trustee Foreclosure Sale
825 Professional Pl | Chesapeake, VA23320
Auction Property: 825 Professional Pl Chesapeake, VA 23320
Auction Location: 307 Albemarle Drive, Chesapeake, VA 23322
Auction Date & Time: Thursday February 17th @ 12 noon Online Bidding Starts: Friday February 11th @ 12 noon Registration Deposit: 10% of bidder’s highestanticipated bid
Online Registration Deadline: Tuesday February 15th @5p
Substitute Trustee: Joshua Bradley email@example.com
Trustee Company: Rosenberg Martin Greenberg LLP
Trustee Company Address: 25 South Charles St 21st Floor, Baltimore, MD 21201
GENERAL TERMS AND CONDITIONS OF THE AUCTION:
- Registration: Bids will only be accepted from registered bidders. You will be required to show yourdriver’s license and your cashier’s check which needs to be 10% of your highest expected bid price, to register to bid. Additional terms apply for bidding online (see below).
- Deposit: The successful bidder will be required to sign a Memorandum of Sale, immediately following the falling of the hammer, and the cashier’s check, in the amount of 10% of the purchase price, will be delivered to the substitute trustee. The deposit will be applied to the purchase price at closing. The deposit is non-refundable, unless the trustee cannot convey title. Closing to take place within 30 daysof sale. Time is of the Essence.
- Deed: The property will be conveyed by Special Warranty Deed.
- Announcements: Announcements made on the day of sale by Trustee and/or Auctioneer take precedence over all prior communications and announcements, both verbal and written, concerningthe sale or the property.
- Buyer’s Premium: There will be a 5% buyer’s premium in effect on day of sale. The buyer’s premiumis added to
the successful bid amount, to determine the purchase price. Example: high bid price of $100,000 x 5% = $5,000.
$100,000 + $5,000 = $105,000 “Purchase Price”.
- “As-Is”, “Where-Is”: The Property will be sold in an “AS IS” condition and without any warranties or representations, either express or implied, as to the nature, condition or description of the improvements. In addition, the Property will also be sold subject to all existing housing, building and zoning code violations, subject to all critical area and wetland violations, subject to all environmental problems and violations which may exist on or with respect to the Property, and subject to all matters and restrictions of record affecting the same including, without limitation, all existing written leases with tenants, easements, conditions, liens, obligations of record, restrictions, rights of redemption, covenants, encumbrances, such state of facts that an accurate survey or physical inspection of the Property might disclose, and agreements of record affecting the same, if any. The purchaser at the foreclosure sale shall assume the risk of loss for the above-referenced Property immediately after the sale takes place. It shall be the purchaser’s responsibility to obtain possession of the Property.
- Advertisements: All information provided by Auction Company and the Trustee 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 Trustee.
- Representation: Auction Company and its representatives represent the foreclosing party.
- Bid Increments: Auctioneer reserves the right to set bid increments.
- 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 thesuccessful 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: Buyer will bear all transfer fees, taxes, and costs incidental to the sale and recording of the trustee’s deed. The Buyer shall pay all title searches, title insurance charges, survey expenses, usual conveyance expenses, and recordation taxes. Taxes, water, rent and all other municipal charges and liens owed against the Property shall be the responsibility of the buyer and shall be paid by the buyer at settlement. In addition, all other charges, expenses and liens owed against the Property including, but not limited to, all condominium fees, home owners association fees and expenses and public charges and assessments owed against the Property and payable on an annual basis, such as sanitary and/or metropolitan district charges, if any, shall also be the responsibility of the buyer and shall be paid by the buyer at settlement. The buyer shall pay all state and local transfer taxes, recordation taxes and fees, title examination costs, attorneys’ fees, conveyance fees and all other incidental settlement costs.
- Settlement: In the event the purchaser fails to go to settlement as required, in addition to any other legal or equitable remedies available to them, the Trustee may declare the aforementioned deposit forfeited and resell the Property at the purchaser’s risk and expense. In such event, the defaulting purchaser shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, reasonable attorneys’ fees, all other charges due, and incidental damages. In the event a resale of the Property results in a sale in excess of the amount originally bid by the defaulting purchaser, the defaulting purchaser waives any and all claims, rights and interest to any such excess amount and shall not be entitled to any distribution whatsoever from the resale proceeds. The parties’ respective rights and obligations regarding the terms of sale and the conduct of the sale shall be governed by and interpreted according to the laws of the Commonwealth of Virginia. If the Trustee is unable to convey the Property as described above, the purchaser’s sole remedy at law or in equity shall be limited to the refund of the aforementioned deposit, without interest thereon. Upon refund of the deposit to the purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claim against the Trustee or the Holder.
- Bidder's Card: All Bidders are required to have a Bidder's Number to bid. To obtain a Bidder'sNumber, you must be registered.
- Financing: Sale of the property is not contingent upon the Buyer obtaining financing nor the intended use of the property.
- Inspection: All property is sold "As Is, Where Is” with All Faults. Description and other information areprovided 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 deliveringpossession 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 providefor 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, withoutlimitation, 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 thatthese and other technical problems may develop at any time and with or without notice. You acknowledge and agree that neither walker nor the Trustee 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 onbehalf of the registered bidder and may not be modified, retracted or rescinded in whole or in part. Inaddition 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.
THE INFORMATION CONTAINED HEREIN IS OFFERED FOR INFORMATIONAL PURPOSES ONLY. NEITHER THE HOLDER NOR THE TRUSTEE MAKE ANY REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OF THIS INFORMATION. CASTING A BID FOR THE PROPERTY WHETHER IN PERSON OR ONLINE CONSTITUTES ACCEPTANCE OF ALL OF THE FOREGOINGTERMS AND CONDITIONS, INCLUDING ANNOUNCEMENTS AT THE SALE AND THE TERMS OF THEMEMORANDUM OF SALE WHICH, IF INCONSISTENT WITH ANY TERMS CONTAINED HEREIN,SHALL GOVERN. ANY CONFLICT BETWEEN BIDDING INSTRUCTIONS AND LEGAL AD, LEGAL CONTROLS.
For more information contact counsel for Holder: Joshua D. Bradley, Rosenberg Martin Greenberg, LLP, 25 S. Charles Street, Suite 2115, Baltimore, Maryland 21201, 410-727-6600. Substitute Trustee: REO Solutions, L.L.C., 4103 Chain Bridge Road, Suite 100, Fairfax, VA 22030.
ADDITIONAL TERMS FOR BIDDING ON-LINE
The on-line bidding will be simultaneous with the live bidding and when the Trustee is satisfied that all of the bids have been placed, he will allow the Auctioneer to announce that the bidding has stopped – it will, at that time, be determined that the highest bidder is the successful bidder, whether on-site or on-line. Thesuccessful bidders deposit will become nonrefundable upon the falling of the hammer and upon closing will be applied to the purchase price. The successful bidder will be required to sign an electronic Memorandum of Sale at the conclusion of the sale, which shall be completed and returned to Walker by 5:00pm on Auction day. The Auction Company and/or authorized Agents of the Trustee reserve the right to bid on behalf of the Trustee, unless advertised as Absolute. To bid online, you must register through the auction bidding platform (link below) and approved by the Trustee and auction company: https://walkercommercialservices.bidwrangler.com/ui.
- COMPLETE THE ONLINE REGISTRATION FORM: Complete the Online Registration Formwithin the auction bidding platform: https://walkercommercialservices.bidwrangler.com.
- SUBMIT YOUR DEPOSIT: 10% of your highest expected bid price through one of the following options.
- Mail a cashier’s check payable to the trustee at the trustee company/address listed inreference table above.
- Wire funds to the escrow account in the amount of 10% of the anticipated bid price, plus a $35.00 convenience fee to cover the wire transfer charge. For wiring instructions pleasecontact the trustee. Note that generally wires must be initiated prior to 2:00 PM in order toclear 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. Walker or the Substitute Trusteewill have the option to speak with all online bidders prior to final approval.
In order to bid online, these steps must be completed. There will be no exceptions. By completing thesteps above, you agree to all of the terms and conditions of the sale. Deposits made by the non-winningbidders will be returned by check in the mail, or can be picked up at the offices of the trustee 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.