AUCTION TERMS AND CONDITIONS
107 B W. Federal Street Unit 8|Middleburg, VA 20117
Auction Property: 107 B W. Federal Street Unit 8|Middleburg, VA 20117| Tax Map# 187A120CM11181
Auction Date & Time: Wednesday, February 23rd at 12p
Previews: Wed. Feb 9th & 16th from 10a-2p or by appt.
Registration Deposit: $20,000 - cashier’s check or wire
Substitute Trustee: William K. Lewis | 804-545-0366 | email@example.com
Trustee Company: The Beale Law Firm
Trustee Company Address: 808 Moorefield Park Drive, Suite 110, North Chesterfield, Virginia 23236
GENERAL TERMS AND CONDITIONS OF THE AUCTION:
- Registration: Bids will only be accepted from registered bidders. You will be required to show your driver’s license and your cashier’s check 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 $20,000, 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 days of sale. Time is of the Essence.
- Deed: The property 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 day of sale. The buyer’s premium is added to the high bid amount, to determine the contract sales 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 properties are 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 Trustee.
- Advertisements: All information provided by Walker Commercial Services, Inc. (the
“Auction Company”) and the Trustee 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 Trustee.
- Representation: Auction Company and its representatives represent the Foreclosing Lienholder.
- Bid Increments: Auction Company 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 Auction Company, 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 Auction Company 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 Auction Company 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. Auction Company reserves the right to set bid increments. Should there be any dispute after the sale, the record of final sale shall be conclusive.
- Bidder's Card: All Bidders are required to have a Bidder's Number to bid. To obtain a Bidder's Number, you must be registered.
- Closing Costs: The Deed shall be prepared and acknowledged by Trustee at Trustee’s expense and recorded at the expense of Buyer, including the Grantor’s Tax. 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 date of sale.
- Financing: Sale of the property is not contingent upon the Buyer obtaining financing.
- Inspection: All property is sold "As Is, Where 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 Auction Company 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. Auction Company and Trustee are not responsible for delivering possession of the property, which is solely the responsibility of Buyer.
- Bid Execution & Technical Problems: Bids are accepted live/onsite, in addition to the Internet. Auction Company is not responsible for failing to execute bids due to Auction Company’s or bidder’s technological difficulties. Auction Company 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 Auction Company 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, 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, including, but not limited to, in the event of technical problems, 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 Circuit Court for the City of Richmond, or such other applicable Court as the foreclosing lienholder may decide, in its sole discretion. Further, all fees, costs and expenses incurred by the foreclosing lienholder, Trustee and/or the Auction Company, including reasonable attorneys’ fees, will be due and paid by a defaulting bidder.
CASTING A BID FOR THE PROPERTY WHETHER IN PERSON OR ONLINE CONSTITUTES ACCEPTANCE OF ALL OF THE FOREGOING TERMS AND CONDITIONS, INCLUDING ANNOUNCEMENTS AT THE SALE AND THE TERMS OF THE MEMORANDUM OF SALE WHICH, IF INCONSISTENT WITH ANY TERMS CONTAINED HEREIN, SHALL GOVERN.
ADDITIONAL TERMS FOR BIDDING ONLINE
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 Auction Company 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. The successful 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 Auction Company by 5:00pm on the day of the Auction. The Auction Company, the Trustee and/or authorized agents of the foreclosing lienholder reserve the right to bid on behalf of the foreclosing lienholder, unless the sale is 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 Form within the auction bidding platform: https://walkercommercialservices.bidwrangler.com.
- CONTACT THE TRUSTEE: All registrants must contact and be approved by the Trustee. Trustee contact info in the table above.
- SUBMIT YOUR DEPOSIT: $20,000 through one of the following options.
- Mail a cashier’s check payable to the trustee at the trustee company/address listed in reference table above.
- Wire funds to the escrow account, plus a $35.00 convenience fee to cover the wire transfer charge. For wiring instructions please contact the trustee. Note that generally wires must be initiated prior to 2:00 PM in order to clear by 5:00 PM.
- AUCTION COMPANY WILL APPROVE YOUR REGISTRATION: Upon securing your deposit Auction Company will approve your registration and you will be eligible to bid online.
In order to bid online, these steps must be completed. There will be no exceptions. By completing the steps above, you agree to all of the terms and conditions of the sale. 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 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.