Auction Property: Sale Contract (the "Sale Contract") related to 1601 Amy Lane Salem, VA 24153 | Tax Map# 212-4-1
Auction Date & Time: Thursday, May 26th at 12p
Auction Company Address: 101 Albemarle Ave SE Roanoke, VA 24015
Previews: TBD. Please check website for details.
Online Registration Deposit: Proof of $5,000 via credit/debit card
GENERAL TERMS AND CONDITIONS OF THE AUCTION:
- Registration: Bids will only be accepted from registered online bidders. Registration is an acknowledgement that the bidder accepts the Terms and Conditions of the online Auction. https://walkercommercialservices.bidwrangler.com.
- Proof of Funds: The registration process requires Proof of Funds through a credit/debit card, in the amount stated in the table above.
- Ernest Money Deposit (EMD): A deposit of 10% of the successful high bid, inclusive of the Registration Deposit, will be required by 5:00pm on Auction Day in the form of certified funds. Â The EMD will be applied to the Sale Contract purchase price at closing of the sale of the property. The deposit is non-refundable unless the purchase of the applicable property pursuant to the Sale Contract(s) does not close as a result of a default by any party other than the successful high bidder ("SHB"), in which case the EMD is fully refundable.
- Assignment Agreement: The SHB will be required to sign the Assignment Agreement by 5:00pm on the day of the auction taking as assignment from Assignor of the Sale Contract(s).
- Deed: Will be provided as set forth in the Sale Contract(s)
- Announcements: Terms are subject to change at Walkerâ€™s discretion with notice to all registered bidders.
- Buyerâ€™s Premium: There will be a 5% buyerâ€™s premium which will be added to the high bid amount, to determine the successful high bid. Example: high bid price of $100,000 + $5,000 (5%) = $105,000 â€śAuction Contract Purchase Priceâ€ť.
- Property Condition and Use: The condition of the property subject to the Sale Contract(s) is without representation or warranty of any kind or nature by the Auction Company or the Assignor. The Auction Company does not warrant any information provided with respect to the property. Potential Buyers must perform such independent investigations with respect to the property as they deem necessary to verify information provided by Auction Company and the Assignor.
- Advertisements: No information provided by Walker Commercial Services, Inc. (the
â€śAuction Companyâ€ť) is 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 Assignor.
- Representation: Auction Company and its representatives represent the Assignor.
- Closing: Shall be determined by the terms of the Sale Contract.
- Bid Increments: Auction Company reserves the right to set bid increments.
- Type of Auctions:Â Sale is subject to the Assignor's Confirmation.
- 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 Assignor and Auction Company, and the term "Contract Purchase Price" means the sum of the final high bid plus the Buyerâ€™s Premium. The highest bidder acknowledged by the Assignor and Auction Company shall be the successful high bidder (SHB).Â Assignor has the right to reject any bid or raise any bid which, in his opinion, is not commensurate with the value of the Sale Contract for the property being offered. The Assignor and Auction Company may advance the bidding at their absolute discretion and, in the event of any dispute between bidders, may determine the SHB 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.
- Closing Costs: Closing costs with respect to the sale of the property shall be allocated pursuant to the terms of the Sale Contract.
- Financing: None of the transactions contemplated herein are contingent upon the SHB obtaining financing.
- Inspection: All property is sold pursuant to the terms of the Sale Contract, provided, however, information provided as a service to prospective bidders only and is not deemed to be a representation or warranty, either expressed or implied by the Auction Company.
18. Bid Execution & Technical Problems: Bids are accepted online only. Auction Company is not responsible for failing to execute bids due to Auction Companyâ€™s or bidderâ€™s technological difficulties. Auction Company has Â 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, 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 Assignor 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 Bidderâ€™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. If bidder attempts to retract or rescind a bid, bidder shall forfeit the EMD.
CASTING A BID FOR THE PROPERTY ONLINE CONSTITUTES ACCEPTANCE OF ALL OF THE FOREGOING TERMS AND CONDITIONS, INCLUDING THE TERMS OF THE ASSIGNMENT AGREEMENT WHICH, IF INCONSISTENT WITH ANY TERMS CONTAINED HEREIN, SHALL GOVERN.
ADDITIONAL PROCESS THE SUCCESSFUL HIGH BIDDER
When Assignor is satisfied that all of the bids have been placed, he will allow the Auction Company to announce that the bidding has stopped â€“ it will, at that time, be determined that the highest bidder is the successful bidder. The successful bidder will be required to sign an Assignment Agreement and submit a nonrefundable Ernest Money Deposit equal to 10% of the contract purchase price. Funds must be provided via certified funds by 5:00pm on the day of the Auction. If EMD is not received by 5:00pm, $5,000 will be withdrawn from the credit/debit card on file (used for the initial Proof of Funds), plus a 3% processing fee. The remaining EMD balance will still be due. The EMD will be applied to the purchase price of the sale of the property at closing pursuant to the terms of the Sale Contract.
- ACCEPTABLE CERTIFIED FUNDS FOR ERNEST MONEY DEPOSIT:
- Credit/Debit Card- Authorize Walker to charge your credit card on file, plus a 3% processing fee.
- Cashierâ€™s Check- Hand deliver a cashierâ€™s check payable to the Auction Company at the 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 Walker. Note that generally wires must be initiated prior to 2:00 PM in order to clear by 5:00 PM.