AUCTION TERMS AND CONDITIONS
Sale #1: 820 Redgate Avenue, Norfolk, VA 23507
City of Norfolk Tax Account #46030200
Sale #2: 706 Essex Park Drive, Hampton, VA 23664
Hampton County PIN #11000051
Auction Date & Time:
Sale #1: Friday, May 19, 2023 @ 11:30 AM
Sale #2: Friday, May 19, 2023 @ 2:00 PM
Sale #1: In front of the City of Norfolk Circuit Court building,
150 St. Paul’s Boulevard, Norfolk, VA 23510
Sale #2: Main entrance of the Circuit Court of City of Hampton,
237 North King Street, Hampton, VA 23669
May 15 - May 19, by appointment
Online Registration Deadline: Thursday, May 18 @ 11:30 AM
Registration Deposit: 10% of expected high bid price
Buyer’s Premium: 5% of the high bid price
Substitute Trustee: Todd Fisher
Trustee Company: REO Solutions, LLC
4103 Chain Bridge Road Suite 100
Fairfax, VA 22030
General Terms and Conditions of the Auction:
- Deposit: The successful bidder will be required to sign a Memorandum of Sale, immediately following the end of the Auction. At the conclusion of the sale, a Deposit in the amount of 10% of the successful high bid, in the form of a certified check, will be delivered to the Substitute Trustee. The Deposit will be applied to the contract sales price at closing. The deposit is non-refundable unless the Substitute Trustee is unable to convey 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 in effect on the day of the sale. The buyer’s premium will be added to the final bid amount to determine the contract sales price. Example: final bid amount 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 properties or title as they deem necessary.
- 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.
- Announcements: Announcements made on the day of sale by Substitute Trustee and/or auctioneer take precedence over all prior communications and announcements concerning the sale or the Property.
- Representation: Auction Company and its representatives represent the Seller.
- Deed: The properties 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. All Bidders are required to have a Bidder's Number and provide proof of possession of a cashier’s check for their respective deposit in order to bid. To obtain a Bidder's Number, you must be registered. 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 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 Buyer’s expense and recorded at the expense of Buyer, including all costs and fees related to drafting, executing, and recording the Trustee’s Deed, 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, 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. The cost of all documentary stamps, recordation taxes, document preparation and transfer taxes is to be paid by the Buyer.
- 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 bidders 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 intend to 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 in 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 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 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 the trustee at the trustee company/address listed in reference table above, in the amount of 10% expected high bid price; or
- Wire funds to the escrow account in the amount of 10% of expected high bid price, plus a $35.00 convenience fee to cover the wire transfer charge. For wiring instructions please contact the trustee. Note: generally, wires must be initiated prior to 2:00 PM in order to clear by 5:00 PM.
NOTE: If you are the successful bidder, immediately upon the Auction being completed, unless the Trustee is unable to convey title, your Deposit becomes NON-REFUNDABLE and upon closing will be applied to the purchase price.
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.
- MEMORANDUM OF SALE: Online bidders may be required to sign a blank Memorandum of Sale at the time the Deposit is forwarded, to be held in trust. Further, once the sale is completed, and the on-line bidder is the successful bidder, the substitute trustee will be sending additional documentation to be signed.
Once you have completed the above steps, the auction company will approve your registration and you will be eligible to bid online. In order to bid online, all of these steps must be completed prior to the online deadline listed in the reference table above. Sorry, but there will be no exceptions. If you do not timely meet these requirements, you or a legal representative must attend the auction in person in order to bid.
The Substitute Trustee, will have the option to speak with all online bidders. In the event an online bidder does not have the ability to scan and e-mail the Memorandum of Sale, such signed agreement may be provided in advance of the auction and it will be held in trust. If you are not the successful bidder, the signed agreement will be destroyed.
If the Deposit for the successful bidder is less than 10% of the bid price, the Substitute Trustee may request additional funds to equal 10% of the high bid price.
By completing these steps, you agree to all of the terms and conditions announced at the sale, those contained in the Memorandum of Sale and all of the items contained herein which, by incorporation, are part of the terms of sale.