Terms and Conditions

REGISTRATION:
All prospective bidders are required to register in order to bid at the auction. A $5000 deposit in the form of cash, or cashiers check is required to obtain a bidders card. Registration at the auction finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract. DO NOT BID unless you have registered and received a Bidder's Card, and Auction Catalog and agreed to be bound by the terms of sale in the Contract as they are final upon you becoming a high bidder. All unsuccessful bidders deposits will be returned immediately.

BROKER PARTICIPATION:
Bar None Real Estate Auction offers a 1% broker participation commission, based upon the winning bid, to be paid to qualified Brokers who have pre-registered their client for an upcoming auction. To qualify for a commission and become a Registered Broker, you must: 1) Fully complete the Broker Participation Form on-line at www.reauction411.com and bring a copy of your valid real estate license to the Auction. If you are an agent you must also bring a letter, signed by your broker on company letterhead, confirming your attendance at the auction. 2) Broker must inspect the property(ies) being purchased with your client. 3) Identify yourself, remain with your client, and execute all necessary documentation during the post-auction process.

DISCLOSURE:
All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale. Bar None Real Estate Auction represents the Sellers only and does not inspect properties on bidder's behalf. All Bidders must fully complete their property due diligence prior to the Auction. Information provided in connection with the term “Previously Valued” refers to the higher of (a) the appraised value of the property in connection with the most recent mortgage on the Property, (b) the most recent asking price, (c) the assessed value or (d) the most recent broker price opinion.

INSPECTION:
Preview of the property is essential. Winning Bidders shall represent, covenant, and warrant that they are purchasing the Property solely on their independent inspection of the Property in its existing condition. Bidders may wish to consult with a licensed Real Estate Broker, or Contractor in connection with any prospective Bid. Neither Sellers nor Auctioneers shall be liable for any allowance, adjustment, or revision based upon the failure of the Property, structure, appliances, or floor plans to conform to any specific standard. Any information provided by the Seller or Auctioneers regarding size, floor plans, square footage, and/or bedroom/bathrooms, for the Property are approximations only and are based upon information available. Actual sizes, floor plans, square footage and/or bedroom/bathrooms may vary. Bidder acknowledges that it is his/her responsibility to have inspected the item before bidding and no sale shall be invalidated because the bidder did not inspect the property.

OCCUPIED PROPERTIES:
Unless otherwise indicated in the Auction brochure or on the Auction website, an “Occupied Property” shall mean a any Property that is occupied and unavailable for inspection prior to the auction. (Excludes a property that consists of two or more multi-family units of which some or all of units are occupied and unavailable for inspection prior to auction). Please do not disturb the current tenants. As with all other Properties, Occupied Properties, will be offered at Auction and will be sold on an “As Is, Where Is, and with All Faults” basis. The only contingency for the sale of these Occupied Properties shall be seven (7) calendar day inspection period which shall begin upon receipt by Winning Bidder of a “Notification to the Buyer of Vacancy”. Winning Bidder will then have seven (7) calendar days to do a physical inspection of the premises and approve or decline said transaction. Cancellation must be made in writing by winning bidder and directed to Bar None Real Estate Auction, 4751 Power Inn Road, Sacramento CA 95826, within three (3) days of the expiration of the seven(7) day inspection period. After delivery of such notice of cancellation, Bidders only remedy shall be the return of all funds deposited and neither Winning Bidder nor Seller shall have any further obligation to one another on that transaction.

BUYERS PREMIUM:
The total Purchase Price will include a buyers premium equal to five percent (5%) of the winning bid amount. Therefore, the actual total purchase price on the auction day (and at closing) is equal to the winning bid amount plus five percent (5%) (the “Total Purchase Price”). The Total Purchase Price does not include other amounts payable by the Buyer during closing, such as escrow/closing fees’ property taxes, insurances, etc.

CONDUCT OF AUCTION:
Bidding starts at the nominal Opening Bid(s) indicated and is open to the public. The Auctioneer will call the sale and control any increments of bidding. To make a bid, raise your hand or Bid Card to be recognized. Absentee bids may be accepted at the discretion of the Auctioneer. The Auctioneer reserves the right to enter bids on behalf of absentee bidders. Any mistakes during bidding as to who has the high bid and/or at what price may be called to the Auctioneer's attention and corrected. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.

RESERVE PRICE:
All properties have a reserve price, meaning the Seller of each property has established an unpublished minimum selling price. In order to become the Winning Bidder for a property, a bidder must meet or exceed the reserve price and have the highest bid, and such highest bid must be accepted by the Seller.

SUBJECT TO CONFIRMATION:
In the event that the winning bid is not immediately accepted by the Seller, the Auctioneer will inform the bidder that acceptance of their bid amount is “subject to confirmation”. The winning Bidder acknowledges and agrees that bid price is subject to, and contingent upon, the Seller approving the purchase. Confirmation shall be provided within ten (10) business days following the execution of the Purchase Agreement. Bidder will receive full refund of all monies deposited in the event that the Seller chooses not accept the terms of the contract.

BIDDERS RESPONSIBILITY:
Once the Auctioneer accepts your highest bid you become the Winning Bidder. The Winning Bidder shall immediately sign the Winning Bidder Confirmation form, and will be escorted to the contract writing area. Bidder will be presented with and have an opportunity to review, the Purchase Agreement and applicable closing documents. In the event the Winning Bidder refuses to sign the Purchase Agreement that Bidder shall be in default and that bid shall be null and void and the Auctioneer and Seller shall have absolutely no further liability or obligation to that Bidder. The Auctioneer hereby reserves the right to immediately put that property back up for sale at auction.

PAYMENT OF DEPOSIT:
Upon executing the Purchase Agreement, as its initial Earnest Money Deposit, Winning Bidder is required to pay five percent (5%) of the Total Purchase Price on that Property. Earnest Money Deposit shall be no less than Five Thousand Dollars ($5000) and the first Five Thousand Dollars ($5000) of the Earnest Money Deposit must be made in Cash, Cashiers or Certified Check. All monies will be immediately deposited with an escrow agent at the Auction. The balance of the Total Purchase Price, along with other costs and/or fees, must be paid as required in the Purchase Agreement. Regardless of the amount financed, the Earnest Money Deposit amounts required on auction day will not change.

FINANCING:
Property sales are not offered contingent upon bidders financing. Bidders unable to obtain financing shall not negate Bidders responsibility to close escrow; and will certainly result in Bidders forfeit to the Bidders Deposit. Financing will be made available prior to, as well as at the Auction, and is subject to credit approval, satisfaction of the finance lender’s requirements, and execution of all documentation acceptable to Seller and the finance lender. Some lenders may not provide financing on all Properties due to a particular Properties physical condition. Availability of loan programs on selected Properties may be limited and may require a greater down payment. Bidders are encouraged to contact the Preferred Lender department, via the Auction website www.reauction411.com, for pre-qualification procedures and/or current rates or fees. Nothing herein shall be construed as a commitment to lend to any Winning Bidder by the preferred lender(s). Bar None Real Estate Auction does not provide lending or financing services.

Bidders choosing to use third party financing must present at the Auction a written, unconditional lending commitment from their lender of choice, in the minimum of the full amount they intend to finance. Winning bidders who do not wish to apply for financing through Auctioneer’s preferred lenders, must fill out an authorization with such preferred lender to confirm the credit status of such Winning Bidder. All Winning Bidders are deemed to irrevocably consent to and authorize the Auctioneer’s lender and their agents and/or any third party to the purchase transaction, to obtain any type of credit report of Buyer’s history at the Auction or at any time prior to closing of the transaction.

Winning bidders intending to use cash to complete their purchase must provide Seller, on the Auction day, with proof of sufficient funds to cover the entire transaction (i.e. bank statement and/or investment statement for stocks/bonds).

CLOSING:
All sales are expected to close escrow no later than thirty (30) days after the date of the auction. Winning Bidders shall be required to pay the balance of the purchase price, and normal closing costs, including, but not limited to, closing, escrow, and recording fees, title insurance, loan fees, and document processing fees. Property Taxes will be prorated. If for any reason Seller does not perform or accept the terms of the Contract, the sole remedy shall be the return of Buyer's deposit.

EXTENSIONS:
In certain cases, the Auctioneer and the Seller may grant an extension of the closing date, the terms and conditions of which are set forth in the Purchase Agreement. This fee WILL NOT be credited towards the Total Purchase Price. All extension requests are evaluated by the Auctioneer and Seller on a case-by-case basis and may be granted or denied in their sole and absolute discretion.

CANCELLATION:
If Winning Bidder fails to comply with any of the Auction Terms, or subsequently defaults under the Purchase Agreement, the sale may be cancelled by the Seller and the Buyer will forfeit the Earnest Money Deposit and may be required to pay additional damages as set forth in the Purchase Agreement.

PROPERTY CONVEYANCE:
All properties are to be conveyed as fee simple title, with title insurance by standard title policies (as applicable), subject to current taxes, rights-of-way, assessments, easements and other conditions of record, and any exception written in the Preliminary Title Report and other standard title exclusions.

DISCLAIMER:
Bar None Real Estate Auction and the Seller expressly disclaim any liability for errors, omissions or changes regarding any information provided for these sales. Potential purchasers are strongly urged to rely solely upon their own inspections and opinions in preparing to purchase property and are expressly advised to not rely on any representations, oral, or written, made by the Auctioneer, the Seller or any of their agents. Property information may change without notice and potential purchasers should investigate all data fully before relying upon it.