INTERNET ONLY REAL ESTATE AUCTION

TERMS AND CONDITIONS

TERMS: 10% non refundable earnest money in the form of a certified check, cash or wire transfer within 24 hour of the close of auction, with the balance of purchase price due at closing. Purchaser shall be responsible for all wire transfer fees. Closing will be within 30 days. There will be a buyer’s fee of 10% added to the bid price to equal the final purchase price. Example: Bid Price $100,000 plus $10,000 (10% Buyer’s Fee) equals purchase price of $110,000.

This online only auction is a cash sale not contingent on or subject to financing, appraisal, survey or inspections of any kind.

AUCTION END TIMES: Superior Auction & Appraisal Online Only Auctions are timed events and all bidding will close at specified time. Superior Auction & Appraisal Online Only Auctions also have an auto extend feature. If any bids are placed in the final 10 minutes of an auction, the auction ending time will be automatically be extended 10 minutes from the time the bid was placed. Example: if an auction scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend 6:09. The auto extends feature remains active until no further bids are received within a 10-minute time frame. Auction company employees and/or Auction Company may bid on auction items.

ACCEPTANCE OF BID PRICES: Successful bidder(s) will be required to enter into a purchase agreement immediately following the close of the auction, if the Seller accepts their offer. This real estate is being offered “with reserve” meaning that the Seller has the right to accept or reject any and all bids.

Superior Auction & Appraisal will supply the seller’s documents to be executed and buyer will be required to fax or e-mail the signed document back to Superior Auction & Appraisal within 24 hours of the end of the auction. Bidder(s) will also sign an Agency disclosure as well as a property condition report and Lead Based paint disclosure which all buyers will waive the right for an inspection post sale. Successful bidders not executing and returning contracts with earnest money deposit within 24 hours will be considered in default. Any and all inspections that a buyer may want must be done at buyer’s expense prior to auction. This includes the 10 day inspection period for lead based paint in single family homes built prior to 1978.

BRIEF OUTLINE OF WHAT TO EXPECT AFTER THE CLOSE OF THE AUCTION:
1. At close of auction, Auction Company will contact Seller(s) for confirmation of bid amounts. (This is a "Reserve Auction", meaning the seller(s) has the right to accept or reject any and all offers)
2. Auction Company will contact Bidders after the close of the auction.
3. Auction Company will email or fax signed Agreement between Seller(s) & Buyer(s) for Buyers signature on Agreement, if offers are accepted.
4. Buyer(s) must then return signed agreement to Auction Company & deposit 10% of Final Purchase Price (Bid Price + 10% Buyer's Fee as NON-REFUNDABLE earnest money, to Superior Auction & Appraisal, LLC within 24 hours of close of auction.

EVIDENCE OF TITLE: Seller shall provide an owner’s title insurance policy in the amount of the purchase price from Superior Title/Bay Title & Abstract

DEED: Seller shall provide a Warranty Deed.

POSSESSION: Possession at closing. No Exceptions.

REAL ESTATE TAXES: All taxes will be prorated to day of closing using previous years tax amount.

EASEMENTS: Subject to any and all easement of record.

ZONING: This property is subject to all state and local zoning ordinances.

ACREAGE: Parcel dimensions and acreages are based on legal descriptions.

BIDDER VERIFICATION: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Superior Auction & Appraisal will reject the registration, and bidding activity will be terminated. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.

AGENCY: Superior Auction & Appraisal, LLC, and its representatives are agents of the Seller.

BUYERS AGENCY: All buyers are responsible to notify auctioneers of any potential buyers agency contracts in place before registration and bidding on the auction and no later than 24 hours prior to auction close.

NEW DATA, CORRECTIONS, AND CHANGES: The Auction Company will notify all registered bidders of any changes, corrections, or additions to the property information.

DISCLAIMER & ABSENCE OF WARRANTIES: The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation either expressed or implied concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of the Auction Company are final. Any dispute between auctioneers and buyers will be dealt with through arbitration in Menominee County, MI. By bidding on the property at auction, buyer agrees to all terms and conditions set forth.

Each buyer is responsible in conducting their own
due diligence on the property before bidding.


ANY ANNOUNCEMENTS MADE BY THE AUCTIONEERS ON DAY OF SALE TAKE PRECEDENCE OVER THIS PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.