Real Estate Auction Terms and Conditions
1. BIDDER QUALIFICATION & VETTING

To ensure the integrity of this high-value auction, Wachter Auctions and Appraisals requires all participants to complete the following before being authorized to bid:

Proof of Funds: Bidders must submit a signed letter from their financial institution confirming liquid funds of at least $5,000 or a formal Letter of Guarantee.
Verification: A representative from Wachter Auctions will conduct a vetting call with each registrant to verify identity and intent. We reserve the right to deny bidding access at our sole discretion.
2. AUCTION AUTHORITY & BUYER SELECTION

The highest qualified bidder shall be designated the Buyer. The Seller and Wachter Auctions reserve the right to:

Reject any or all bids and adjourn or extend the sale at their discretion.
Immediately reopen bidding should any dispute arise regarding a bid.
Pre-Auction Offers: Wachter Auctions reserves the right to accept a pre-auction offer on behalf of the Seller and cancel or modify the auction at any time.
3. FINANCIAL TERMS & DEPOSIT

Buyer’s Premium: A premium of 10% shall be added to the high bid to establish the total Purchase Price.
Hand Money/Deposit: A non-refundable deposit of $5,000 is required immediately upon being struck down as the high bidder. Payment must be made via Cashier’s Check, Certified Funds, or Wire Transfer. The total non-refundable deposit to be paid must equal 10% percent of the Purchase Price of the Property. A second payment for the balance of the final deposit must be made within five (5) business days via Cashier’s Check, Certified Funds, or Wire Transfer. This deposit will be held in a non-interest-bearing escrow account by Wachter Auctions and Appraisals until settled.
Settlement: The balance is due in full on or before the agreed settlement date. This sale is NOT contingent upon financing or inspections.
4. TAXES, UTILITIES, & CLOSING COSTS

Pro-rations: Taxes and utilities will be prorated to the date of settlement on a fiscal year basis.
Closing Costs: Buyer pays all settlement and closing costs. Buyer is responsible for any additional local/state-stamps or fees.
5. CONDITION OF PROPERTY ("AS-IS")

The Buyer acknowledges they are purchasing the property in its current state, with all faults.
Warranties: Seller and Wachter Auctions and Appraisals make no warranties regarding structural systems (roof, HVAC, plumbing, etc.), environmental issues (Radon, Mold, Lead-Based Paint), or land improvements.
Due Diligence: Bidding constitutes an acknowledgement that the Buyer has inspected the property or has waived their right to do so.
Fixtures: All existing fixtures (lighting, built-in appliances, etc.) are included in the sale "As-Is" with no guarantee of functionality.
6. Technology Disclaimer
Wachter Auctions and Appraisals may utilize third-party bidding platforms or services and is not liable for missed bids or errors due to technological failures, internet disruptions, or service provider issues.

7. Force Majeure
Wachter Auctions and Appraisals shall not be held liable for delays or inability to perform due to acts of God, war, government regulation, pandemic, natural disaster, or events beyond its control.


8. TITLE & RISK OF LOSS

Title: Seller shall provide a good and marketable title, free of liens, subject to recorded easements and restrictions.
Loss: Seller bears the risk of loss (fire/casualty) until settlement. If damage occurs prior to closing, Buyer may rescind the agreement.
9. DEFAULT & FORFEITURE

Time is of the essence. If the Buyer fails to comply with these terms, the Seller may retain all deposit monies as liquidated damages. This shall release both parties from further obligation, or the Seller may pursue other legal remedies at their election.


10. ESCROW DISPUTES

In the event of a dispute over the deposit, Wachter Auctions may hold the funds until a court order or written agreement is reached. Any party joining the Auctioneer in litigation over deposit funds shall be responsible for the Auctioneer’s legal fees and costs.


11. FINAL PROVISIONS

Survival: The provisions and covenants of this Agreement shall not merge into the deed but shall remain in full force and effect following the transfer of title.
Electronic Execution: This agreement may be executed in counterparts and delivered via email or electronic transmission; such signatures shall be deemed as original and legally binding.
Professional Collaboration: Buyer and Seller acknowledge and consent that Wachter Auctions and Appraisals may partner with affiliated entities or third-party firms to facilitate this transaction. This collaboration includes, but is not limited to, marketing, negotiation, execution of documents, sharing of resources, and the apportionment of professional fees.
12. The winning bidder will be required to execute the Wachter Auctions and Appraisals Standard Contract of Sale immediately following the close of bidding. A sample copy of the contract is available upon request for qualified bidders.