Online Real Estate Auction Bidding Terms & Conditions
Online terms and conditions are in addition to any general onsite auction terms and conditions.
Bidder and Auctioneer agree that the terms listed below shall govern each online auction sale. In order to obtain authorization to bid online, you must register beforehand in accordance with the required fields on Bidder Registration form.
Registration:
All registration information the Bidder provides to Auctioneer shall be current,
complete, and accurate.
1) Bidder must be 19 years of age or older.
2) All bidders must fully complete the bidder registration form prior to being eligible to bid.
3) Bidder must submit verification of pre-approved financing (name of bank/banker) to
receive an
4) Bidder agrees 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 website use and bidding privileges.
5) BY SIGNING THE BIDDER REGISTRATION FORM BIDDER HEREBY CERTIFIES THAT HE/SHE HAS READ AND FULLY UNDERSTANDS THESE TERMS AND CONDITIONS AND AGREES TO BE BOUND HEREBY.
6) Violation of these terms and conditions is grounds for immediate bidding suspension without notice. Each auction may have additional terms not listed here. It is the Bidders responsibility to understand all terms and conditions prior to submitting a bid.
Bidder Verification:
The identity of all bidders will be verified, once you have been approved with the right to bid, an email will be sent to you.
Bidding rights are provisional, and if complete verification is not possible, registration will be rejected, and bidding rights will be terminated.
Purchase Agreement:
Each property offered for online bidding is offered under the specific terms provided in the Real Estate/Auction Purchase Agreement. Please read and review the contract thoroughly prior to bidding on any property. Please DO NOT BID if you have not reviewed the Purchase Agreement.
Auction End Times:
All Online Real Estate Auctions are timed events and will start and close at a specific
time.
Online Only Real Estate Auction Bidding:
An auction scheduled to begin at 1:00 p.m. and end at 2:00 p.m. is timed and all bidding will start and close at a specific time. A bid that is placed in the final minutes of the auction, will cause the auction ending to be automatically extended from the time the bid was placed. EXAMPLE: the auction is scheduled to close at 2:00 p.m. receives a bid at 1:59 p.m., and the extended bidding time for that auction is 5 minutes, the close time will automatically extend to 2:04 p.m. The auto extend feature remains active until no further bids are received within the specified time frame.
Both Live Onsite & Online Auction Bidding:
It is possible during an auction that an Internet bidder may be indicated as a high bidder when in fact the winner attended the auction in person or vice versa. The
auction company makes final determination and holds the official records of winning
bidders and final hammer prices. The listings on this website regarding final hammer
prices and winning bidders are unofficial.
Sold To Highest Bidder Unless Seller’s Reserve:
All properties in the auction will be sold to the highest bidder unless the seller has a minimum reserve price. In this case the bid price is subject to the seller’s confirmation or the reserve may be disclosed on the auction sale bill. In some cases, the auctioneer may bid on behalf of the seller to protect the reserve.
Real Estate Terms:
At the close of the auction, successful bidders will submit the required non-refundable down-payment day of signing the Purchase Agreement, with remaining balance due at Closing.
If Internet bidder is the successful bidder contract documents will be sent by e-mail to the successful bidder, who must execute and fax or email back within 24 hours of the end of the auction. Successful bidders not executing and returning their contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default.
Real Estate Closings:
Within 30 days from date of purchase. Date to be agreed between buyer and seller.
Survey:
If needed it will be the cost of the buyer.
Agency Disclosure:
In all transactions, the auctioneer is acting as agent for the seller, not as buyer’s agent.
Disclaimer and Dispute Handling:
All information contained herein and on the online auction site is believed to be accurate, but not guaranteed. Property offered will be sold ‘as is’. Each bidder is responsible for their own inspection and inquiries of the property. Please review all information supplied and seek appropriate assistance prior to bidding.
Buss Realty & Auction, LLC, to the best of their ability, will assist buyer and seller in helping to resolve a dispute. However, ultimately, resolutions are the responsibility of the buyer and the seller.
Real Estate Notes:
Financing is not a contingency in any auction. Do not bid unless you are capable of closing for cash within the specified time period. Certain sellers may wish to effectuate 1031 exchanges. Purchasers agree to cooperate and execute necessary documents to enable Sellers to complete the exchange transactions. All property is sold subject to easements and covenants of record. Real Estate is conveyed by Warranty Deed.
Malfunction, Shutdown, and Loss of Service:
The results of the auction may be rendered void if malfunction, shutdown, or temporary loss of service occurs. In such an event, Buss Realty & Auction, LLC reserves the right to remedy the situation in whichever way bests represents the seller, including the cancellation of existing bids.
Buss Realty & Auction, LLC does not guarantee uninterrupted, secure access to BUSSAUCTION.COM. Buss Realty & Auction, LLC is not liable or responsible for interruptions, terminations, or corruptions of any online audio feed, video feed, or other internet registration, bidding or other online-related services that occur before, during, or in connection with the online or onsite auctions, regardless of the cause or fault. Buyer agrees to hold Buss Realty & Auction, LLC harmless for any such interruptions or buyer’s inability to effectively use BUSSAUCTION.COM. Buss Realty & Auction, LLC will not be responsible for any missed bids from any source.
