Quadplex Residential Auction
On-Line Real Estate Absolute Auction
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Total Assessed Value by The City of Milwaukee $89,700.00
REAL ESTATE TERMS: Auctioneer reserves the right to offer property to result in the highest bid price.
1. Auction Registration: To register, a prospective bidder must:
(a) Provide his or her name, social security number, residence address, telephone number and Identification.
2. Deposits/Cashier’s Checks: For the property purchased at the Auction, the successful bidder must deliver to Advantage Auctioneers (the “Auctioneer”) CASH or CASHIER’S CHECK (NO EXCEPTIONS PLEASE) in the amount of ten percent (10%) of final accepted bid plus ten percent (10%) buyer’s fee. Third party checks will NOT be accepted. Cashier’s checks should be made payable to yourself. The remaining of the purchase price will be due by cash or check the day of the closing within 30 days of the auction.
3. Buyer’s Fee: A ten percent (10%) buyer’s fee will be added to the final bid and included in the total contract price.
4. Conditions: The property will be sold in “AS IS” CONDITION. The seller and Auctioneer hereby expressly disclaim making any warranties or representation whatsoever, expressed or implied, written or oral. The property is a Short Sale, subject to Lender and Investors approval. An owner’s Title Insurance Policy will be provided by the Seller at the Seller’s expense. Seller assumes the obligation of paying all taxes and assessments occurring up to closing. Seller reserves the right to reject any or all bids only on lots not sold as absolute. The Buyer assumes the responsibility of the Closing Costs, including but not limited to, the preparation of the Closing Statement and Recording of Deed fee. All information was derived from sources believed correct, but is NOT guaranteed. Buyers shall rely entirely on their own information, judgment and inspection of the property and records. Buyer assumes full responsibility for any and all reports, removal or disposal of any hazardous materials.
5. Title: Seller agrees to provide a Title Insurance Policy, in the amount of the purchase price to Buyer and Buyer acknowledges and agrees that the cost of such Binders shall be of the Seller’s expense, and will be paid at closing.
6. Contracts: The successful high bidder(s) on the property (ties) will be immediately required to sign a bidders receipt and acknowledgement and submit cash or cashier’s check in the amount of ten percent (10%) of final bid plus ten percent 10% buyer’s fee of the purchase price.
7. Closing: Balance of the purchase price will be due at closing within 30 days.
Default: If the purchaser fails to comply with any of the PROCEDURES, TERMS AND CONDITIONS, Any earnest money/monies received shall be retained first and foremost by Advantage Auctioneers to cover commission, expenses, and buyers’ fee of the gross bid price of the sale, any monies in excess will be paid to the seller as liquidated damages. If any sale is so cancelled prior to the completion of the Auction, the property may, at the Seller’s discretion, be re-offered and resold.
8. Representations: All information was derived from sources believed to be correct, but is NOT guaranteed. Prospective Purchaser(s) shall rely entirely their own information, judgment and inspection of the property and records. Neither Seller nor Auctioneer makes any representation or warranties as to the accuracy or completeness of any information provided.
9. Announcements: All announcements made the day of Auction will take precedence over all previously printed material and any other oral statements made. In the event of a dispute over any matter, the Auctioneer shall make the sole and final decision and will have the right either to accept or reject the final bid or reopen the bidding.
10. Broker Participation: Real Estate Broker participation is encouraged. A commission equal to 2% of the Contract price will be paid to qualified licensed Real Estate Brokers, if and when in Broker’s properly registered prospect is the high bidder, purchase and closes on an Auction property. To qualify for the commission, the Broker MUST:
(a) Be an active, duly licensed real estate broker, not prohibited by law from participation
(b) Register the Prospect(s) on company stationery with both the prospect’s and broker/salesperson’s signatures at least 48 hours before the Auction deadline (BROKER PARTICIPATION DEADLINE January 28, 2012, at 1:00 p.m.). Registration notice must be sent to Auctioneers Headquarters by mail or fax attn: Advantage Auctioneers. Neither seller no Auctioneer is responsible for delay or failure to meet deadline if Broker relies on this or any other method of delivery. There are no provisions for deadline extensions. No oral registration will be accepted. No commission on the property will be paid to any Broker participating in purchase of the property. There can be NO EXCEPTIONS to this procedure, in the case of multiple registrations of the same prospect by different brokers; the first registration received will be recognized. The real estate agent must attend and register with the prospect at the Auction and any inspections.
11. This Agreement shall at all times be governed by the laws of the State of Wisconsin, without regard to any Wisconsin choice of law regulations. The validity, meaning and effect of this Agreement shall be determined in accordance with the laws of the State of Wisconsin, applicable to contracts made and to be performed in that state. Any claim, action or proceeding arising out of or relating to this Agreement shall be filed and tried only by a court of competent jurisdiction sitting in the County of Washington, State of Wisconsin, and each party agrees not to assert, by way of motion, as a defense, or otherwise in any such action, suit, or proceeding, any claim that it is not subject personally to the jurisdiction of such court, that such is in an inconvenient forum, that the venue of the action, suit, or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. Each party irrevocably submits to the jurisdiction of any such court in any such action, suit, or proceeding.
Advantage Auctioneers DBA Qicbid.com WI License 413-053 / Margaret Schaetzel WI Auctioneer 2733-52