REAL ESTATE AUCTION TERMS AND CONDITIONS
REGISTRATION. All bidders are required to register and provide the necessary information requested. Bidders are required to enter credit card information and a $1,000 hold will be processed for the duration of the auction. The card will not be charged, it will only be used to verify the bidder’s identity and ability to pay the $1,000 deposit. You may see the $1,000 hold lowering your available balance on your credit card, but during the auction duration it only be a hold on the funds. Bidders are responsible for all purchases made with his/her account, whether by the registered bidder or by anyone he/she might allow to use their number. As a registered bidder, you acknowledge and agree that you have read and fully understand the Terms and Conditions of this Auction and any Special Terms of the individual property, and agree to be bound thereby.
FEES. A Buyer’s premium of 5% or $3,000 (whichever is greater) is added to the winning bidders price. For example, if the winning bid is $100,000 an additional 5% Buyers Premium is added to the winning bid (in this case $5,000), for a total purchase price of $105,000. When bidding online, the buyer’s premium is not calculated into the bid amount. Buyer’s premium is added to the winning bid amount. Buyer beware that you will be increasing the winning bid amount by 5% or $3,000 whichever is greater. Additionally, buyer is responsible to pay for all buyer’s and seller’s escrow and title fees.
DEFAULT. Default occurs when the winning bidder has not complied with the Terms and Conditions of the auction. In default, the second highest bidder met the minimum reserve amount, he/she may be given the option to become the successful bidder at his/her last bid, at the discretion of the Administrators of AZWholesaleAuction.com. The bidder in default will forfeit his/her $1,000 deposit. Additionally any Earnest Money may also be forfeited per the terms specified on the Purchase Contract. The bidder in default is also liable for all legal and collection fees and will no longer be permitted to participate in future auctions conducted by AZWholesaleAuction.com.
DENOMINATION: All transactions are in US Dollars.
TIME: All times are in Arizona time. NOTE: Arizona time remains constant throughout the year; we do not go on Daylight Savings Time.
NO ASSIGNMENT. The Purchaser shall not assign his/her bid or obligation to purchase the Property to a third party without the prior written approval of one of AZWholesaleAuction.com’s administrators (Spencer Caldwell or Laura Kerby).
BROKER OF THE SELLER. The Broker in this auction, may represent both the buyer and the seller. The Agency Disclosure will provided during the required timeframes.
NO WARRANTY. AZWholesaleAuction.com and their administrators provide no warranty relating to title, possession, quiet enjoyment or the like in this disposition. Please see individual property description for any Special Terms . Every property in this auction is being sold “AS IS – WHERE IS – WITH ALL FAULTS AND DEFECTS” without warranty or guarantee of any kind.
PERSONAL AND PROPERTY RISK. Persons attending an open house or preview, assume all risks of damage of or loss to person or property and specifically release the AZWholesaleAuction’s administrators, Gentry Real Estate Agents, and their employees, from liability thereof. Neither AZWholesaleAuction’s administrators, nor Gentry Real Estate shall be liable by reason of any defect in, or condition of, the premises at which the preview or sale is held.
DISPUTE BETWEEN BIDDERS. If any dispute between bidders occur, the AZWholesaleAuction’s decision is final and absolute and registered bidders agree to bound thereby.
SPECIAL TERMS AND CONDITIONS take precedence over these general terms and conditions. A real estate auction may have special or additional terms such as: “Subject to…”. Please carefully read the individual property description for special terms.
SITE TROUBLESHOOTING. In the event the AZWholesaleAuction.com site is down or is experiencing any site related problem that prohibit the bidder from entering a bid, the administrators may, at their discretion, extend the end date/time of the auction. If you experience any site related issue, please contact us immediately and report the problem.
ERRONEOUS BID. If a bidder enters an incorrect bid, or places a bid for the wrong property, you will have to call the administrators within on hour of the mistake. However, if it’s the same day the auction is ending, administrators may not be able to undo the bid and buyer’s $1,000 hold deposit may be forfeited if it becomes the winning bid. As soon as you notice the mistake done, please call Spencer Caldwell at 480-283-4425 and notify us. There are not guarantees to undo any bids, so please bid carefully.
QUESTIONS AND CLARIFICATIONS. As a registered bidder you acknowledge that you understand what you are bidding on. If you do not understand please contact Spencer Caldwell at spencercaldwell@gentryaz.com and ask any questions you may have. DO NOT wait till the last day of the auction to get clarification or enquire about the details of a property, Spencer Caldwell may or may not be available for questions on the last day of the auction. IF YOU DO NOT UNDERSTAND ANYTHING ABOUT THE PROPERTY OR THE AUCTION PLEASE DO NOT BID.
WITHDRAWAL FROM SALE. AZWholesaleAuction.com, its administrators, and Gentry Real Estate, reserves the right to withdraw from the auction and sale of any property listed prior to a fully executed purchase contract with the winning bidder.
PURCHASE CONTRACT AND CLOSE OF ESCROW. Purchase contract will be delivered to buyer or buyer’s agent the day of winning bid. Within one business day of winning bid, buyer and buyer’s agent (if applicable), agrees to have full executed purchase contract and open escrow with the Title company as described on the purchase contract. Failure to open escrow after 3 calendar days from winning bid, will forfeit buyer’s $1,000 deposit. A 30-day close will apply if buyer is obtaining traditional financing. If buyer is paying cash or with hard money, a 5-day close will apply.