"ONLINE ONLY" REAL ESTATE BIDDING
AUCTION TERMS AND CONDITION
REGISTRATION: Proper and complete online registration is required to bid. All bidders must provide name, address, phone number, and email address to register. A credit card is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete to contract signing process, the required deposit plus a 10% Buyer Premium will be charged to the credit card provided at registration. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.
BIDDING ONLINE: The only way this property may be purchased is via online bidding during the published bidding period. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office for assistance. 217-827-2599) To place a bid, bidders enter their "maximum" bid and click "Place Bid" button. Each time that bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum. In the case of an auction with a reserve, if the max bid amount enter is less than the reserve, the system will place the bid at the max amount. Once the reserve is met, then the system will advence the bid (by the bid increments) only when the bidder is outbid by another bidder, up to the bidders max. The system will not advance a bidder's own bid. Online-only auctions utilize the "Soft Close" feature that automatically extends the bidding time if a bid is received in the last 3 minutes of the published bidding period. The extensions will continue until 3 minutes have lapsed without any bididng activity, at which time the auction is concluded.
BUYER'S PREMIUM: A buyer's premium of ten percent (10%) of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s). Please take this into consideration when bidding.
FINANCING: Financing is not a contigency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close this transaction.
CONTRACT SIGNING: The Auctioneer or his representative will contact the Winning Bidder the following morning to establish a meeting time. In any event, the contract signing and deposit payment process must be completed by close of business on the day following the auction conclusion. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Jordan Auction Service auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller's reserve, unless advertised otherwise. Any property with a high bid exceding the Seller's reserve will be declared "sold" by the Auctioneer. In instances where the seller's reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller's sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.
DOWN PAYMENT (DEPOSIT): The Winning Bidder shall be required to make an earnest money down payment in the amount of $2,000.00. This deposit must be paid by close of business the day following the bidder being declared the Winning Bidder. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any Jordan Auction Service auction events.
CLOSING: The Winning Bidder shall close in 40 days or sooner, unless prior arrangements have been made.
EVIDENCE OF TITLE: Seller shall furnish at seller's expense an Owner's Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s). Seller shall also pay applicable taxes to the State of Illinois. Buyer's will pay buyer's share of normal closing cost.
REAL ESTATE TAXES & ASSESSMENTS: 2016 taxes are to be prorated as of the closing date, based on the latest tax bill. Back taxes if any will be paid by the seller.
AGENCY: Jordan Auction Service and its representatives are Exclusive Agents of the Seller.
DISCLAIMERS AND ABSENCE OF WARRANTIES: The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an "AS IS", "WHERE IS" basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement.
BIDDER REPRESENTATION: Bidder represents and warrants the bidder is of legal age, has full legal capacity and authority to understand, execuite and deliver this bidder's statements and Real Estate Terms and Conditions on bidder's or any entity's behalf, if any.
Interested parties may at their own expense have the property inspected by professional inspector prior to bidding, contact Glen at 217-827-2599.