Auction Terms and Bidder Registration Form
Property Inspection & Buyer Due-Diligence: Properties are sold as-is, where is, without warranties of any kind. Properties are available to see prior to the auction, at scheduled Open Houses and private showings. See property details for information about showings. Bidders are always encouraged to inspect or conduct research about the property, but they must do so prior to the auction. No exceptions.
Call us if you need information and cannot find it in our materials about the property or event.
Requirements to Bid: Bidders must pre-register prior to auction day and meet two criteria:
1) Bidders must be pre-qualified for a mortgage loan and their lender must also complete and sign a mortgage checklist provided by Auctions and Options for Real Estate. Cash buyers must provide proof of sufficient liquid assets to complete the transaction.
2) Bidders must submit a deposit (usually $5K or $10K) via cash, wire transfer, cashier’s check or money order, with the title/escrow company identified in the listing information. Call the title company listed and request an escrow deposit form if one is not available online or in a bidder package. If the bidder enters into a purchase contract or back-up purchase contract with the sellers, the deposit is held by the title company and applied towards the downpayment or closing costs. If the contracted buyer fails to perform within the contract terms and deadline, their deposit is immediately forfeited to the seller, without recourse. Sellers, Auctions and Options for Real Estate and real estate brokers reserve the right to pursue additional damages from contracted buyers. Deposits of non-winning bidders will be returned to them asap by the title/escrow company.
3) Registration consists of bidder signing this form and submitting the documentation and deposit required above. This form must be submitted prior to auction day by faxing to 928-226-0678, or email to auctionsandoptions@yahoo.com . We will acknowledge receipt and acceptance in writing; contact us if you do not get a response from us within 24 hours.
Purchase Contract: The listing broker partner will provide the usual and standard purchase contract for the region where the property is located, with most or all contingencies removed. The contract price is determined by adding the high bid amount plus the buyers’ premium (usually 6.5 to 10%) as advertised in the property listing. The deadline to close will be noted in the property information. On auction day, the high bidder, if bid is accepted by seller, must sign the purchase contract and proceed to finalize the transaction per these terms and those of the purchase contract. The bidder who provides the second highest bid will be encouraged, but not required, to sign a back-up purchase contract, and their deposit will be held in escrow if a back-up contract is signed.
Seller Confirmation: Unless stated otherwise, final bid and the decision to sign a purchase contract with the high bidder is subject to the approval of the property’s seller. Note that if a listing states that the sale is subject to “lender approval”, that the lender’s approval is also necessary for the sale to proceed, and there may be a significant delay in getting said approval. We will always indicate in the property listing if a lender approval is required.
Buyer Broker Participation: The co-broke fee offered is identified in the property listing and is payable upon close of escrow. Buyer brokers must be familiar with the property and auction terms, must register their buyer prior to auction day, and should make every effort to accompany their bidder to the auction. The fee available to buyers’ brokers will be identified in the property listing. Brokers who are authorized to bid on behalf of bidders must pre-register at least three days in advance, and must present the proper legal documentation to the title company (who must also approve it) before they will be permitted to bid. Broker proxy bidding is highly discouraged.
Remote Bidding: Auctions and Options for Real Estate offers the option for bidders to participate in the live auction remotely (not present at the site on auction day). Please contact us at least two days in advance so that suitable arrangements can be made for live bids (using phone service, when available), or submitting sealed bids.
Cancellations: Due to terms above, bidders and spectators are encouraged to check www.AuctionsAndOptions.com frequently and/or contact Auctions and Options for Real Estate at AuctionsAndOptions@yahoo.com to confirm that the auction is proceeding as scheduled.
Ethical Conduct: The principal owner or partners or Auctions and Options for Real Estate are not permitted to bid on properties they market or auction, although their staff and/or subcontractors may with the prior disclosure and consent of the property owners. In addition, Auctions and Options for Real Estate will not tolerate any actions by others to disrupt and/or interfere with a fully transparent and ethical auction event. Any actions or insincere bids at the auction, whether by design of the Owners, bidders, spectators or others, will be subject to legal action by Auctions and Options for Real Estate, without exception, for damages sustained financially and/or to the reputation and integrity of Auction and Options for Real Estate.
Please date and initial pages 1 and 2, and sign below prior to submitting. If a bidder will be financing and/or taking title with another, please give complete information for all parties.
Address of auction property: _____________________________________
Auction date and time: __________________________________________
By signing below, bidder(s) acknowledge that they have read and understand all terms associated with the auction and will be bound by same:
_________________________ _________________________
Bidder signature Date Bidder signature Date
_________________________ _________________________
Bidder name (printed) Bidder name (printed)
_________________________ _________________________
_________________________ _________________________
Bidder address Bidder address
____________________________ ____________________________
Bidder phone (& fax) numbers Bidder phone (& fax) numbers
____________________________ ____________________________
Bidder email Bidder email
____________________________ ____________________________
Bidder’s real estate agent (if any)
____________________________
____________________________
____________________________
Bidder’s agent contact information
Lender: _____________________
Lender’s phone #:___________________
Date deposit submitted to title/escrow company: _____________
Acknowledgement and receipt and acceptance of bidder by Auctions and Options for Real Estate (signature required):_________________________________________
Auctions and Options for Real Estate is a licensed real estate brokerage and auction company in the state of Arizona.
Arizona LLC license: LC580932000 Arizona R.E. Broker license: BR579113000 |