Contract for Sale of Real Property: Each property is offered under the specific terms provided in the contract. The Contract for Sale of Real Property is available at www.rowellauctions.com, in the pre-bid package located from within the files tab. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract for Sale of Real Property, Do Not Bid!
INTERNET BIDDING INCREMENTS
Range Minimum $1,000.00 - Range Maximum $2,000.00 = Increment $50.00
Range Minimum $2,000.00 - Range Maximum $5,000.00 = Increment $100.00
Range Minimum $5,000.00 - Range Maximum $10,000.00 = Increment $250.00
Range Minimum $10,000.00 - Range Maximum $50,000.00 = Increment $500.00
Range Minimum $50,000.00 - Range Maximum $100,000.00 = Increment $1,000.00
Range Minimum $100,000.00 - Range Maximum $250,000.00 = Increment $2,500.00
Range Minimum $250,000.00 - Range Maximum $500,000.00 = Increment $5,000.00
Range Minimum $500,000.00 - Range Maximum $500,000.00+ = Increment $25,000.00
Rowell Auctions, Inc. has the sole authority to resolve any bidding disputes as they may arise.
Auction End Times: All Rowell Auctions, Inc. Online Only Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Rowell Auctions, Inc. reserves the right to adjust the auto extension time period.
Example: Rowell Auctions, Inc. Online Only Real Estate Auctions have an auto extend feature. Any bid placed within 10 minutes of the auction ending will automatically extend the auction for 10 minutes from the time the bid is placed.
Example: If an auction scheduled to end at 10:00 a.m. receives a bid at 9:59 a.m., the close time of the auction automatically extends to 10:09 a.m. The auto-extend feature remains active until no further bids are received on the entire bidding group of properties within the 10 minute time frame. Rowell Auctions, Inc. reserves the right to adjust the auto extension time period.
Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Rowell Auctions, Inc. will reject the registration, and bidding activity will be terminated.
Terms: At the close of the auction, successful bidders will be emailed the contract package to execute and return to Rowell Auctions, Inc. Successful bidders will deposit 10% of the contract price, or $2,500.00 whichever is greater, (in the event the contract price is less than $2,500.00, the con-tract price will be the required earnest money deposit) in the form of cashier’s check or wire trans-fer with the title company/closing agent listed for the specific property. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.
Buyer’s Premium: A 10% buyer’s premium will be added to the bid price on all properties with a bid price of $5,000 or greater to determine the final contract price. On all properties with a bid price less than $5,000, a $500 buyer’s premium will be added to the bid price.
10% Buyer’s Premium Example:
Bid Price: $100,000
Plus 10% Buyer’s Premium: $10,000
Total Contract Price: $110,000
$500 Buyer’s Premium Example:
Bid Price: $2,500
Plus $500 Buyer’s Premium: $500
Total Contract Price: $3,000
Contracts: Contract Packages will be sent by e-mail to the successful bidder, who must execute and fax or email back to Rowell Auctions, Inc within 48 hours of receipt. Successful bidders not executing and returning their contract with earnest money deposit within 48 hours of receipt will be considered in default and subject to an Administrative Fee.
Auction Administrative Fee: In the event a winning bidder fails to submit the signed ’Contract for Sale of Real Property’ and deposit earnest money deposit) earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Rowell Auctions, Inc. and the Seller as provided in the Auction Terms & Conditions and the ’Contract for Sale of Real Property’. All administrative fees are non refundable.
Closing: Time being of the essence, these sales shall be closed on or before March 29, 2012. The purchaser will pay for all closing costs associated with the transaction. The 2012 ad valorem taxes will be the purchaser’s responsibility.
Broker Participation: A two percent (2%) bid price commission is available to properly registered brokers. A Broker Participation Form with complete instructions is available at www.rowellauctions.com
Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as buyer’s agent. Rowell Auctions, Inc. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. At auctions with reserve, the seller and/or auctioneer reserves the right to bid. On all other auctions, auctioneer reserves the right to bid on auctioneer’s behalf when permitted by law.
Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete.
Any reliance on the contents shall be solely at the recipient’s risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold ’AS IS’ with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bid-ding.
