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REAL ESTATE TERMS & CONDITIONS
AUCTION SITE: The auction for this property will be held on site, rain or shine.
REGISTRATION: Although there is no obligation to bid, all prospective bidders must register and complete a Bid Certification form.
TERMS: Buyers to pay NON-REFUNDABLE down payment per property (cashier’s check or cash) on auction day; balance due upon closing (closing to be within 30 days from date of auction unless other arrangements are made). If closing does not occur within this time period, the contract is void and deposit is forfeit. A Buyer’s Premium will be added to final bid (to become part of the total purchase price paid by the Buyer at closing).
CONDITIONS: This property will be sold “as is”, “where is”, without expressed or implied guarantee or warranty. All information was derived from sources believed to be correct but is not guaranteed, and is subject to errors, omissions, corrections, additions, deletions, prior sale and withdrawal. All measurements are approximate. Buyers shall rely on their own information, judgment and prior inspection of the property and records. Auction announcements take precedence over any previously printed and/or oral material. Title will be free and clear of all encumbrances.
POSSESSION: As Announced, usually after closing.
CLOSING COSTS: Buyer will incur standard closing costs, as would be the case in the purchase of any real estate in the state of Texas.
AGENCY DISCLOSURE: Auctioneers and their Agents represent the Seller in the offering and sale of this property.
BROKER PARTICIPATION: Zuber Auction welcomes the participation of other licensed real estate professionals. Please call for participation form.
DISCLAIMER: Be advised that the information contained herein is correct to the best knowledge of the provider or was compiled from Public Knowledge, and is provided to you without warranties or representations of any kind and the property to be sold is offered as is, where is, with all faults and with no warranties of guarantees.
BIDDING INFORMATION: The auction of this piece of Real Estate will take place in the same manner in which you would expect to bid on a piece of personal property. The Auctioneer will move at a slower pace however to ensure that every person clearly understands the amount of the previous bid. You will have the opportunity to bid as many times as you like and upon conclusion, the highest bidder will be declared the Buyer subject to the approval of the Seller. An irrevocable deposit (amount stated in Auction TERMS) will be required from the successful bidder immediately upon announcement of the high bidder. There is no charge to register for the auction.
VIEWING THE PROPERTY: Most of the properties that are offered for sale are available for viewing at one or more pre-set Open House times. Some properties will be available for public viewing with no appointment required, while others will require that you make an appointment. If an appointment is required, this will be announced clearly on the sign, brochures, newspaper ads and website. If you aren’t available to view the property on any of the pre-established open house dates, we’d be pleased to arrange alternate viewing times for all qualified candidates.
REQUEST A PROPERTY INFORMATION PACKAGE: If you have an interest in bidding on a property, make sure that you get a Property Information Package from Zuber Auction. Most of the property information is listed on our website (zuberauction.com), but the complete package can be obtained at our Open House or by calling (940) 704-0032 or (940) 692-2205.
DO YOUR DUE DILIGENCE: Often a building inspection is available for the property being sold, but sometimes there is none available. Feel free to hire a building inspector or real estate appraiser before auction day to inspect the property that you intend to bid on so that you can be confident about your buying decision. We’ll make special arrangements to have your inspector view the property. Ask lots of questions before auction day about the property that you intend to bid on. Acquire an understanding of the value of properties in the neighborhood, community, city or region where the property is located. Feel free to have your lawyer review the Property Information Package. Zuber Auction represents the Seller of the property exclusively. If you would like exclusive buyer representation, you need to hire a buyer broker or lawyer, just as for any real estate transaction.
ARRANGE FINANCING: When Zuber Auction sells a property, it is a cash purchase, with no conditions and typically closing in 30 days. This means that you will not be permitted to bid on a conditional basis. You must know prior to bidding that you are pre-approved for a mortgage from a bank or other financing source, or that you have the cash in hand. If you require financing assistance, please contact Zuber Auction and we will do our best to assist you. Sometimes a seller financing option is offered. If this is the case, the financing option is clearly published on all property marketing materials. When speaking with your lender about financing, present him/her with the complete property information package. This will contain the pertinent information which is required to pre-approve your loan, except the price. If your lender forces you to put a price on the property, tell your lender the highest amount you are prepared to pay for the property and see if you can get approved. If you can get approved at your highest price, then you know you can pay any number less than the approved number and perhaps a little more, if you have to.
SPEAK WITH ZUBER AUCTION: Being honest with Zuber Auction representatives about your level of interest in the property will increase your chances of buying the property. Most properties sold by Zuber Auction are sold subject to the Seller’s confirmation. Based on this premise, we sell almost every property that we market through the auction process. During the auction of any asset, a Seller has a price in mind of what he’d like to sell for and a Buyer has a price in mind of what he’d like to buy for. As a Buyer, by being honest with the auction representatives about your level of interest in the property, we can pre-prepare the Seller for the actual sale result several days prior to the auction, therefore increasing your chances of buying the property for your price.
UNDERSTANDING THE SELLER: As a Buyer you should understand the Seller’s level of motivation. In the case of a Zuber Auction, our Sellers are clear in their intentions to sell. At Zuber’s we select our customers carefully. Our sellers aren’t just giving the process a shot; they have made an investment in the marketing effort and in preparing due diligence information for the auction. Whether auctioning a large or small property, the Seller has demonstrated a high commitment to selling, certainly beyond the act of hiring a local agent who may place a For-Sale sign in the front yard and place the listing in an MLS book.
REGISTER TO BID: Prior to any bids being accepted by the Auctioneer, you must register to bid on the property. You are required to sign a bid certification that states that you have received, read completely and understand the Property Information Package. You may register to bid on the property at our Open House, by fax or phone, or in person on the day of the auction. Your opening bid amount is also required along with your name, address, phone numbers and signature.
OPENING BIDS: Often we are asked the question, “Where will the bidding start?” We require every registered bidder to provide an opening bid on the bid certification registration form, and the live auction opening bid will simply start at the highest opening bid provided. Everyone who registers and submits an opening bid is eligible to bid at the auction.
DEPOSIT REQUIREMENTS: Make sure that you have the required deposit amount accessible upon short notice, or on hand the day of the auction. A deposit from the high bidder will be required immediately following the auction and contract signing. Sometimes this amount needs to be certified and other times it may not. The deposit terms will be listed clearly in the Property Information Package. Please make sure you read the deposit terms and ask an auction representative if you are not clear what the requirements are.
BIDDING PLAN: Assuming you have some understanding of the property’s value and a clear understanding of what you are prepared to pay for the property, don’t be afraid to open the bidding at the auction with a strong beginning bid. One of the hardest parts of the auction for the Auctioneer is getting the 1st bid. By being the first bidder with a strong opening bid you will command respect from the auctioneer right from the start of the auction. Most people at an auction will value the property similarly. Also, your strong opening bid will set the pace of the auction quickly and others bidding against you may be intimidated by your bidding strategy.
BID ASSISTANTS: You may see bid assistants at Zuber Auctions. These people are there to answer your questions during the auction and to assist you with bidding. If you are unsure where the bid is or what the auctioneer is asking for, ask! Zuber Auction personnel are there to assist you!
ENDING THE AUCTION: Following the auction, if you are the high bidder, you will immediately sign the agreements of purchase and sale and provide a deposit for the specified amount. If you are the back-up bidder, you may leave your contact information if for any reason the high bidder is unable to complete the sale.
CLOSING: Most Zuber Auction closings are conducted by Stewart Title in Wichita Falls, Texas. The Buyer is assured of receiving a clear title and all taxes are prorated to date of closing (paid by Seller).
BID CERTIFICATION for ZUBER AUCTION
By signing this certificate and returning it to Zuber Auction, I hereby certify that:
A. I acknowledge that I have received a bid package.
B. I have read and understand the auction terms and bidding format.
C. I understand the rules and terms of the auction.
D. I certify that I currently have sufficient funds to meet both the deposit due day of auction and further requirements called for by the agreement of purchase and sale.
E. I understand that the agreement of purchase and sale is a legally binding contract and is not contingent upon financing or any other factors.
F. I understand that if I am the successful bidder, I will sign the agreement of purchase and sale immediately upon notice of being the winning bidder.
G. I understand that a buyer’s premium will be added to my final bid and is due in addition to the final bid to complete the purchase at closing.
H. I understand that Zuber Auction is employed by and represents the Seller.
I. I understand that my registration for this auction will not be accepted without providing an opening bid (on space below) and that this constitutes an opening & binding bid.
OPENING BID AMOUNT $_________________________________
PRINTED NAME __________________________________________
DATE OF SIGNATURE______________________________________
ADDRESS OF AUCTION PROPERTY________________________________________________
General Auction Terms & Conditions
ZUBER AUCTION SERVICE
Richard Zuber, CAI - TX#6807 - (940)692-2205/(940)704-0032
All Sales Final, Cash, MasterCard & Visa Accepted, Announcements Made Sale Day Supercede All Others, Written or Oral, All Items Sold As Is, Where Is, with No Guarantees or Promises, Come Hear "The SOUND THAT SELLS!"
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