REAL ESTATE: 15% non-refundable down on auction day; Balance due on or before 30 days; 10% Buyers Premium added to sale price; Sold:AS IS WHERE IS; Auctioneer/Broker is Agent for the Seller in this transaction;Lead based paint waiver must be signed by buyer and inspection must be made prior to auction.
TERMS FOR ONLINE BIDDING: Contract for Sale of Real Property: The property is offered under the specific terms provided in the contract. The Offer to Purchase and Contract is available at www.prachtaution.net. Please read and review the contract thoroughly prior to bidding on the property. If you have not read and reviewed the Offer to Purchase and Contract, Do Not Bid!
Chris Pracht Auctioneers. R&A, LLC has the sole authority to resolve any bidding disputes as they may arise.
Auction End Times: All Chris Pracht Auctioneers. R&A, LLC Online Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Chris Pracht Auctioneers. R&A, LLC reserves the right to adjust the auto extension time period.
Example: Chris Pracht Auctioneers. R&A, LLC Online Real Estate Auctions have an auto extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes in addition to the time remaining on the auction clock at the time the bid was placed. Example: If an auction scheduled to end at 4:00 p.m. receives a bid at 3:59 p.m., the close time of the auction automatically extends to 4:04 p.m. The auto-extend feature remains active until no further bids are received on the entire bidding group of properties within the 5 minute time frame. Chris Pracht Auctioneers. R&A, LLC reserves the right to adjust the auto extension time period.
Bidder Verification: The identity of all bidders will be verified, bidding privileges are provisional, and if complete verification is not possible, Chris Pracht Auctioneers. R&A, LLC reserves the right reject the registration, and bidding activity is subject to termination. Bidder MUST be available to be contacted by telephone at ANY time BEFORE, DURING and AFTER the Auction.
Terms: At the close of the auction, successful bidders will be emailed the contract package to execute and return to Chris Pracht Auctioneers. R&A, LLC Successful bidders will deposit 15% in the form of cashier's check or bank wire transfer with Chris Pracht Auctioneers R&A, LLC Escrow Account within 24 hours of receipt of the contract package. The entirety of the remaining balance is due at closing as stipulated in the “Offer to Purchase and Contract”. 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 to determine the final contract price.
10% Buyer's Premium Example:
Bid Price: $100,000
Plus 10% Buyer's Premium: $10,000
Total Contract Price: $110,000
Contracts: Contract Packages will be sent by e-mail to the successful high bidder at the conclusion of the auction. Successful high bidder must execute, scan, email or hand deliver the package back to Chris Pracht Auctioneers R&A, LLC within 24 hours of receipt. Successful high bidders not executing and returning their contract with earnest money deposit within 24 hours of receipt will be considered in default.
