Auction Terms & Conditions Terms and Conditions:
By registering to bid, you acknowledge agreement and acceptance of all auction terms and conditions.
Bidder requirements: In order to bid, you must be registered with name, address, valid credit card information, valid phone number, and valid email address.
Due diligence: All merchandise is sold as is with no warranties. Bidder is responsible for his own inspection, determination of condition, value, and correctness of description. Do not bid if you are uncertain what you are bidding on.
All sales are Final: Bidder understands that no refunds, exchanges, adjustments, charge backs, etc. will be allowed.
Buyers Premium: A 10% will be added to the final bid price on each item including the real estate
Winning Bidder Notification/Invoice: Upon close of the auction winning bidders will be emailed an "unpaid" invoice for purchases. Please bring the "unpaid" invoice with you in print or on your mobile device to pick up.
High bidder on the real estate will immediately sign a purchase agreement for their bid plus the 10% buyer premium and submit $5000 earnest money in the form of cash, cashiers check or direct deposit into Orrell Auctions Real Estate PLLC Trust Account.
Summary of Real Estate Auction Terms:
Property sells with clear title, free of all liens and encumberances, "as is", by legal description, with no warranties or contingencies. Seller to provide Warranty Deed and title insurance. Property will sell at or the highest bid above the $60,000 minimum bid. 10% buyer premium. $5000 down as earnest money on day of auction, balance due at closing in 30 days. Announcements made auction day take precedence over any previous oral or printed announcements.
Detailed Real Estate Auction Terms:
$60,000 minimum bid. Property will sell at or for the highest bid above $60,000
Buyer Premium: A 10% buyer premium will be added to the final bid price to determine the contract price. Ex: $60,000 bid price + (10%) $6000 = $66,000 contract price
Purchase Agreement/Contract: At the conclusion of the auction, the successful bidder will sign a purchase agreement in the amount of their bid plus the 10% buyer premium. When accepted and signed by the seller, this agreement becomes the purchase contract.
Down Payment/Earnest Money: With purchase agreement, Bidder will submit $5000 to be deposited and escrowed in Orrell Auctions & Real Estate PLLC's Trust Account. Down payment will be credited to buyer at closing. Balance of purchase price required in approximately 30 -45 days at closing. If you cannot close you will forfeit your down payment.
Acceptable Currency for down payment: Cashier's check, wire transfer, direct deposit or good personal or company check preapproved by auctioneer or accompanied by bank letter guaranteeing payment.
Warranties & Contingencies:
1. Property sells "as is" with no warranties from the seller other than good title. Inspections should be conducted before the auction. If you bid, you are agreeing that you are satisfied with the Property in its current condition at the price you bid.
2. Financing: Property sells with no contingencies for financing, and no financing is offered by the seller. Financing should be arranged before bidding. If you cannot pay the balance at closing, you will lose your down payment/earnest money.
3. Corners of Property and property lines MAY be marked for your convenience only. Bidders are responsible for verifying accuracy to their own satisfaction before bidding.
Survey: Optional, at buyers expense
Title: Seller will guarantee good title at closing by providing Owner's Title Insurance and a Warranty Deed free of all liens and encumbrances but subject to any easements of record.
Closing will be in approximately 30 - 45 days from auction.
Seller pays 1/2 closing fee, 1/2 Revenue Stamps, Owner's Policy of Title Insurance, deed preparation.
Buyer pays 1/2 closing fee, 1/2 Revenue Stamps, deed recording fee and any other expenses generated by Buyer, including, but not limited to, Loan Policy of Title Insurance, hazard insurance premiums, survey, Buyer's attorney fees, and any other fees associated with Buyer's loan, if any.
Property taxes will be prorated as of the date of closing.
Payment: Although you are required to register with a credit card, we do not accept credit cards for payment. Pay for your merchandise with cash or good check at pick up during the designated time. You will be issued a "paid" receipt. Present the paid receipt to the attendant at pickup. No items will be released for pickup until paid for.
Designated Pick Up Time: DO NOT BID IF YOU CAN NOT PICK UP DURING THE DESIGNATED PICK UP TIME!. . Pick up time for auction purchases of remaining inventory is posted in ads and in the info for each individual auction. Purchased items must be picked up by the buyer during the specified time. Any items that are not removed during the time allowed will be considered abandoned and may be discarded or resold.
Shipping: We do not ship. If you require shipping, you are responsible for making arrangements with shipper, which includes pick up of merchandise during designated pick up time.