RESIDENTIAL REAL ESTATE AUCTION
311 S SCOTT STREET–OAKWOOD, IL
AUCTION END TIME: Thursday - October 18, 2018 – 12:00pm
PREVIEW DATES: Sunday–October 14 – 1:00pm – 2:00pm
Thursday –October 18 – 11:00am - 12:00pm
PLEASE READ AND REVIEW THE REAL ESTATE TERMS THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY.
IF YOU HAVE NOT READ AND UNDERSTAND THESE TERMS…DO NOT BID!
BY BIDDING ON THE PROPERTY, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE PROPERTY UNDER THE FOLLOWING TERMS AND CONDITIONS:
UPON CONCLUSION OF THE AUCTION: The Winning Bidder will be emailed a Real Estate Contract to print and is required to fully and correctly complete and properly sign it without any modifications and then return the completed, signed contract to Wallace Land & Auction, LLC by email, fax, certified mail, or in person by 4:00 PM of the day following the auction. Along with the completed, signed contract, the Winning Bidder will be required to send the specified non-refundable earnest money deposit as stated in the below real estate terms. This non-refundable earnest money deposit will be held in the Seller’s Attorney’s escrow account until closing and that amount will then be credited to the Buyer as part of the purchase price of the property.
Successful bidder not executing and returning the completed contract and earnest money deposit by 4:00 PM the day after the auction will be considered in default. Such default by the Successful Bidder will result in that Bidder’s liability to both the Seller and Wallace Land & Auction, LLC. Seller shall have the right to (a) declare this contractual agreement cancelled and recover full damage for its breach, (b) elect to affirm this contractual agreement and enforce its specific performance or (c) Resell the property either publicly or privately with Wallace Land & Auction, LLC and in such an event, the Buyer shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding costs of the property, the expenses of both sales, legal and incidental damages of both the Seller and Wallace Land & Auction, LLC. In addition, Wallace Land & Auction, LLC also reserves the right to recover any damages separately from the breach of the Buyer.
Both the Successful Bidder and Seller shall indemnify Wallace Land & Auction, LLC and hold harmless Wallace Land & Auction, LLC from any costs, losses, liabilities, or expenses, including attorney fees resulting from Wallace Land & Auction, LLC being named as a party to any legal action resulting from either Bidders or Sellers failure to fulfill any obligations and undertakings as set forth in this contractual agreement.
REAL ESTATE TERMS
THIS PROPERTY WILL SELL TO THE HIGHEST BIDDER, REGARDLESS OF PRICE!
DOWN PAYMENT: $2,000 cash, check or wire transfer to Seller’s attorney’s escrow account. Wire transfer instructions (if needed) and escrow agreement forms will be provided to the Buyer along with the contract after the auction. Purchaser shall be responsible for any wire transfer fees.
BUYER’S PREMIUM: A 6% Buyer’s Premium will be added to the winning bid to determine the total purchase price of the property.
DATE OF CLOSING: The closing will take place within 45 days from the date of the auction and as specified in the Contract for Sale of Real Estate. All taxes will be prorated to the day of closing. Time is of the essence.
NO CONTINGENCIES: This real estate auction and contract is not contingent on or subject to Buyers financing, appraisal, survey or inspections of any kind or any other contingencies as agreed to by bidders at registration prior to bidding.
TITLE: Buyer is entitled to and the Seller will provide clear, insurable title for property upon full payment.
ZONING AND EASEMENTS: Property is being sold subject to any and all easements of record. Property is subject to all state and local zoning ordinances.
AERIAL PHOTOS, IMAGES & DRAWINGS: Photos, images and drawings are for illustration purposes only and not surveyed boundary lines unless specified.
AGENCY: Wallace Land & Auction, LLC is the Agent and Representative of the Seller only.
CONDITION OF PROPERTY: Property is sold 'AS IS, WHERE IS' condition. Wallace Land & Auction, LLC, the Sellers nor their representatives, agents, or employees make express or implied warranties or representations of any kind. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property prior to bidding on the subject property. All information presented in the brochure, website, and all other mediums is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors, or omissions is assumed by the Seller, Wallace Land & Auction, LLC or their Agents or Representatives. Buyer and or Bidder agrees to hold harmless and indemnify Wallace Land & Auction, LLC and their Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
DISCLAIMER: All information included herein was derived from sources believed to be correct, but is not guaranteed.
NEW DATA, CORRECTIONS, and CHANGES: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
DISPUTES: Any dispute between Wallace Land & Auction, LLC or the Sellers or their Agents or Representatives and the Buyer(s) will be (a) arbitrated in Champaign County, IL or (b) tried in a court of jurisdiction in Champaign County, Illinois at the discretion of both the Seller and Wallace Land & Auction, LLC.
BIDDING AND REGISTRATION INFORMATION
BIDDER VERIFICATION: Bidding rights are provisional, and if identity verification is questionable, Wallace Land & Auction, LLC has the right to reject the registration, and bidding activity will be terminated. The Seller and Wallace Land & Auction, LLC reserve the right to preclude any person from bidding if there is any question as to the person's credentials, mental fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. If the registered bidder's user name is offensive to Wallace Land & Auction, LLC or in their sole opinion detrimental to bidding activity, then Wallace Land & Auction, LLC reserves the right to delete the bidder from bidding or unilaterally change the username with notification to the Bidder. When using the website you must obey any and all local, state and federal laws. Violations will result in termination of web site use privileges.
BIDDING PROCESS: Register and bid on-line.
MAXIMUM BID: When you bid your maximum bid, the current bid price does not automatically advance to your maximum bid. Another bidder has to bid to increase the current price and the computer will automatically bid up to your maximum in the increments specified.
AUCTION END TIMES: Wallace Land & Auction, LLC online only auctions are timed events and all bidding will close at specified time. However, our auctions also have what is called an 'Auto Extend' feature. Any bid placed within the final 5 minutes of an auction results in the auction automatically extending 5 additional minutes. The bidding will extend in 5 minute increments from the time the last bid is placed until there are no more bids, and the lot sits idle for 5 minutes. Therefore, the auction will not close until all bidding parties are satisfied. No one can be outbid at the last seconds without having another opportunity to bid again.
TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software, internet or any other online auction-related technologies, Wallace Land & Auction, LLC reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software, nor Wallace Land & Auction, LLC shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
CONDUCT OF THE AUCTION: Conduct of the auction and increments of bidding are at the direction and discretion of Wallace Land & Auction, LLC. Wallace Land & Auction, LLC reserves the right to reject any and all bids for any reason and also reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding. All decisions of Wallace Land & Auction, LLC are final.
YOUR BID ON THIS AUCTION INDICATES BOTH AN UNDERSTANDING AND AN ACCEPTANCE OF THE TERMS OF THIS CONTRACTUAL AGREEMENT BETWEEN YOURSELF AND BOTH THE SELLER AND WALLACE LAND & AUCTION, LLC, AND THAT YOU, AS THE BIDDER, ARE PREPARED TO PURCHASE THE PROPERTY UNDER THE TERMS AND CONDITIONS OF THIS AUCTION.