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Auction Day Procedures
Pre-Registered Bidders: As a pre-registered
bidder, you will check in at the Pre-Registered
Bidder area prior to the Auction. You will be
asked to show your $2,500 in Certified Funds as
described under Registration. You will receive
your assigned Bidder Number. If you are
planning to purchase more than one property,
you must present separate Certified Funds for
each property you wish to purchase.
Auction Day Registration: Those who register
on Auction Day will be required to complete the
Auction Registration Form and provide evidence
of Certified Funds in the amount of $2,500 for
each property you wish to purchase. Auction Day
registrants should plan to arrive at least thirty
minutes prior to the Auction in order to complete
the registration process.
Bidding on each property will take approximately
twominutes. Thepropertieswill not necessarilybe
auctioned in the order they appear in the Catalog.
The order of the bidding will be announced prior
to the Auction. As the successful bidder, you will
sign a Bid Confirmation Sheet immediately upon
acceptance of your high bid. An Auction escort
will then usher you to the Contract Area, where
you will complete the sales contract.
Writing the Sales Contract
In the Contract Area on Auction Day, you will
sign the sales contract andmake an earnest money
deposit of ten percent (10%) of your bid price, but
in no event less than the amount of your Certified
Funds for each property you purchase. Your
Certified Funds will be deposited as a portion of
your earnest money deposit. The balance of the
earnest money deposit may be by personal, or
company, check. In addition to the Purchase and
Sale Agreement, you will be required to sign a
Buyer Acknowledgement Form verifying that you
have inspected the property and are purchasing
it in its “as is” condition. No allowances will be
made for contingencies. Sample copies of contract
documents are available in each Supplemental
Information Package. The sales contract is a
binding contract.
SEALED BID AUCTION
All Sealed Bids must be accompanied by Certified
Funds for ten percent (10%) of the bid price as an
earnest money deposit. Within three (3) business
days of acceptance of a bid, earnest money
deposit must be increased to ten percent (10%) of
the accepted bid price. Checks should be made
payable to the Realty Marketing/Northwest Client
TrustAccount. Due diligence shouldbe completed
prior to bid submissions. Bidders will be notified
of acceptance or rejection of bids no later than five
business days after the bid submission deadline.
Escrows will close within 30-45 days of the date of
the bid acceptance.
FINANCING
Some Sellers offer financing subject to approval
of Buyers’ credit. See individual property
descriptions for details.
COOPERATING BROKERS
Broker cooperation is invited. A commission
ranging from 1% to 2% will be paid to the real
estate agent whose Buyer closes on the purchase of
any Auction Property. The real estate agent must
be a broker currently licensed by his/her state of
residence or a salesperson licensed under such
broker. Cooperating broker commissions will be
paid upon close of escrow. Cooperating brokers
will not share in any payment of liquidated
damages.
Buyers must register their real estate agent on the
Auction Registration Form or on the Sealed Bid
Form. For the Oral Auction, the Registration Form
should be received by the Auction Information
Office at least three days prior to the Auction. No
Auction Day Registration of real estate agents will
be accepted.
For the Oral Auction, registered real estate agents
must attend the Auction with their Buyer and
must accompany their Buyer into the contract
area if their Buyer is the successful high bidder.
No real estate agent will be recognized for a Buyer
where that Buyer has previously contacted, or
been contacted by, the Seller, or Realty Marketing/
Northwest, concerning the Auction Property
purchased. No commission will be paid to any
real estate agent participating as a principal in the
purchase of the property. The commission will be
earned and paid upon the full and final closing by
the Buyer on the conveyance of the property and
the receipt of the full purchase price by Seller. No
exceptions to this procedure will be made and no
oral registrations will be accepted.
CLOSING AND COSTS
All sales must close within 30 to 45 days of the
Auction, unless extended by the Seller, in writing.
