112
FOR SUPPLEMENTAL INFORMATION CALL 1-800-845-3524
On Auction day, all registered bidders must show
that they have in their possession a separate
Cashier’s Check or Certified Check (“Certified
Funds”) made out to the bidder (no cash, please) in
the amount of $2,500 for each property the bidder
intends to purchase.
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 plan 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
two minutes. The properties will not necessarily be
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 and make an earnest money
deposit of ten percent (10%) of your bid price, but
in no event less than the amount of your Certified
Funds foreachpropertyyoupurchase.YourCertified
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
Formverifying 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 BIDAUCTION
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 ac-
cepted bid price. Checks should be made payable
to the Realty Marketing/Northwest Client Trust
Account. Due diligence should be completed pri-
or 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
paiduponcloseof escrow. Cooperatingbrokerswill
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 theAuctionwith their Buyer andmust
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
