Sealed Bid Auction Procedures & Terms

THE AUCTION: On Tuesday, January 31, 2012 Cates Auction & Realty Co., Inc. will open sealed bids in the auction of the real property commonly known as 1528-32 Grand Boulevard, Kansas City, MO 64108. The property will be sold according to the terms and details provided in the Property Information Package (PIP).

SEALED BID AUCTION FORMAT: This is a sealed bid auction.  To bid in the auction, your written sealed bid must be received by 4:00 p.m. (CST), Tuesday, January 31, 2012 and should be delivered to Jeff Cates, Auctioneer/Broker, Cates Auction & Realty Co., Inc., 1440 Iron Street, North Kansas City, MO 64116. Conforming bids must be made on the Real Estate Sale Contract included in the Property Information Packet and must include a completed “Sealed Bid Certification” form along with an earnest money deposit as described below.  Bids that are received after the deadline may not be eligible for consideration and may be returned to the sender unopened.  All bids must have a complete return address on the outside of the envelope.

PROPERTY INSPECTIONS: Showings are available by appointment. Please call Cates Auction & Realty Co., Inc. to schedule.

DOCUMENTS AVAILABLE: Certain information has been supplied to prospective buyers to assist in consideration of the property. The property is being sold on an AS IS, WHERE-IS basis and Seller makes no representations or warranties except as described in the Real Estate Sale Contract.  It is the bidder’s responsibility to inspect the property prior to bidding to make all determinations as to the use and condition or seek professional inspection of the property. All information is taken from sources deemed reliable, all measurements are approximate and not to scale.  Bidders must independently verify any and all information supplied, and the Seller, Broker, Auctioneer, and Brokerage Companies are not responsible for any omissions, incorrect information, or opinions of third party experts and consultants. 

CONSIDERATION OF BIDS BY THE SELLER: All bids are subject to Seller acceptance on or before Monday, February 6, 2012.  Bids must remain irrevocable by the bidder during this period. During the consideration period the Seller has the right in its sole discretion to reject any or all bids, counter, request best and final bids, or invite top bidders to a final round of bidding in a live or internet auction.  All bids rejected by the Seller during this period will be returned to the bidders along with accompanying deposits.  Failure to notify the bidder does not constitute acceptance or rejection by the Seller, but converts the bid to a revocable offer. Seller agrees that no negotiations shall take place with parties other than the participants of the sealed bid program during the consideration period. Written notification of final approval or rejection will be provided to the high bidder immediately following a decision. 

BUYER’S PREMIUM:  All sales at auction shall provide that each purchaser pay a buyer’s premium (BP) equal to 10% of the high bid.  This amount shall be added to the final bid and the total shall be inserted in the Real Estate Sale Contract to determine the total purchase price. (High bid + BP = purchase price).  See the Bid Certification Form and the Sale Contract for details. 

DEPOSIT, TERMS & CLOSING:  Each bidder shall make an earnest money deposit (non-refundable for the successful high bidder) equal to 10% of his/her purchase price amount.  Deposits must be in the form of a cashier’s check made payable to Coffelt Land Title.  The auctioneer will hold these down payment checks during the consideration period until a successful bidder is chosen, and upon notification of the successful bidder, the Auctioneer will forward the successful bidder’s check to the title company to deposit in escrow.  (Checks and agreements will be returned to all non-winning bidders as described above.)  The balance of the purchase price is due at closing in 30 days.  Financing is not a contingency of sale in this offering.  If purchaser cannot obtain financing, then purchaser must either close for cash within the contractual period or forfeit his/her earnest money deposit.  Taxes will be prorated to closing.  The Seller is providing the seller’s title insurance policy.  The buyer’s title insurance, if needed, will be at the buyer’s expense.

AGENCY DISCLOSURE:Cates Auction & Realty Co., Inc. “Auctioneer” and all licensees employed by or associated with Cates Auction & Realty Co. represent the Seller in the sale of this property, and will not be agents for the buyer.

BROKER PARTICIPATION: A commission of 3% of the high bid shall be paid to the qualified broker who is duly licensed in Missouri, whose properly registered client is the successful bidder, and whose client pays for and settles the property by the closing date.  Brokers must register their prospective clients by fully completing the proper Broker Participation Agreement provided by Cates Auction & Realty Co. (and included in the PIP). Completed forms may be faxed or submitted along with the sealed bid documents to be eligible for commission consideration.

CONTACT INFORMATION: Questions concerning auction procedures or terms should be directed to:

Cates Auction & Realty Co., Inc., 1440 Iron Street, North Kansas City, MO 64116 / www.CatesAuction.com

816-781-1134 (MO) / 913-378-1134 (KS) / 877-781-1134 (Toll free) / 816-781-1135 (Fax)  /  Sold@CatesAuction.com

Call our office to schedule showing appointments 816.781.1134.

I-35 S. to I-29, south to Us-71, south to Exit 2J (11th St), right to Grand, left to address

I-35 N. to Exit 2U (Broadway), stay left at fork on to Truman Rd., right on Grand to address.