“ONLINE ONLY” BIDDING

AUCTION TERMS AND CONDITIONS

REGISTRATION:

Proper and complete online registration is required to bid. All bidders must provide name, address, phone number, and email address to register. A credit card (MC or Visa) is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit will be charged to the credit card provided at registration. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.

BIDDING ONLINE:

The only way this property may be purchased is via online bidding during the published bidding period. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office for assistance. 816-781-1134) To place a bid, bidders enter their “maximum” bid and click the “Place Bid” button. Each time that bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum. The Auctioneer does not know any bidder’s maximum bid.  The system will not advance a bidder’s own bid. Online-only auctions utilize the “Soft Close” feature that automatically extends the bidding time if a bid is received in the last 2 minutes of the published bidding period. The extensions will continue until 2 minutes have lapsed without any bidding activity, at which time the auction is concluded.

BUYER'S PREMIUM:

A buyer's premium of ten percent (10%) or $2,500.00, whichever is greater, of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s).

Sample calculation --   High bid                      =           $50,000

                                    Buyer’s Premium        =          $  5,000  (10% of 50,000)

                                    Total purchase price    =          $55,000

FINANCING:                                                                                                                       

Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.

CONTRACT SIGNING:

At the conclusion of the auction the high bidder will receive an email confirming his or her winning bid status. In this or a subsequent email, all documents requiring signatures, including the filled out Real Estate Sale Contract will also be sent. The Auctioneer or his representative will contact the Winning Bidder the following morning to make final arrangements. The signed documents and required deposit (see below) must be delivered to the Auctioneer by close of business on the day following the auction conclusion. (Auction office: 1440 Iron Street, North Kansas City, MO 64116). Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller’s reserve, unless advertised otherwise. Any property with a high bid exceeding the Seller’s reserve will be declared “sold” by the Auctioneer. In instances where the seller’s reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller’s sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.

DOWN PAYMENT (DEPOSIT):

The Winning Bidder shall be required to make an earnest money down payment equal to 10% of the total purchase price OR $2,500.00, whichever is greater.  This deposit must be paid by wire transfer or by certified funds, by close of business the day following the bidder being declared the Winning Bidder. All deposits are made directly with Lead Bank as stated in the Real Estate Sale Contract. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events.

CLOSING:

The Winning Bidder shall close within 30 days of the auction date, unless stated differently in the Purchase Agreement. Possession will be delivered at closing subject to any remaining rights of the current tenant(s).

EVIDENCE OF TITLE:

Seller shall furnish at seller’s expense an Owner’s Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s).

REAL ESTATE TAXES & ASSESSMENTS:

2012 taxes are to be prorated as of the closing date.

EASEMENTS AND LEASES:

Sale of said property is subject to any and all easements of record and any and all leases.

AGENCY:

Cates Auction & Realty Co., Inc. and its representatives are Exclusive Agents of the Seller.

BROKER PARTICIPATION:

A commission of 3% of the high bid (unless a different percentage is stated in the property’s MLS listing) will be paid to any properly licensed Broker who registers a successful buyer according to the appropriate Broker Participation Agreement. This form is available from the Auction Company and must be completed and returned no later than 48 hours prior to the auction end date.

DISCLAIMERS AND ABSENCE OF WARRANTIES:

The information in the auction advertising was obtained from sources believed to be accurate, but 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 or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an “AS IS”, “WHERE IS” basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement.  Property available for and subject to sale prior to auction.

PRE-AUCTION SALES:

As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Sale Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept, or reject such offer in their sole and absolute discretion.

We hope you enjoy bidding in the online auction!

I-70 exit 17th Street, east to Lister, north to property.