TERMS AND CONDITIONS FOR THIS FORECLOSURE AUCTION
TERMS OF SALE: CASH. As a condition of participating in the auction, each prospective bidder, with the exception of the holder of the obligations secured by the above‑described Deed of Trust, if it is a bidder, must have first registered with the undersigned Substitute Trustee and must have first delivered a cashier's or certified check in the amount of $20,000.00 payable to the undersigned Substitute Trustee prior to or at the time of the scheduled foreclosure sale. The undersigned Substitute Trustee will retain the check from the successful bidder as the bidder's deposit; the undersigned Substitute Trustee will return any checks received from non‑successful bidders immediately following the sale. An additional earnest money deposit aggregating along with the above-mentioned bidder’s deposit to 10% of the sales price shall be paid to the Substitute Trustee on or before May 9, 2018. The balance of the purchase money, with interest thereon at 6% per annum from date of sale to date of settlement, shall be due at settlement, which shall be held in the offices of the undersigned Substitute Trustee on or before May 14, 2018. Time shall be of the essence.
A memorandum of sale to be signed by the successful bidder, in addition to the bid price, will include a 10% buyer’s premium to be paid at settlement by the successful bidder to Motleys Asset Disposition Group.
This sale is made subject to the covenants, conditions, restrictions, rights‑of‑way, and easements, if any, contained in the deeds forming the chain of title to the property described in the Notice of Trustee’s Sale.
This sale is further subject to mechanic's and materialmen's liens of record and not of record, if any such liens exist, to the extent, if any, which any such mechanic's liens may enjoy priority over the lien of the Deed of Trust described in the Notice of Trustee’s Sale.
This sale is further subject to property owners’ association liens of record and not of record, if any such liens exist, to the extent, if any, which any such property owners’ association liens may enjoy priority over the lien of the Deed of Trust described in the Notice of Trustee’s Sale.
This sale is further subject to the rights of parties in possession, if any, to the extent, if any, which the rights of any such parties in possession may enjoy priority over the lien of the Deed of Trust described in the Notice of Trustee’s Sale.
The undersigned Substitute Trustee shall have no obligation to obtain eviction of any occupants of the subject property. Risk of loss by fire or other casualty shall be the risk of the purchaser at the foreclosure sale from time of purchase.
The subject property and any improvements thereon shall all be sold in "as is" condition, without warranties of any kind. Neither the undersigned Substitute Trustee nor the holder of the secured indebtedness make any representations or warranties as to the structural integrity, physical condition, environmental condition, construction, workmanship, materials, habitability, fitness for a particular purpose, or merchantability of all or any part of the subject property. The foregoing disclaimer of representations and warranties is not intended to void or impair any liability or obligation, if any, which any other party may have with respect of all or any part of the subject property.
Settlement shall be held in the offices of Karpoff & Title, counsel for the undersigned Substitute Trustee, at 1840 Wilson Boulevard, Suite 205, Arlington, Virginia 22201, on or before May 14, 2018. Time shall be of the essence with respect to settlement. The successful bidder's deposit and additional earnest money deposit shall be applied to the credit of the successful bidder at settlement, or, in the event of the failure to complete settlement on or before May 14, 2018, in accordance with the terms of sale, the deposit shall be forfeited and applied to the costs of sale, including Trustee’s fees, and the subject property shall be resold at the cost and expense of the purchaser. Time shall be of the essence. Real estate taxes shall be adjusted as of the date of sale. All costs of the conveyance, which shall be by special warranty, examination of title, recording charges, notary fees, and settlement fees, including preparation of deed and grantor's tax thereon, etc., will be at the cost of the purchaser.
If for any reason the undersigned Substitute Trustee should be unable to convey marketable title to the successful bidder or its assigns, the successful bidder’s sole right and remedy and that of its assigns shall be to be to obtain the refund of the bidder’s deposit plus liquidated damages of $250.00, and the sale hereunder shall then and thereafter be deemed null and void.
The Substitute Trustee reserves the right: (i) to waive the deposit requirement; (ii) to extend the period of time within which the purchaser is to make full settlement; (iii) to withdraw all or any portion of the subject property from sale at any time prior to the termination of bidding; (iv) to keep the bidding open for any length of time; (v) to reject any and all bids; and (vi) to postpone or set over the date of sale. In the event the Substitute Trustee deems it best for any reason at the time of sale to postpone or continue this sale from time to time, such notices of postponement or setting over will be in a manner deemed reasonable by the Substitute Trustee.
Additional Terms are as Follows:
Buyer’s Premium: A Buyer’s Premium of ten percent (10%) of the purchase price, exclusive of interest, will be added to the high bid for the real property and included in the total selling price paid by the buyer. For example, if the successful bid on a given property is $100,000, the ten percent buyer’s premium will equal $10,000, and the purchase price for the property will be $110,000.
Broker Co-op: Motleys Asset Disposition Group (the “Auctioneer”) will pay up to a three percent (3%) Broker Participation Fee (based on successful bid excluding buyer’s premium) to a broker representing the winning bidder on the real property. Broker participation forms must be received 24 hours prior to auction.
Live Bidding: In addition to the required registration, agents/auctioneers must also attend with and register their prospects at the auction.
Registration of Broker: To qualify for a Broker Participation Fee, the licensed broker/agent must first register the prospective bidder by mail, email (email@example.com) or fax (804) 232-3301 on Motley’s Broker Participation Acknowledgment Form, with Motleys Asset Disposition Group, 3600 Deepwater Terminal Road, Richmond, VA 23234. Registration forms must be countersigned by the prospect and include the broker's and agent's or auctioneer's license number, identification of the property, any agency disclosure statements, the letter and participation acknowledgment form. Please see Broker Participation Acknowledgment Form for full details.
Brokers must be present at the auction and assist their buyers during the auction and, if their buyers are the successful bidders, in the preparation of the memorandum of sale to receive said commission. No commission will be paid to Brokers on any sale to an entity of which (or any affiliate of which) they are principals, employees or affiliates, or immediate family members. No Broker Participation Acknowledgment Forms will be accepted at the auction site.
Closing: The sale of the real estate must close no later than May 14, 2018. Upon settlement, the successful bidder of real estate will be provided a Special Warranty deed for the real property purchased. TIME IS OF THE ESSENCE.
Other Terms: All bidding is open to the public without regard to race, color, sex, religion, or national origin. As used in these conditions of sale, the term “the final bid” means the highest bid acknowledged by the auctioneer, and the term “purchase price” means the sum of the final bid plus the applicable buyer’s premium, but excluding interest upon the purchase price. The auctioneer has the right to reject any bid or raise any bid which, in his opinion, is not commensurate with the value of the property being offered. The auctioneer may advance the bidding at his absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute. Should there be any dispute after the sale, the record of final sale shall be conclusive.
Bid Execution: Bids which are submitted to Auctioneer in writing or otherwise left with Auctioneer prior to an auction (Order Bids) for execution at or below a specified price shall be entertained and executed by Auctioneer for the convenience of bidders. Auctioneer shall not be responsible for failing to execute such bids or for errors relating to the execution of such bids.
Conditions of Default: If successful bidder defaults in making settlement, the deposit paid by that defaulting successful bidder shall be forfeited and applied to the costs and expenses of the auction sale and then to the balance due under the applicable note, and the property purchased by such defaulting successful bidder may either be resold at the risk and expense of such party, or Substitute Trustee may accept the next highest available bid at the auction sale. Such defaulting successful bidder shall be liable personally for any deficiency resulting from the resale of the property if sold at a lower price as well as for all costs, expenses, and attorneys’ fees in connection with such resale. The forfeiture of such deposit shall not limit any rights or remedies of Substitute Trustee with respect to any such default.
Controlling Law: The respective rights and obligations of the parties with respect to the conditions of sale and the conduct of the auction shall be governed and interpreted by the laws of the Commonwealth of Virginia. By bidding at an auction, whether present in person or by agent, written bid, telephone, online or other means, the bidder shall be deemed to have consented to the jurisdiction of the state and federal courts of the Commonwealth of Virginia.
Inspection: All property is being sold “where is,” “as is,” “with all faults,” with no representations or warranties of any sort except the special warranty to be included in the deed to the real property. Descriptions are provided as a service to prospective purchasers only and do not constitute a warranty, either expressed or implied. Substitute Trustee and Auctioneer disclaim all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property to their satisfaction. Placing a bid on the offered property, whether in person, or by agent, by written bid, telephone bid or other means, constitutes an agreement by bidder to these conditions of sale.
Errors or Omissions. Substitute Trustee, Auctioneer, and their agents and subagents assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. Although information has been obtained from sources deemed reliable, Auctioneer makes no guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and materials.
Release: The successful bidder must agree to release any and all claims or causes of action it may have against Substitute Trustee and Auctioneer (or the employees or agents of either of them) relating in any way to (a) the auction sale, (b) the property offered for sale, (c) any condition or aspect of such property that may not be in compliance with any federal, state, or local law, regulation, or ruling including, without limitation, any laws, regulations, and rulings relating to environmental contamination or hazardous waste, and/or (d) any documents, reports, complications, financial statements, projections, surveys, or any other documents delivered to such successful bidder by Substitute Trustee or Auctioneer, and/or the beneficiary, or the agents or employees of either of them (collectively, the “Accommodation Documents”). The successful bidder must acknowledge and agree that the Substitute Trustee, Auctioneer, and the agents or employees of any of them have not made and do not make and have disclaimed any and all representations or warranties regarding the truth, accuracy, or completeness of any of the documents provided the successful bidder relating to the property purchased or the sources thereof and that such documents were provided solely as an accommodation to such successful bidder.
Governmental Authorizations: The successful bidder for the real property will be responsible for obtaining, at its expense, the approval for any license, privilege, permit, or right necessary to improve, renovate, and/or develop the real property, or to construct, improve, and/or alter any improvements on the real property, and such successful bidder will be responsible for the fulfillment of any conditions imposed or required for such approvals. The auction sale will be final whether or not any such approvals are obtained of any necessary or desirable licenses, permits, privileges, or rights.
Megan’s Law Disclosure: Interested parties should exercise whatever due diligence they deem necessary with respect to information on registered sexual offenders who might live near a property being offered for sale. Such information may be obtained by contacting your local police department or the Department of State Police.
Should any terms set forth in these Terms and Conditions be inconsistent with the terms of the Memorandum of Substitute Trustee’s Sale to be executed by the successful bidder, the terms of the Memorandum of Substitute Trustee’s Sale shall control.
Additional terms of sale will be announced at the time of sale, and may be obtained in advance of the sale by contacting the undersigned Substitute Trustee.
For information contact:
ADVANTAGEOUS EQUITIES, L.L.C.
c/o NEIL I. TITLE, Counsel
KARPOFF & TITLE
P. O. Box 990
1840 Wilson Boulevard, Suite 205
Arlington, Virginia 22216‑0990