TERMS AND CONDITIONS FOR THIS FORECLOSURE AUCTION
Live Bidding: On auction day, registered live bidders for the real estate must present an initial deposit consisting of $65,000.00, or 10% of the sales price, whichever is less. Deposit must be certified, or cashier’s check made payable to Andrew B. Strobo, Substitute Trustee. The amount of the deposit will be adjusted if $65,000 is more than ten percent (10%) of the purchase price, and the difference returned to the bidder unless the bidder directs otherwise. The deposit, without interest, will be applied to the purchase price at settlement.
Online Bidding: On or before Wednesday, May 2, 2018 at 2:00 pm, bidders wishing to participate online must present an initial deposit consisting of $65,000.00, or 10% of the sales price, whichever is less. Deposit must be certified, or cashier’s check made payable to Andrew B. Strobo, Substitute Trustee and delivered to Levine & Associates, PLLC, 5311 Lee Highway, Arlington, VA 22207. The amount of the deposit will be adjusted if $65,000 is more than ten percent (10%) of the purchase price, and the difference returned to the bidder unless the bidder directs otherwise. The deposit, without interest, will be applied to the purchase price at settlement.
A Buyer’s Premium of ten percent (10%) 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: Auctioneer will pay up to a three percent (3%) Broker Participation Fee (based on successful bid excluding buyer’s premium) to broker representing the winning bidder on the real property.
Live Bidding: In addition to the required registration, agents/auctioneers must also attend with and register their prospects at the auction.
Online Bidding: To qualify for a Broker Participation Fee, the licensed broker/agent must first register the prospective bidder online and include the broker's and agent's license number, identification of the property, and any agency disclosure statements.
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 Rd 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 agreement 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.
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. 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.
Bidder's Number: All Bidders are required to have a Bidder's Number to bid.
Live Bidding: To obtain a Bidder's Number, a registration form must be filled out giving full name, address and phone number. This information must be verified by proper identification. Evidence of correct form and amount of deposit must be made in order to obtain a Bidder’s Number.
Online Bidding: To obtain a Bidder's Number, a registration form must be filled out giving full name, address and phone number (and deposit must be received as described above).
Live Bidding: 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.
Motleys has made reasonable efforts to provide for online bidding for this sale. You recognize and acknowledge, however, that technical problems with hardware, software, or internet connectivity, as well as human errors, may arise and may affect, without limitation, the sale website, our online bidding program and process, your or our internet service and access, and your connection to this sale bidding program and process. You further acknowledge that these and other technical problems may develop at any time and with or without notice. You acknowledge and agree that neither we nor the Seller is in anyway responsible for any such technical problems, and that you have no absolute or other right to be able to bid on this sale in the event of any such technical problems. Notwithstanding the foregoing, you further acknowledge and agree that, in the event of any such technical problems, we reserve the right to postpone or cancel the sale and/or extend the bidding time for this sale and/or relist the property for sale at another time, in our sole discretion, and that our decision with regard to any such actions is and will be final. Bidders must take care in entering bids, and each Bidder will be responsible for all bids placed under the Bidder’s approved registration. Once entered and recorded online, a bid is deemed to be final on behalf of the registered Bidder and may not be modified, retracted or rescinded in whole or in part.
Settlement: The settlement will take place within thirty (30) days after the sale at the offices of Levine & Associates, PLLC, located at 5311 Lee Highway, Arlington, Virginia 22207. The balance of the Purchase Price, Buyer's Premium, and any other expenses and costs to be borne by Purchaser, less any deposit paid at the sale, with interest thereon at the rate of 7.625% per annum from the date of the sale to the date of payment, is to be paid in cash or its equivalent at settlement to the duly authorized attorney for the Substitute Trustee, Andrew B. Strobo, Esquire. Settlement may be delayed or postponed in the sole discretion of the Substitute Trustee.
Upon purchaser’s default, the deposit shall be forfeited and the Property shall be resold at the risk and costs of the defaulting purchaser. In the event the Substitute Trustee cannot convey to the purchaser marketable title, in the Substitute Trustee’s sole discretion, the sale may be rescinded and purchaser’s sole remedy shall be refund of the deposit at any time prior to the aforesaid Settlement.
This sale is subject to all other liens, encumbrances, conditions, easements, and restrictions, if any, superior to the aforesaid deed of trust and lawfully affecting the Property. The sale of the Property shall further be made subject to any rights of redemption, including but not limited to any rights under 26 U.S.C. § 7425, and the rights, if any of persons in possession of the Property. The Property and any improvements thereon shall be sold in “as-is” condition without any warranties.
Purchaser shall be responsible for all future and past due real property taxes, property owner's dues or assessments, settlement charges, and costs of conveyance, including, but not limited to, preparation of the deed and recording and transfer taxes. In the event real property taxes or property owner's dues or assessments have been advanced, those sums will be due from purchaser to the seller at the time of settlement. The Property shall be conveyed by Special Warranty Deed. The successful bidder shall assume all loss or damage to the Property from and after the time of sale. Neither Substitute Trustee nor the secured party shall assume any obligation to deliver possession of the property. In the event a Trustee’s deed or deed of foreclosure has been recorded and the Substitute Trustee determines in its sole discretion that it is necessary to rescind the sale, Substitute Trustee reserves the right to nullify the Trustee’s deed or Deed of Foreclosure and revest title to the mortgagor’s/prior owners subject to the deed of trust upon which was foreclosed. The Substitute Trustee reserves the right to reject all bids, extend the time to receive bids, withdraw the Property from sale, waive or modify the deposit requirement, and/or extend the period for settlement. Additional terms may be announced at the time of sale and the successful bidder will be required to sign a Memorandum of Sale incorporating the terms of the sale.
For more information contact Andrew B. Strobo, Substitute Trustee, Levine & Associates, PLLC, 5311 Lee Highway, Arlington, VA 22207, Telephone: 703-525-2668, Facsimile: 703-525-8393.
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.