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Starting Bid: |
$2,100,000 (Reserve NOT Met) | |
Number of Bids: |
0 Bid History | |
High Bidder: |
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Bidding Opens: |
Jun 13, 2009 7:00 AM |
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Bidding Ends: |
Jul 12, 2009 4:00 PM
(Central)
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Starting Bid: |
$2,100,000 |
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Contact: |
Vincent Horcasitas |
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--- PLACE YOUR MAXIMUM BID --- |
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OPEN HOUSE INFORMATION
by appointment 516-768-7330
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----- No Bids for Auction ----- |
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TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE BIDDING AUCTION WITH RESERVE. - DEFINITION: BIDDING AUCTION with RESERVE is an Auction where the property may not be sold if the final bid is not high enough to satisfy the Seller. Reserve Price is the price set in advance below which the property may not be sold. Sellers reserve the right to accept bids lower than the Reserve Price at their sole discretion.
The Auction is presented by the Seller where Prudential Douglas Elliman is the Seller’s Agent and conducted by an Auctioneer. It is clearly understood and agreed by both the Buyers and the Seller that the Auctioneer and Broker REPRESENT THE SELLER ONLY.
- AUCTION ACCESS: Auction will be held on the Internet.
- REGISTRATION & DEPOSIT: All Bidders are required to register prior to the auction. Every prospective Bidder must be pre-approved with a Credibility Letter from a Financial Institution in order to receive a Bidder’s Registration Number, which will allow the Bidder to bid online.
- DESIGNATED BROKER / BIDDER: Purchaser can bid through a designated New York State Licensed Broker, provided all conditions are met in this agreement.
- Immediately after the bidding is completed, the highest approved Bidder and the Second High Bidder (Back-up Bidder) are required to sign a Bid Acknowledge Form and a Memo of Sale will be faxed to attorneys representing buyer and seller.
- Properties are offered “As is and Where is” with any and all faults. The prospective Purchaser is advised that he or she should make a complete and thorough physical inspection of the property which he or she is purchasing and has performed due diligence of any and all zoning building codes or other requirements set by local, state of Federal authorities which may affect the property in question.
- Purchaser further acknowledges that he or she has verified the exact location, physical condition, street requirements and legal use of property. Plats provided and the description of any improvements are for information purposes only and no representations, warranties or guarantees are made concerning location, dimensions, or size or the nature, quality or suitability for use of the tract for any improvements. The Seller and Brokers have furnished this information for informational purposes only and assume no responsibility or obligation for said information. The successful bidder must accept the property “AS IS” and “WHERE IS” with regard to physical condition at the time of closing subject to a binding Real Estate Contract of Sale.
- The property shall transfer by “Bargain and Sale Deed”, free and clear of liens, but subject to any zoning, environmental protection and other municipal, federal and state laws or facts which an accurate survey and/or inspection of the tract being sold might show.
- Registered bidders shall receive a copy of the “Bid Acknowledgement” and “Memorandum of Sale” in their “Bidder’s Packet”. The Second High Bidder (Back-up Bidder) shall remain on record for three (3) weeks until High Bidder enters into a Contract of Sale. Should High Bidder default, then the Back-up Bidder shall become the Winning Bidder. The Back-up Bidder will be notified of that fact by fax, e-mail or certified mail (the “Notification Date”).
- The highest approved bidder is determined to be the buyer. In all cases of disputed bids, the property shall be resold, but, auctioneer will use his judgment as to good faith of all claims and his decision is final. No transfer shall be recognized from one buyer to another. In the case of disputed bids, the Broker/Auctioneer shall exercise his or her best discretion in determining the resolution of claims, and such decision is final. Such decision shall not be the subject of any post-auction claims.
- Auctioneer reserves the right to withdraw any property prior to or during auction. Property is subject to prior sale.
- Bidder agrees to the above Terms & Conditions of the auction prior to receiving his bidder card.
- The above stated Terms & Conditions of Auction cannot be altered except in writing by all parties of the contract, or by verbal changes to terms given by Broker or Auctioneer at time of Auction.
- Bidder does hereby indemnify and hold harmless Prudential Douglas Elliman, Auctioneer/Broker and Seller from any and all damages, claims or liabilities from injuries to persons or property of any type whatsoever, caused during the auction.
- It is understood by the Purchaser that the sale could be contingent upon financing. Should the Purchaser apply for a mortgage, Purchaser(s) represent that to the best of their knowledge, there is nothing in their credit history which will result in the denial of their mortgage application, including late payments, judgments, or tax liens, that they have the balance of the funds necessary to complete this transaction, including payment of their closing costs, that they have not filed bankruptcy or been adjudicated bankrupt, that they are U.S. citizens or legal aliens and that any mortgage application made will so provide.
- Purchaser(s) understand that the representations and/or agreements made regarding Purchaser’s income, credit, assets, and other factors may affect Purchaser’s ability to secure a mortgage loan. Should any such representations and/or agreements herein prove to be false and should Purchaser’s mortgage be denied as a result thereof, Purchaser(s) shall be deemed to have defaulted hereunder and Seller shall be entitled to retain the contract down payment as liquidated damages pursuant to Contract terms.
- In the event the Purchaser(s) will secure a mortgage to purchase property being offered, nothing herein shall be implied to obligate Seller to do any work items required by the Federal Housing Administration, Veterans Administration or Purchaser’s Lending Institution. Seller reserves the right to refuse to perform and comply with work requested by the above mentioned agencies.
- The property sells to the Highest Bidder, subject to confirmation of Seller and a Real Estate Contract between the parties.
- To bid on property, the Bidder must be of legal age to enter into contract to purchase real estate (18 in most states, 21 in other). (If in doubt about the legal age to enter into contract in the Bidder’s state, the Bidder should consult with competent legal counsel before bidding).
- Winning bid is subject to Seller’s approval.
- All bids are placed in US Dollars.
- If the bid is outbid by another Bidder, the original Bidder will receive the email notice so the Bidder can return and increase the bid if he/she so desires.
- The bidding will be open and all Bidders will have access to bid history during the Auction.
- As the Auction nears the ending time, it will auto-extend until bidding is silent for 1 minute.
- If there is more than one high bid at the same level (a tying bid) the bid first submitted will be honored.
- The high bidder will be notified via email after the Auction ends.
- Seller reserves the right to postpone or cancel this Auction at any time for any reason.
- Winning Bidders may, at their option and expense, order a title examination and insurance.
- All materials presented herein are intended for information purposes only. While this information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal notice. All property listing are approximate.
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