Terms of Sale

Thank you for participating in The Auctionator Online Auction. Please be aware that it is your responsibility as the bidder/buyer to familiarize yourself and understand the Terms and Conditions of the auction.�If you are uncertain of these Terms and Conditions, we recommend you contact an attorney.�

*         �ALL SALES ARE FINAL AND IRREVOCABLE.

*         �THE TERMS OF SALE ARE NON-NEGOTIABLE.

*         �ALL DEPOSITS ARE NON-REFUNDABLE.

*         �A 5% BIDDER/BUYER PREMIUM WILL BE ADDED TO THE  WINNING BID.

                      �Example:     �$300,000     �Winning Bid

                                              �  �15,000      �5% Bidder Premium

                                              �$315,000     �FINAL CONTRACT PRICE

*         �ALL WINNING BIDS ARE SUBJECT TO SELLER CONFIRMATION.

Registration at the online auction finalizes each BIDDER/BUYER agreement to the terms and conditions of sale as stated in the Contract and its Addenda which are incorporated by reference into your bidding. DO NOT BID until you have read the Terms and Conditions and understand them.

All registered BIDDERS/BUYERS will be required to prove their identity and ability to bid by registering a valid credit card with minimum available credit of $1000.�The amount will be “on hold” on your credit card until the end of the auction.�If you are not the winning BIDDER/BUYER, the “hold” will be removed from your credit card.  If you are the winning BIDDER/BUYER, the “hold” will remain in place until a signed contract and cashier’s check is received by The Auctionator.

In order to bid on the auction properties, all BIDDERS/BUYERS must be registered on-line at TheAuctionator.com and register to bid on the specific property in question. There is no fee to register although a valid credit card will be required to verify identity and funds. By bidding you are representing to The Auctionator ("Broker" and/or "Auctioneer") and the seller that you have read and agree to be bound by the Terms and Conditions for this sale as stated herein. If you do not agree with any of the Terms and Conditions stated DO NOT BID.�

IF YOU BID you will be bound by those Terms and Conditions.

THE SALE WILL BE CONTROLLED BY THE ON-LINE AUCTIONEER PROGRAM. The Auctionator is not responsible for malfunctions or system errors which cause a bid or BIDDER/BUYER to fail to be recognized or registered. If there is a dispute, the Auctioneer may re-open the bidding at the Auctioneer's sole discretion and shall serve as the sole arbiter as to who is or is not allowed to bid. The Auctioneer reserves the right to group, add to, delete, withdraw, consolidate or break down properties or quantities offered, to sell out of scheduled sequence, to reject any bid which is only a fraction advance over the preceding bid, to regulate bidding and to accept or reject any or all bids. Absentee or Sealed Bids may be accepted at the discretion of the Auctioneer. Any and all decisions of the Auctioneer regarding the order and conduct of the auction shall be final and absolute without liability to any party. Seller reserves the right to cancel or withdraw any property at any time.

Bidding starts at the nominal Suggested Opening Bid(s) indicated and is open to all who registered and are approved. The Auctioneer will call the sale and control any increments of bidding. The bidding will continue for a period of up to ten calendar (10) days for each property. The auction ends at a predetermined time with an Overtime Period if necessary, which is defined as follows: if a bid is placed within two (2) minutes of the close of bidding, then another two (2) minutes period commences from the time of the last bid until no bids are placed within the next two (2) minutes. The last bid shall be made final.

IF YOU ARE THE WINNING BIDDER/BUYER:

The Buyer will be notified of the name of the designated Escrowee upon being declared the winning BIDDER/BUYER. The deposit check will be made payable to the designated Escrowee.�Please reference the Property Address in the MEMO section of the check.

Within 24 hours immediately following the close of the auction, The Auctionator or Title Company shall contact Buyer by electronic mail, telephone or facsimile to provide documents for execution. All purchase documents will be provided to the Buyer and Buyer will be required to sign and return all purchase documents to Auctioneer via overnight delivery. Buyer shall have 72 hours following the auction to return all completed documents, with ORIGINAL SIGNATURE(s) or shall be subject to paying a liquidated damages amount equal to the down payment.

Each high BIDDER/BUYER must make a 5% ($5,000 MINIMUM) NON-REFUNDABLE DEPOSIT PER PROPERTY at the conclusion of the auction. Electronic wire funds, credit card and cashier's checks are the only forms of payment accepted.

Once the Seller approves the Sale, the deposit will be credited to the Contract. The balance of the purchase price and all closing costs are due within 30 days unless otherwise stated in the property description.  Reasonable and customary closing costs are the responsibility of the Buyer and may include (but are not limited to) lender’s title policy, closing fee, filing costs and lender fees, if applicable.  

Within 72 hours of the end of the on-line auction, overnight the cashier’s check and executed contract providing ORIGINAL SIGNATURE(S) to:

THE AUCTIONATOR

15750 S. Bell Rd., Suite 1D

Homer Glen, IL�60491

(708) 645-2001

(815) 301-9856 fax

FAILURE TO DELIVER A SIGNED CONTRACT AND/OR CASHIER’S CHECK WITHIN THE DESIGNATED TIME WILL CONSTITUTE A DEFAULT OF YOUR AGREEMENT AND MAY RESULT IN LEGAL ACTION.

If you wish to have the purchase documents reviewed by an attorney, please contact the offices of The Auctionator PRIOR to the Auction so as to not delay the post auction process. You may also obtain a copy of our current contract by e-mailing your request to info@TheAuctionator.com .  The contract is NOT subject to negotiation.

If Buyer is a winning BIDDER/BUYER and refuses or fails to complete the transaction for ANY reason (including, but not limited to, remitting the total purchase amount), Buyer shall relinquish ANY right to complete the transaction and shall have no rights or interest in the property, as well as forfeit all deposit monies as liquidated damages to Seller.

PLEASE BE ADVISED:

Various State statutes give Sellers the right to pursue legal action against BIDDERS/BUYERS who refuse to complete transactions. This may include (but is not limited to) suit to compel completion of the sale, and/or criminal charges of fraud or other intentional act.

All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale. THE AUCTIONATOR REPRESENTS THE SELLER ONLY and does not inspect properties on BIDDER’S/BUYER'S behalf or represent the interest of the BIDDER/BUYER  BIDDERS/BUYERS must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction. BIDDERS/BUYERS must rely solely upon their own investigation and not any information provided by the Seller or The Auctionator. Failure of a BIDDER/BUYER to be fully informed on the condition of a property will not constitute grounds for any claim adjustment or right to cancel sale.

BIDDERS/BUYERS receive a deed and Title Insurance Policy as provided by the Seller.�Personal property, if any, on the property will only be conveyed by a Hold Harmless Agreement or Quit Claim Bill of Sale unless otherwise noted in Disclosures). Current year's taxes are pro-rated at a rate of 100% of the last known tax bill through day of closing, as is customary.

All auctions are subject to seller or appointed/authorized third-party approval. Most sales are approved within seven (7) business days. Buyers are not allowed possession until after closing.  Prior to close, a “Final Walk-Through” may be available subject to property type and seller (or representative) availability, but is not guaranteed.

INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED:�

All the information contained on this property was obtained from sellers, official county, State or world maps, or other sources deemed reliable, but is not guaranteed and may be in error.  The Auctionator DOES NOT WARRANT the accuracy thereof.  The Auctionator has made no independent investigation of any information provided, and assumes no responsibility for the providing of or absence of any information, whatsoever, or for the accuracy thereof.

The Auctionator expressly disclaims any liability for errors, omissions or changes regarding any information provided for these sales.�Potential BIDDERS/BUYERS should rely solely upon their own inspections and opinions in preparing to purchase property and are expressly advised to not rely on any representations made by The Auctionator and/or their agents.

NOTICE:  

Builders, Developers, Institutional and Fiduciary Sellers (courts, government agencies, banks and trustees) have not occupied the properties and have NO information to provide for disclosure. Properties are sold “As Is.�Where Is” and should be fully inspected prior to bidding.

Builders of New Construction Residential properties may choose to provide a limited warranty for certain items.�See property description for details.

THE AUCTIONATOR IS A LICENSED REAL ESTATE BROKER IN THE STATE OF ILLINOIS, USA.�ALL CONTRACTS SHALL BE ON FORMS ACCEPTABLE BY LAW IN THE STATE OF ILLINOIS.�ANY DISPUTES SHALL BE UNDER THE JURISDICTION OF THE COURT LOCATED IN WILL COUNTY IN ILLINOIS.

YOU ARE ENTERING INTO A BINDING CONTRACT. THERE ARE NO REFUNDS OR BID CANCELLATIONS. THE REGISTERED BIDDER/BUYER IS PERSONALLY RESPONSIBLE, LEGALLY AND FINANCIALLY FOR ALL AUCTION ITEMS BID UPON WHETHER REPRESENTING ONE'S SELF OR ACTING AS AN AGENT.

AN ONLINE BID ACCEPTED AT PUBLIC AUCTION IS A LEGAL AND BINDING CONTRACT TO PURCHASE. ANY BIDDER/BUYER WHO FAILS TO CONSUMATE A PURCHASE WILL BE BANNED FROM BIDDING AT ALL FUTURE AUCTION EVENTS AND MAY BE PURSUED FOR CIVIL AND/OR CRIMINAL VIOLATIONS.