Auction Terms and Conditions

I. Introduction
On behalf of the Seller, we would like to take this opportunity to thank you for attending the Tezak Auction Real Estate Auction.  All of the properties offered today must be liquidated. To all of you who attended a previous auction, we would like to say thank you once again and good luck at this auction.  The auction will begin at 1:00 p.m.

II. Pre-auction Procedure
  Bidder Registration: each prospective bidder is required to register at the bidder’s registration table before being allowed to bid.  Each bidder must present a certified check, cashier's check, or money order in an amount of not less than $5,000.00 made payable to the bidder (which will thereafter be endorsed to Designated Escrowee” upon a winning bid). This check will remain in the bidder's possession and will only be taken to apply to the initial earnest money on a winning bid.  ONLY a certified check, cashier's check, or money order will be accepted.  No personal checks, no company checks, and no checks from a credit union, NOW account, or money market account will be accepted.  Each registered bidder will receive a numbered card to use as a bidder’s paddle in the Auction Room.

A $5,00.00 initial earnest money deposit is required on each property purchased by the winning bidder,

     Bidder's Assistants: If you have any questions on "how to bid," please ask a for help.  We are standing in the Auction Room to assist you in making sure that the auctioneer can see and hear your bid.  Do not bid more than you can afford to pay for a property.  Take into consideration that in addition to your down payment, you will have monthly payments which will include principal, interest, taxes, and insurance.  We appreciate your participation; however, do not purchase a property that you cannot manage financially.

III. Auction Procedure
The properties described in the Bidder's Package will be offered FOR SALE at auction.  By bidding at the auction, each bidder agrees to be bound by these terms and conditions of sale.  All information contained herein and all other auction-related material are subject to and superseded by the Real Estate Contract which is made available to prospective bidders prior to the auction and which should be reviewed prior to the auction.  All bidding is open and public.  Announcements made by the auctioneer at the auction will supersede any written information, except the Real Estate Contract.

 The Successful High Bidder: Auction personnel will escort the winning bidder (the person offering to purchase each property for the highest dollar amount) from the Auction Room to the Contract Room.  In the Contract Room, the winning bidder must  deposit the required initial earnest money on the property purchased and will be required to sign the Real Estate Contract.  Make sure that you review and understand the Real Estate Contract before signing it.  A sample contract was included in the information packages provided at the property viewings and in the vacant land brochures and is available today, upon request.

Bid Acceptance: The properties in this auction are being offered on a reserve basis.  Final bids on each parcel are irrevocable and are subject to the Seller's acceptance until 11:59 p.m. November 10, 2009 ("Irrevocability Period").  If the high bid is not accepted by the Seller within the Irrevocability Period, the high bid shall thereafter continue to be an offer to purchase until accepted by the Seller or until withdrawn by the high bidder, whichever is first to occur.  If the high bid is rejected by the Seller, either within the Irrevocability Period or thereafter, all earnest money shall be refunded to the high bidder.  The high bid can be accepted only in a writing signed by the Seller, and the auctioneer is not authorized to sign an acceptance on behalf of the Seller.

 Back-up Bids: If you are not the successful bidder, you may want to consider signing a Back-up Bid Contract.  Here is how it works--if the high bidder does not complete his/her purchase, we will sell the property to the back-up bidder if he/she has signed an acceptable Back-up Bid Contract.  If the high bidder completes his/her purchase, your Back-up Bid Contract will be cancelled and your initial earnest money deposit will be refunded to you  Please remember, a Back-up Bid Contract, if signed by the Seller, becomes a legally binding contract.  Do not sign a Back-up Bid Contract if you cannot complete the purchase. 

 (F) Reservation of Right: The Seller and its agents reserve the right in their sole discretion to exclude and remove any person from the auction at any time and for any reason.

BENEFITS TO THE SELLER WHEN SELLING REAL ESTATE

·         Buyers come prepared to buy

·         Quick disposal reduces long-term carrying costs, including taxes & maintenance

·         Assurance that property will be sold at true market value

·         Exposes the property to a large number of pre-qualified prospects

·         Accelerates the sale

·         Creates competition among buyers - auction price can exceed the price of a negotiated sale

·         Requires potential buyers to pre-qualify for financing

·         The seller knows exactly when the property will sell

·         Eliminates numerous and unscheduled showings

·         Takes the seller out of the negotiation process

·         Ensures an aggressive marketing program that increases interest and visibility

Frequently asked questions:

May I set a Minimum Price/Bid?

Yes, Tezak Auction  can help you with understanding comparables and recent appraisals that can be used to assist in suggesting a fair market price for your property.

Will my property close the same way as other sales methods?

Yes, , you will have  title company will assist in the closing.

What do I have to loose by auctioning my property?

Nothing! Over 60 billion dollars in property will be auctioned in the US this year!