Inspections: Property inspection is at the sole discretion of the Buyer. Contract is not contingent on buyer or lender inspection. Property inspections may be arranged with the seller and buyer to view property during time of published auction. All property inspections are at the buyer’s own risk and expense and they assume responsibility for all inherent dangers known or unknown.
Financing: All online auctions are cash transactions and are not contingent upon buyer being able to secure financing. Buyer must be financially qualified to purchase the property prior to the auction. Or be pre-approved for any bank financing through their preferred lender prior to closing; and present pre-approval letter, or other specified proof of funds, to Seller upon auction close. Real estate auction financing resources can also be found on our website at “Auction Financing Options”.
Disclaimer: Neither REI Acquisitions, LLC, its subsidiary Bargain Property Auctions, nor its agents, or employees make any representation regarding auction properties. Buyers are advised to perform their own due diligence in seeking any expert advice or conducting inspections concerning property condition, lot line location, suitability for use, property dimensions, and easement location, when using our Bargain Property Auctions website portal, and to not rely solely on the representation of seller or agent.
Equal Opportunity: Bargain Property Auctions and its staff are committed to providing professional services to all individuals and, in accordance with fair ethical standards, does not discriminate based on race, color, national origin, sex, handicap or religion. Nor does our company condone any plan or agreement to discriminate against any individual based on any of these or similar prejudices.
Bidder Eligibility: Auction bidding is open to individuals who can legally form binding contracts. Bidding is limited to registrants with accounts in good standing and restricted to minors and those whose accounts may have been temporarily or indefinably suspended. Accounts or registrant user ID is non-transferable and may not be used by another party.
If you register as a business entity, you are representing that you are legally authorized to enter into a binding contract on behalf of the entity; and will further be individually liable for the fulfillment of the transaction under your registrant user ID, otherwise.
Fees and Services: Bidders must register with our website and accept the terms and conditions as stated herein in order to place a bid. All first-time auction listings are placed free. However, there may be an additional cost for auction renewals and different types of fees required by the Winning Bidder.
Of These Fees Are:
Earnest Money Deposit: Earnest Money Deposit – or a cash deposit against the total purchase price, is required to be placed in escrow by the Winning Bidder. A standard minimum Earnest Money deposit is required of $2,500 and as indicated on Property Details page. Earnest Money deposit will be escrowed in compliance with the Purchase Agreement and may not be refunded if unable to comply with specific terms and conditions of the executed Purchase Agreement. Earnest Money deposit amount will be applied to full Purchase Price at closing. This minimum Earnest Money deposit amount will be indicated in the Purchase Agreement and may be held in escrow by Auctioneer and/or escrow/closing agent/settlement attorney. Earnest money deposit must be paid by Winning Bidder no later than 5:00 PM EST the following business day upon auction closing.
Buyer’s Premium: High bid price will determine the contract price. A Buyer’s Premium of 10% shall be added to the high bid price on amounts up to $100k; 5% on amounts $101-$999k; or 2.5% on Amounts $1mm dollars and over and is required to be placed in escrow by the Winning Bidder upon acceptance of Commitment Letter by Seller. Winning bidder will pay the balance due upon closing and delivery of marketable title. No guarantees are made by the auction company or their employer and it will be the responsibility of the buyer to satisfy themself with any inspection or due diligence prior to bidding.
The purchase price is the Winning Bid amount including any applicable Buyer’s Premium. Buyer will be responsible for all applicable closing costs i.e. escrow/closing fees or required property taxes and insurance etc. The purchase price will include a high bid amount, plus Buyer‘s Premium and/or any Technology Fee, which will be invoiced separately and appear on HUD-1 at the time of closing.
Technology Fee: A Technology Fee for sharing the cost of placing online auctions on our platform of $249 is payable by the winning bidder at closing.