Unless otherwise stated in an auctions details, all auctions offer the sale of land via the bid plus finance auction format, commonly referred to as a bid and assume auction. In this instance the seller is allowing the winning bidder to finance the balance of the property:
The winning bid amount shall be deducted (as a down payment) from the amount to be financed. The winning bidder shall be responsible for payment of the winning bid amount and the financing terms and fees as described within the auction description.
The winning bidder shall pay the winning bid amount plus processing fee (bid amount and processing fee are non refundable) in full within 24 hours of the close of the auction, and within 10 days of the close of the Auction have returned the signed purchase agreement.
Any winning bidder that fails to remit payment will be blocked from any future auctions until such fees are paid.
The winning bidder is also responsible to remit monthly installments based on the new financing, terms, interest rate, and fees as described within the Auction description.
The winning bidder has the option to pay off the new financing in full at any time, without penalty. In fact, a discount may be available in this instance. We recommend you inquire as to the availability and amount of this discount prior to making your Bid.
An auction may have a minimum bid or reserve, meaning the seller may have established an unpublished minimum bid price. The starting bid is not necessarily the minimum bid or reserve.
In order to win the auction, a bidder must meet or exceed the minimum bid price and have the highest bid.
In some instances the auctioneer may place a proxy bid on behalf of the seller to meet the minimum bid or reserve amount.
If no bidders meet the minimum bid price, the seller is under no obligation to sell the property.
The seller may withdraw any auction at any time without notice.
A bidder is allowed to be the current high bidder in a maximum of 1 Auction in any 10 day period. established customers can request to have this limit increased.
A bidder may not purchase more than 1 parcel until payment has been made on the initial purchase. We reserve the right, at any time, to limit the number of bids and purchases made by any Bidder.
Within 2 days of our receipt of your Down Payment and the required initial purchase information we will send to you a Purchasers Package.
This purchasers package consists of the following:
The Purchasers Profile form may appear similar to an application for credit, but it is not, as we do not check your credit or your references. We are not concerned with your past credit history. The Purchasers Profile form provides us with important alternative contact information to be used in the event that we are unable to contact you as usual.
Once you have filled out the Purchasers Profile and Purchase Agreement, please mail it back within 48 hours.
We recommend mailing your payment a week before it is due so that it will reach us in a timely manner. After receipt of your payment each month, you will be sent an email as a confirmation. This email will contain a spreadsheet that will show your payment along with the running balance.
Please contact us if you don’t receive your emailed spreadsheet within 2 weeks of mailing your payment.
Please Note: A $6.00 payment processing fee is required on each installment of payment-plan purchases.
Please note: We do assess late fees of 10% of your minimum required payment, but not less than $15.00 - so to avoid this charge, be timely with your payments. We also assess a $35 fee for all returned checks. We will redeposit a check one time. If it is returned NSF again, then you will have to replace the check with cashier check or money order.
Please note: We do not accept credit cards for monthly payments unless it is done through Paypal. If you decide to pay through Paypal we ask that you include the 3% fee that Paypal charges.
Bill-pay services: Most banking and financial institutions provide a bill-pay service for their account holders. You need only to provide them with your account number, which is on all documents you receive from us, and our mailing address. Quite a few of our buyers are using this method of payment, and there have been no problems whatsoever.
Maps can be made available only after your purchasers package has been processed and your down payment has been paid to us in full. In most instance we have included in the auction all photos that we have of your property. Feel free to inquire as to the availability of additional photos, as in some instances we do have on-hand many more photos than what was shown in the auction.
Please note: Additional photos(if available), land-maps, large format maps, and satellite imagery may take up to 2 weeks to prepare for your individual property. Please allow ample time.