WHY IS THERE AN AUCTION?
Matthew Green Auctioneers has chosen the Auction method of marketing in an effort to accelerate the closeout on the sales process for the current phase of their overall development. In this Auction, both the Buyer(s) and Seller should be pleased. The Buyer(s) should be able to obtain the selected units offered in this Auction at reasonable price(s) and the Seller will be able to complete the sale of the current phase.
WHAT IS PROPERTY SOLD ABSOLUTE AND PROPERTY SOLD SUBJECT TO THE SELLER’S APPROVAL?
Properties will be sold at Absolute Auction. This simply means they will be sold to the Highest Bidder(s) regardless of Price – “No Minimums, No Reserves”. The remaining properties will be sold to the Highest Bidder(s) subject to the final approval and acceptance of the price by the Seller. They are definitely motivated to sell!
WILL THERE BE ANY FINANCING AVAILABLE?
The Seller approved Purchase Agreement is not subject to the buyer(s) obtaining financing. Per the approved General Terms and Conditions of Sale, closing(s) on the completed properties will take place on or before thirty (30) days from the Auction. All buyers are urged to contact their local lending institutions for loan pre-qualification.
WHAT TITLE ASSURANCES WILL THE BUYER RECEIVE?
The Seller will provide a Title Insurance Commitment / Policy for the properties purchased and will be available at the Buyer’s expense.
IS THE INFORMATION PROVIDED IN THE BROCHURE AND NEWSPAPER ADS GUARANTEED?
Buyers shall rely entirely on their own information, judgment and their inspection of the property. However, each property will be conveyed with a Standard Builder Warranty.
WHAT IS A 10% BUYER’S PREMIUM?
We will be utilizing a 10% Buyer’s Premium for this Auction. Simply stated, if the offer is $200,000.00, (example only), the Total Contract Price would be $220,000.00. If you are unsure of this concept, realize if you only want to purchase the property at approximately $200,000.00, – bid $180,00.00. The Total Contract price would read $198,000.00.
WHAT DOES IT MEAN TO BUY THE PROPERTY “AS IS”?
In a Sale such as this, when numerous issues are involved, errors are possible. Again, buyers must rely on their own inspection, judgment, records and own information. There is no post due diligence period. The property will be sold “AS IS” when completed, with the Standard Builder Warranty As indicated in the General Terms and Conditions of Sale, all announcements from the Auction block will take precedence over any previously printed material or other oral statements made.
WHAT IS “HIGH BIDDER’S CHOICE”?
All of the properties will be sold on a “High Bidder’s Choice” concept. This means that they will be sold on a high bidder’s choice basis and will all be available on the “menu”. The first high bidder will have their choice and come up to the Auctioneer to announce what property he/she wants. An example would be that the first bidding round may end with a total bid price of $200,000.00 (example only). The Auctioneer would ask which property the bidder would like. When the Bidder chooses a specific property, it would be crossed off the inventory on the slide screen and then only 49 properties would be available on the “menu”. If the high bidder wants two properties – it would be two (2) properties x $200,000.00 each or $400,000.00. In effect the high bidder could take one property or as many as they wish on any given bidding round – so prospects are encouraged to bid as high as they can, so their property won’t be selected.
- A) The Seller approved Purchase Agreement will be executed by the highest bidder(s) and closing(s) will be coordinated through the Seller’s designated closing agent.
- B) We encourage all prospective bidders to go look at the property during the presale period.
- C) Please make sure to have your Official Bank Check deposit(s) made payable to the Seller’s
designated escrow agent.
- D) All Buyers are urged to review all documents necessary for the transaction in the Property Information Package (PIP) which will be available for a fee at our Sales Center, in hard copy or CD Rom.
- E) Online Bidding will be available. Please contact the Matthew Green Auctions for the specific requirements.