azpropertyauctions.com

Terms and conditions

Terms & Conditions*

 

This property has been placed in an upcoming online auction event. All bids will be submitted at www.AZPropertyAuctions.com . Agents must register their clients in order to be paid the co-broke offered in the MLS and also participate in the bidding and auction process in its entirety.  All auction deadlines are available on our auction platform daily for all properties.

 

THE EARNEST MONEY (Good faith money) is $1000.00 per property.

The Earnest money is non-refundable and put towards the purchase price at closing.

If the buyer fails to close escrow the earnest money will be forfeited and rewarded to the seller. The Earnest Money must be wired to the title company within 24 hours after winning a bid or the next business day if the winning bid falls on a weekend or Holiday.

 

THE BUYER’S PREMIUM (Commission) is 8% on homes and 10% on vacant land.

The Buyer’s Premium is non-refundable, with no exceptions!

If the buyer fails to close escrow the buyer’s premium will be forfeited and rewarded to the Arizona Resource Realty aka the Auction Company for losses. The Buyers Premium must be wired to the title company within 24 hours after winning a bid or the next business day if the winning bid falls on a weekend or Holiday.

 

Premium Overview:

All RESIDENTIAL HOMES are subject to an 8% buyer's premium (Commission) to be added to the winning bid amount and the total purchase price on the Arizona State Contract and Auction Addendum.  This is auto-calculated on the bidding website.

All VACANT LOTS are subject to a 10% buyer's premium (Commission) to be added to the winning bid amount and the total purchase price on the Arizona State Contract and Auction Addendum. This is auto-calculated on the bidding website.

All buyers are encouraged to complete their inspections and due diligence prior to bidding as the property is SOLD AS-IS with no inspection period. The earnest money and buyer’s premium must be wired within 24 hours of the winning bid notification. Both the earnest money and Buyer's Premium are Non-Refundable. No Exceptions. The seller will pay for the title policy if the buyer opts to use the seller’s title company. If the buyer wishes to use their title company the title policy will be paid for by the buyer. Escrow Closing Cost will be split 50/50 buyer/seller.

Bid increments will be $100.00 regardless of the Auction Price or reserve. If A bid is received 60 seconds prior to the auction ending, the auction will auto-extend out 60 seconds until SOLD.

If you put in an AutoBid please be aware that you cannot increase this bid later unless another bid has come in over your bid. If you are using the AutoBid section make sure you are putting in your highest and best bid if you do not plan on attending the end of the auction.

 

 

WASTE WATER SYSTEMS & WELLS: If the buyer believes the property to be on a wastewater system and/or a well it is critical that the buyer completes a wastewater inspection and/or well inspection prior to bidding. The listing agent will coordinate with your inspector(s) to give access to the property for inspections but it must done be prior to the auction ending. If the property is in an area where wastewater systems are reported or common the seller will have a wastewater inspection done during escrow per ADEQ. An Inspection is not a certification. The results will not change the obligations of the contract, nor will there be any repairs completed by the seller. The earnest money and buyer’s premium will not be refunded if issues arise. A Utility & Inspection waiver is required to be signed prior to conducting any inspection on the property and that form is available via the Auction Website under the Utilities & Inspections tab.

 

OTHER TYPES OF INSPECTIONS: The buyer should be aware of the property condition prior to bidding at the auction. Some inspections that might be important to a buyer are as follows but not limited to; Lead Based Paint Testing, Roof Inspection, HVAC inspection, Termite Inspection, Foundation inspection, etc. We encourage the buyers to coordinate with the listing agents or auctioneer to perform as many inspections as possible. The due diligence period is prior to the auction deadline not after. A w Utility & Inspection waiver is required to be signed prior to conducting any inspection on the property and that form is available via the Auction Website under the Utilities & Inspections tab.

 

UTILITIES: Not all properties will have the utilities turned on or connected. We encourage the buyer to have the utilities turned on prior to bidding to be able to inspect the home. The buyer or buyer’s agent can coordinate with the listing agent on turning on the utilities prior to bidding. A Utility & Inspection Waiver & Request form is available to bidders prior to the auction is required to be signed prior to conducting any inspection on the property and that form is available via the Auction Website under the Utilities & Inspections tab. If turning on utilities will cause damage to the home and the parties are aware of the situation no utility turn-on will be permitted.

 

 

Auction Disclaimers & Disclosures*

  • The Auctioneer/Listing Broker may bid on behalf of the Seller up to the amount of the Reserve Price to get the auction process started. Any such bids placed by the Auctioneer will not result in a Winning Bid. The bidder's username and minimum bid price will appear on the auction site for each property to provide 100% transparency to all parties involved.

  • We encourage any bidder to use a username that is unique to them and be sure that they understand that the user name will appear publicly on the auction site when a bid is placed, we discourage a bidder to use their actual name if they do not want their name to appear publicly.

 

  • Auctioneer/Seller reserves the right to change or modify the auction terms, language, dates, and any other information at any time during the auction period so long as it does not affect any current bids. The seller may cancel the auction at any time prior to the auction ending for any reason.

 

  • Limited Dual Agency is permitted, and all Agents under the Brokers/Auctioneers license will be entitled to participate and be compensated for representing a successful bidder.

 

  • Deed type will be in accordance with Arizona real estate standards and guidelines or per below.

  • Where buyer purchases title insurance at its own cost and without causing any delay to the closing, the title may be conveyed by Special Warranty Deed or similar instrument. The seller will only pay the title insurance policy if the seller's title and closing company are used.

  • Property is being offered “AS IS, WHERE IS”.

 

  • There are no inspection or financing contingencies and this includes Septic or Well agreements or the lack of. It is critical that any buyer wishing to make an offer on one of our Auction Properties has 100% clarity on this. Do not submit an offer if you have not researched the septic or well(s) on the property and you are satisfied with the results. Failed Septic and well inspections do not give you the opportunity to back out. We do our best to have property inspections and disclosures upfront but it is not always possible based on our Auction client's ability or knowledge. Visit the home or property, call your inspection companies and get as many details as possible prior to submitting an offer.

 

  • The Earnest Money Deposit will be $1000.00 and is non-refundable. See the Utilities & Inspections tab at the bottom of the Auction site regarding Inspections.

 

  • Property may be subject to leasehold interests or other rights or claims of various tenants or other occupants, and Buyer may be subject to the United States Service Members Civil Relief Act, or other federal, state, or local law, as applicable.

 

  • The buyer assumes all responsibility and liability for any occupancy and assumes all responsibility, liability, and cost of taking possession.

 

  • No trespassing on the property or disturbing current occupant unless otherwise stated in the Multiple Listing Service or by written approval by Auctioneer.

  • Physical access to the property will be granted to the buyer under agent supervision only. Buyer assumes all risk.

 

  • Financing Information: Not Available. Cash Purchase Only.

 

  • No buyer agent commissions or bonuses will be paid by the seller or the seller’s representatives unless we receive the Agent Buyer Registration Form.

  • All pictures, details, or descriptions of any property, condition of title, value, or otherwise are provided for informational purposes only and may not represent the true and current status of the property now or at the time of sale.

 

  • Information is available for marketing purposes only.

 

  • Pre-Auction Offers may be allowed if presented in writing to the agent on the 1st day of the auction event.

  • Buyers of occupied properties will be required to abide by all local, state, and federal laws and orders when working with occupants of acquired property. In response to the COVID-19 coronavirus declared pandemic, local, state, and federal laws, regulations, and moratoriums have been enacted to protect those who suffer hardships and are negatively impacted by the virus. The buyer may be required to sign an acknowledgment indicating that the Subject Property and any or all occupants residing therein may be protected by one or more occupancy laws or orders, and the buyer commits to honor and comply with all such applicable laws, regulations, orders, and moratoriums. In particular, the buyer will agree not to commence any court action or other legal proceedings to evict or dispossess the current occupants of the Subject Property until doing so does not violate any such law, regulation, order, or moratorium. The auctioneer, brokers, and sellers will be held harmless in the event of a lawsuit of any kind.