THE TERMS AND CONDITIONS OF THE SALE: The terms of the sale shall be cash, or in the alternative, a down payment of not less than 20% of the successful bid price for properties sold for more than $3,000.00, by certified or cashier’s check, with the balance due in Ten (10) days, also by certified or cashier’s check. High bids of $3,000.00 or less require full payment at the auction. The successful bidder shall deposit the bid price and/or down payment with Ronald H. Williams, City of Suffolk Treasurer and no bond shall be required of the Special Commissioners. The said real estate shall be sold, “as is , ” in gross and not by the acre, and subject to, without limitations, restrictions, conditions, easements, liens or encumbrances of record, possible rights of parties in possession, encroachm ents, overlaps, gaps and gores, deficiency in quantity, all question of boundaries, location and acreage which a current and accurate survey would disclose, roadways, environmental and wetland matters, unrecorded easements, matters which would be disclosed by an inspection of the premises, or any other matter of record or not of record. The sale shall be subject to confirmation by the court. AUCTION ATTENDEES & BIDDERS ARE REQUIRED TO FOLLOW CDC GUIDANCE AND TO WEAR FACE COVERING OVER BOTH THE NOSE AND MOUTH AND TO PRACTICE SOCIAL DISTANCING AT THE AUCTION.
Terms and Conditions of the Sale for Online Bidding
TERMS: To register to bid online contact auction coordinators Stewart Black or David Bateman at 757-538-0123 as soon as possible. Online bidder registration will be terminated three (3) business days prior to sale date. The minimum deposit for this sale is $3,500.00. All online bidding will be subject to approval.
Note: A minimum 20% deposit required to bid online for each property. We recommend that the on-line deposit be more than 30% of the anticipated maximum bid for each property upon which a bid will be placed.
i.e. $20,000.00 deposit will guarantee you up to $100,000.00 online bidding. Bids over that amount will be subject to confirmation and may not be accepted.
i.e. $5,000.00 deposit will guarantee you up to $25,000.00 online bidding. Bids over that amount will be subject to confirmation and may not be accepted.
It is important to calculate your budget for each property and plan accordingly with your deposit prior to online registration cut off. (3 business days prior to sale).
Deposits: All deposits will be made via wire transfer or deliver a cashier’s check made payable to Virginia Auction Company, Inc. (Contact Auction Coordinators for details)(convenience fees may apply) There will be a convenience fee of $15 for all wire transfers to be added to the total deposit amount.
Account Number:____________________ Routing Number:___________________ Terms of the sale are 20% down the day of the sale. If your deposit is larger than the final sale price once accepted the balance will be sent back to you the Monday following the sale in the form of a check. If your deposit is larger than the 20% minimum requirement but smaller than the sale price the entire deposit amount will be paid towards the sale price and the balance will be due in 10 days.
i.e. Deposit amount $20,000.00 final sale price is $17,000.00 you will receive the balance back minus recording costs the following Monday after the sale.
i.e. Deposit amount $20,000.00 final sale price is $27,000.00 you will not receive any of your deposit back and will owe the balance within 10 days, along with Recording Fees.
Deposits submitted by non-winning bidders will be returned within ten (10) business days in the form of a check.
Closing: All properties being sold are subject to court confirmation.
High Bids: If you are the high bidder for a property and are using our online platform to participate in our auction, you will be sent a Purchase Agreement for electronic signature. You must electronically sign the Purchase Agreement within thirty (30) minutes of receiving the Purchase Agreement for that property. If you fail to sign the Purchase Agreement within this timeframe, you are agreeing to forfeit your entire deposit. (See Default by Purchaser Section) Virginia Auction Company, Inc. reserves the right to revoke all bidding privileges for any bidder, whether participating online or in-person, that does not fully comply with all terms and conditions set forth for this auction.
Default by Purchaser: In the event that the purchaser does not return signed contract via email within thirty (30) minutes and provide the balance of the total purchase price within ten (10) days the purchaser shall be deemed in default and the purchasers deposit will be retained by the special commissioner. The special commissioner may resort to any other action or remedy in law or equity, including legal action to collect the costs of resale and any deficiency resulting from resale.
Inspection: All property is being sold “As is, Where is, With all faults.” With no warranties expressed or implied of any kind. Bidders are encouraged to rely solely on their own due diligence. The Auctioneer, its agents and subagents, and the Special Commissioner assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. All information provided was gathered from sources deemed reliable.
Bidding: The Auctioneer reserves the right to accept or reject any and all bids either live or online. Bids are accepted live/onsite, in addition to the internet. Virginia Auction Company, Inc. is not responsible for failed execution of bids due to bidder’s technological difficulties or issues.
Technical Issues: Virginia Auction Company, Inc. has made reasonable efforts to provide for online bidding for this sale. You recognize and acknowledge, however, that technical problems with hardware, software, or internet connectivity, as well as human errors, may arise and may affect, without limitation, the sale website, our online bidding program and process, your or our internet service and access, and your connection to this sale bidding program and process. You further acknowledge that these and other technical problems may develop at any time and with or without notice. You acknowledge and agree that neither we nor the Special Commissioner is in any way responsible for any such technical problems, and that you have no absolute or other right to be able to bid on this sale in the event of any such technical problems. Notwithstanding the foregoing, you further acknowledge and agree that, in the event of any such technical problems we reserve the right to postpone or cancel the sale and/or extend the bidding time for this sale and/or relist the property for sale at another time, in our sole discretion, and that our decision with regard to any such actions is and will be final. Bidders must take care in entering bids, and each bidder will be responsible for all bids placed under the Bidder’s approved registration. Once entered and recorded online, a bid is deemed to be final on behalf of the registered Bidder and may not be modified, retracted, or rescinded in whole or in part.
Properties: Properties are being offered for auction to the highest bidder without regard to prospective purchaser’s race, religion, sex, marital status, or national origin. The said real estate shall be sold, “as is,” in gross and not by the acre, and subject to, without limitations, restrictions, conditions, easements, liens or encumbrances of record, possible rights of parties in possession, encroachments, overlaps, gaps and gores, deficiency in quantity, all question of boundaries, location and acreage which a current and accurate survey would disclose, roadways, environmental and wetland matters, unrecorded easements, matters which would be disclosed by an inspection of the premises, or any other matter of record or not of record.
Acceptance: By registering to bid for this auction you are confirming that you do not owe the City of Suffolk any delinquent taxes and are not affiliated with any business or entity associated with Clarence H. Brooks, Special Commissioner.