Terms and Conditions of the Sale for Online Bidding
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, by certified or cashier’s check, with the balance due in Ten (10) days, also by certified or cashier’s check. The purchase price shall include the current quarter real estate tax and recordation cost; High bids of $3,000.00 or less require full payment day of the live/online auction to include the current quarter real estate tax and recordation costs; The successful bidder shall deposit the bid price and/or down payment with F. Sullivan Callahan at 327 Duke Street, Norfolk VA 23510 within 2 hours of close of sale and the bond required of the Special Commissioner has previously been posted.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. The sale shall be subject to confirmation by the court.
Bidding: The auction software and our online bidding platform will notify bidders by email if they have been outbid. Please consider using the “Max Bid” feature as this will allow the software to bid on your behalf up to, but not exceeding, your Max Bid. If two or more bidders put in the same Max Bid, the auction software will recognize the earliest placed bid. The real estate is offered for sale to all persons without regard to race, color, religion, sex, handicap, familial status or national origin.
Auction Ending: The Auction is scheduled to end at the published end time, subject to auto-extend bidding. Each time a bid is placed with the clock showing less than 2 minutes, the clock will reset to 2 minutes. If there are no bids within 2 minutes, the auction will end. This procedure prohibits any last second “sniping” from taking place and making it fair for everyone. In the event the auto-extend time needs to be reduced, Virginia Auction Company, Inc. reserves the right to adjust the auto-extend, as needed.
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.
Bids: 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. Obtaining possession of the property is the responsibility of the successful bidder, no security deposits will transfer.
Acceptance: By registering to bid for this auction you are confirming that you do not owe the City of Norfolk any delinquent taxes and are not affiliated with any business or entity associated with
F. Sullivan Callahan, Special Commissioner .