Terms and Conditions:
The successful high bidder on each property must sign the approved Memorandum of Sale immediately after the auction and pay a bidder's deposit, in cash or certified or cashier's check, 20% of the bid amount as a down payment, due the day of sale. Plus a 10% Buyer's Premium. Payment in full of the balance, by cash, certified check, cashier's check or money order, must be made within 10 days of the Sale Date, as defined in the Memorandum of Sale, TIME BEING OF THE ESSENCE.
All certified checks, cashier's checks or money orders shall be made out to the order of “Jason A. Dunn, PLC" OR "James J. Reid, Esq." Persons intending to acquire more than one parcel must tender separate checks for each parcel.
Lots (1-4) - Payable to "Jason A. Dunn, PLC" - Lots (5-9) - Payable to "James J. Reid, Esq." Lots (10-13) Nonjudicial payable to "Virginia Auction Company, Inc."
The Special Commissioner expressly reserves the right to reject any and all bids.
This sale is subject to confirmation by the Virginia Beach Circuit Court. Confirmation can take between 30 and 60 days from the Sale Date.
If the purchaser fails or refuses to tender the full purchase price to the Special Commissioner within 10 days of the Sale Date, the purchaser will be in breach of the agreement to buy the property.
Upon the purchaser's breach, the Special Commissioner may treat the sale as canceled and apply the deposit to the costs of the sale, with the remaining balance delivered to the City to be applied against amounts owed for the taxes. The property may then be resold at the risk and expense of the defaulting purchaser.
The Special Commissioner's retention of the deposit shall not limit any rights or remedies that exist against the defaulting purchaser.
The purchaser shall pay any closing costs, including the deed recordation fee, which will be calculated by the Special Commissioner and added to the balance owed by the purchaser.
Real estate taxes owed on the property at the time of the sale will be pro rated as of the Sale Date and paid to the City of Virginia Beach out of the sale proceeds after the Court confirms the sale and directs the Special Commissioner to disburse the funds.
The purchaser shall be responsible for paying any taxes owed after the Sale Date as they come due, as well as any maintenance of the outside of the Property.
If the Court does not confirm the sale, the Special Commissioner will refund all sums paid by the purchaser.
Title to the Property will be conveyed by General warranty deed after payment of the full purchase price, including the fee for recording the deed, the Court's confirmation of the sale and
entry of a decree directing the Special Commissioner to disburse the sale proceeds.
The Property will be sold without representations or warranties of any kind (except for the General warranty contained in the deed).
The Property will be sold "as is," in gross and not by the acre, and subject to, as provided by law, without limitation, restrictions, conditions, easements, liens or encumbrances of record, possible rights of parties in possession, encroachments, overlaps, gaps and gores, deficiency in quantity, all questions 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 Special Commissioner does not warrant or convey title to personal property that might be on the property or within any dwelling.
Personal property includes, without limitation, such items as storage buildings, appliances, window treatments, furniture, automobiles, etc.
All parcels are bought at the purchaser's own risk. In short, these properties are sold "as is," "with all faults," and without any representation or any warranty of any kind, nature, or description.
Terms and Conditions:
TERMS AND CONDITIONS of the sale: Properties shall be paid in full the day of the sale by cash, cashier's check, money order, or wire transfer. The successful bidder shall deposit the bid price, a 15% buyer’s premium, and $200.00 for recordation of the Deed with Virginia Auction Co., Inc. within 2 hours of the close of the sale. The said real estate shall be sold, "as-is", "where-is", in gross and not by the acre, and subject to, without limitation, restrictions, conditions, easements, encumbrances of record, possible right 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 other matter of record or not of record.
This sale shall be subject to confirmation by the Honorable, Leigh Henderson, Treasurer of Virginia Beach, Virginia.
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, marital/partner 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. Each lot will be scheduled to close 5 minutes apart starting at the scheduled end time.
Closing: All properties being sold are subject to confirmation by the Honorable, Leigh Henderson, Treasurer of Virginia Bach, Virginia.
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 the purchaser shall be deemed in default.
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, 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. Bids are accepted online only. 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 we, Virginia Auction Company, Inc. are not 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.