Live Bidding: On auction day, registered live bidders for the real estate must present an initial deposit consisting of $2,500.00, or 10% of the sales price, whichever is less, with 10% of the sales price due within 3 business days of the sale. Deposit must be certified, or cashier’s check made payable to Fortis Foreclosure Services, LLC.
Live Bidding: A Buyer’s Premium of ten percent (10%) will be added to the high bid for the real property and included in the total selling price paid by the buyer. For example, if the successful bid on a given property is $100,000, the ten percent buyer’s premium will equal $10,000, and the purchase price for the property will be $110,000.
Broker Co-op: Auctioneer will pay up to a three percent (3%) Broker Participation Fee (based on successful bid excluding buyer’s premium) to broker representing the winning bidder on the real property. Broker participation forms must be received 24 hours prior to auction.
Live Bidding: In addition to the required registration, agents/auctioneers must also attend with and register their prospects at the auction.
To qualify for a Broker Participation Fee, the licensed broker/agent must first register the prospective bidder by mail, email (firstname.lastname@example.org) or fax, (804) 232-3301 on Motley’s Broker Participation Acknowledgment Form, with Motleys Asset Disposition Group, 3600 Deepwater Terminal Rd Richmond, VA 23234. Registration forms must be countersigned by the prospect and include the broker's and agent's or auctioneer's license number, identification of the property, any agency disclosure statements, the letter and participation acknowledgment form. Please see Broker Participation Acknowledgment Form for full details.
Brokers must be present at the auction and assist their Buyers during the auction and, if their Buyers are the successful bidders, in the preparation of the agreement of sale to receive said commission. No commission will be paid to Brokers on any sale to an entity of which (or any affiliate of which) they are principals, employees or affiliates, or immediate family members. No Broker Participation Acknowledgment Forms will be accepted at the auction site.
Closing: TIME IS OF THE ESSENCE WITH RESPECT TO ALL CLOSINGS!
Timing: The sale of the real estate must close no later than Sixty (30) days after the sale. Upon settlement, the successful bidder of real estate will be provided a Special Warranty deed for the real property purchased. TIME IS OF THE ESSENCE.
Other Terms: The Special Warranty deed with respect to the real property purchased shall be prepared by Seller at Purchaser’s expense. The property will be conveyed “as is,” “where is,” with no representations or warranties except special warranty in deed. Successful bidder for real property must pay all costs of recording deed. Real estate taxes prorated to the day before the sale will be paid by the seller and the purchaser shall be responsible for real estate taxes commencing on and after the sale date. Successful bidders must pay all wire transfer fees. Sale of the property is not contingent upon the buyer obtaining financing.
Real property will be conveyed subject to all recorded or unrecorded liens, encumbrances, security interests, easements, rights-of-way, covenants, agreements, conditions, restrictions, reservations, limitations, mechanics’ liens, and material men’s liens lawfully applicable to the real property, to the extent prior or superior to the lien of the deed of trust pursuant to which sale is made.
All Bidding is open to the public without regard to race, color, sex, religion, or national origin. As used in these conditions of sale, the term “the final bid” means the highest bid acknowledged by the auctioneer, and the term “purchase price” means the sum of the final bid plus the applicable buyer’s premium. The auctioneer has the right to reject any bid or raise any bid which, in his opinion, is not commensurate with the value of the property being offered. The auctioneer may advance the bidding at his absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute. Should there be any dispute after the sale, the record of final sale shall be conclusive.
Bidder's Number: All Bidders are required to have a Bidder's Number to bid.
Live Bidding: To obtain a Bidder's Number, a registration form must be filled out giving full name, address and phone number. This information must be verified by proper identification. Evidence of correct form and amount of deposit must be made in order to obtain a Bidder’s Number.
Live Bidding: Bids which are submitted to Auctioneer in writing or otherwise left with Auctioneer prior to an auction (Order Bids) for execution at or below a specified price shall be entertained and executed by Auctioneer for the convenience of bidders. Auctioneer shall not be responsible for failing to execute such bids or for errors relating to the execution of such bids.