TERMS AND CONDITIONS
1. Bidder is required to register and must provide name, address, telephone number and email address prior to bidding.
2. Bidder must have bank check (certified or official check) in the amount of $5,000.00. Make check payable to you. If you have the winning bid, you will sign over the check. If you do not have the winning bid, you may redeposit the check in your bank after the auction.
3. Bring your checkbook – A total of three (3%) per cent of the winning bid will be paid at the auction. Your deposit will be placed in an escrow account at a bank in Pelham, New York.
4. If you have the winning bid, you will receive a Contract of Sale during the week of April 20, 2009 which you must sign and return on or before April 27, 2009. Review the Contract with an attorney of your choice. The closing will take place within 30 days after the Contract is fully executed and returned to you. Although time will be of the essence, the parties, through their attorneys, may adjourn the closing upon mutual consent.
5. The sale is on an “as-is” basis. No repairs will be made to the premises. No warranties are made as to condition or that heating, plumbing, electrical, roof and basement are sound or in working order or that the premises is free of asbestos or other environmental issues. Inspect the premises with a qualified person prior to bidding.
6. By April 27, 2009 you will furnish a mortgage pre-approval letter from a lender authorized to lend in New York State demonstrating that you are pre-qualified for financing to close. Alternatively, you may submit a statement from a bank or broker showing cash or marketable securities on hand sufficient to close.
7. A 1% buyer’s premium will be added to the winning bid and is to be paid by buyer to cover administrative expenses.
8. Real estate agents who are members of Westchester-Putnam Multiple Listing Service Inc. may participate and will be compensated pursuant to MLS rules if they appear at the auction on behalf of or with the winning bidder and the bidder has signed and delivered a letter prior to bidding indicating that the bidder has hired the agent and wishes the agent to be compensated as their buyer’s agent. The letter must set forth their agent’s MLS ID number. Agents or brokers bidding on their own behalf or on behalf of a family member or partnership or other business entity in which they have an interest will not be compensated.
9. This auction is with reserve. The seller has every intention of selling their home to the highest bidder, but is under no legal obligation to sell. If the sale is not completed due to seller’s nonconsent, your deposit will be returned as soon as possible, without interest. If you are the highest bidder and the seller consents to the sale, your payment will not be returned if you do not close in accordance with these terms and conditions.