California Home Auction Specialists

General Terms


THESE ARE GENERAL TERMS OF SALE ONLY, to get specific info for each property:
Visit the specific County Auction page (Example San Diego Auctions) then click on the registration form for each specific property for detailed information about those properties.
 

1. GENERAL INFORMATION

Realty Executives is acting as the agent of the Seller and Bank with respect to the sale of the real property at these auctions. The agent may record phone bidding to assist in any future contract resolution actions.
 

2. ELIGIBILITY OF BIDDERS

The Bidder warrants that he/she is not:

(a) under 18 years of age;

(b) an employee of the listing agent;

(c) an agent or immediate member of the household of the listing agent in (b), above;

(d) the contractor, subcontractor or vendor, or their agent who has access to information concerning the property to be sold at auctions that is not generally available to the public;

(e) the party, or agent of the party(s), from whom the property was offered for sale.

3. REGISTRATION OF BIDDERS

All persons who are partisipating in the bidding process are encouraged to work with an Exclusive Buyers Agent.  Persons wishing to participate in the bidding process of the sale are required to obtain, fill out, and deliver a bidder registration form during the registration process for each sale which would include the name of their Exclusive Buyers Agent if the bidder is working with an agent. 

If at the time of the bidding the bidder is not working with an Exclusive Buyers Agent then Bidder will be assigned an exclusive buyers agent.  Click here to view the bidder registration form.  This form must be printed out and completed prior to the auction.  Listing Agent will not call anyone who has not provided a completed form.  The form will also be available at the property durring the open houses and for a week before the auction.

If you are planning to bid in the name of a corporation, business, or LLC, you must have the appropriate official documentation to show proof of eligibility to bid on behalf of that corporation, business, or LLC.

An individual's signature on the bidder registration form is an acknowledgment of his/her full and complete understanding of all terms and conditions and his/her agreement to be bound thereby.  Therefore, bidders are cautioned to carefully read all applicable terms and conditions contained in this document and the sales flyer before signing the bidder registration form.

The registrant agrees that, should the registrant be the successful bidder of a property, the following information regarding the transaction shall be published on The California Real Estate auction website: (1) the registered bidder's name; (2) the property's address; (3) the purchase price of the property. Electronic Freedom of Information Act Amendments of 1996 (5 U.S.C. 552 (2000)).

4. INSPECTION OF PROPERTY

The bidder is invited, urged, and cautioned to inspect the property prior to submitting a bid.  Property will be available for inspection/open house at the times specified by the listing agent.  Other than the scheduled inspection/open house dates, each homes specific access times and conditions will be noted in the MLS.

At their own expense, potential bidders may have property inspectors examine the property during regularly scheduled inspection/open houses and successful bidders can have the property inspected up to 17 days after offer is accepted by sellers/sellers bank.

5. ORAL STATEMENTS AND MODIFICATIONS

Changes may be made on the day of the sale, to the property status or descriptions in the sale flyer.  These changes take precedence over previous sales flyer information pertinent to that property.

Further, no interpretation of any provision of the sale contract, including applicable performance requirements, shall be binding on the seller unless furnished to and agreed upon, in writing, by the seller or his/her designated representative.

6. WITHDRAWAL/ADDITION OF PROPERTY

The Seller reserves the right to withdraw from sale any of the property listed in the sales flyer, on this web site, or listed in the MLS. 

7. REAL PROPERTY DESCRIPTIONS

The bidder understands and agrees that the property is offered, purchased and accepted by the buyer "AS IS" and "WITH ALL FAULTS". The Seller and its agent make no warranties or guarantees whatsoever whether written, oral, or implied as to quality, condition or habitability.

All information contained in the sale flyer was derived from sources believed to be correct, but there is no guarantee.  Buyer acknowledges that he/she relied entirely on his/her own information, judgement, and inspection of the property.

If a legal misrepresentation is determined before the final closing on the property, the Seller reserves the right to cancel the sale and refund any earnest/deposit money paid.

For properties built prior to 1978, the Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards and the EPA pamphlet "Protect Your Family from Lead in Your Home" will be available at scheduled viewing times or may be obtained by calling 1-800-424-LEAD or visiting http://www.epa.gov/lead. Buyer acknowledges responsibility for all costs associated with the abatement and remediation of any disclosed or potential hazards associated with the property.

Due diligence information pertaining to the property offered for sale will be made available during the scheduled viewing(s).  Buyer acknowledges responsibility for all costs associated with the abatement and remediation of any disclosed or potential hazards associated with the property.
 
 

8. OFFERING OF PROPERTY FOR AUCTION AND SUBMISSION OF BIDS

The Listing Agent will offer each property in accordance with sales flyer information or by special announcement.

Round Robin Telephone Bidding

To buy a home with The California Home Auctions, the Bidder or the Bidders Exclusive Buyers Agent MUST answer the phone Sunday after 7:00 PM!   NOTE: The bidding WILL NOT take place at the home for sale

If necessary, the bidding will pause at 9:30PM and restart Monday night at 7PM.  Please be patient; Agents for the Seller will call you before the 9:30PM stop time.  During each phone call, the Auctioneer will inform the Bidder of the highest bid and the number of remaining bidders if less than 5.  You may then select one of these two options:

            1) Bid higher by at least $2,000 ($1000 once only two bidders remain)

            2) Drop from the bidding. 

You will be called back repeatedly with the new high bid until you either drop yourself from the bidding or become the high bidder. 

 

Phantom Bids

Once a Top Bid is determined Both the top bidder and the next highest bidder will submit a Written Purchase Contract to the seller.  The best bidder will be given a copy of the second best bidder’s purchase contract to confirm that Auctioneer or Seller did NOT place any false bids. 

9. Successful Bids, WRITTEN offers

Best Bidder

Verbal telephone bids are not legally binding on either the seller or the buyer.  Once the seller accepts a bid, a California Association of Realtors (CAR) Purcahse Contract will be prepared to include the individual information of the high bidder along with the accepted bid amount.  A contract will also be conditionally established with the recognized back-up bidder for execution if the high bidder defaults for any reason or is rejected by the lender.  The best bidder will sign a purchase contract within 72 hours after the bidding concludes, and the home will continue to show as ‘active’ in the MLS until the contract is signed by the seller and approved by the sellers Lender.  A new better bidder can be selected at any time until the seller actually signs the purchase contract.  The best bidder is not necessarily the highest bidder.   

Contract Terms

Once the best bidder has been determined.  We’ll use the standard California Association of Realtors (CAR) purchase contract, with its 17 day inspection period and loan contingency, and we’ll have a normal escrow period.  Per tradition, Seller pays for termite clearance, Buyer’s title insurance, home waranty, and sellers escrow costs.  Buyer pays Buyers Escrow Costs and Buyers Closing Costs.  Payment of the full purchase price must be made within the time specified in the sales Contract.  The Seller will not accept unilateral conditions asserted by any bidder.

Earnest Money

At contract signing, the best bidder will provide an earnest money check equal to 1% of the contract price made out to “All Seasons Escrow”, the escrow company for this transaction.  Earnest money is applied toward the purchase price, not in addition to the purchase price. 

Buyer Closing Costs

If Buyer desires to minimize their Closing Costs, Seller can raise the contract price (up from the origional best offer amount) as much as the Buyer’s lender (and Seller’s lender) will allow and credit this amount back to Buyer at closing. 

NOTE: Property will be sold to the highest bidder when Seller and Sellers Lender accepts the bid amount unless the bid or bidder is rejected as provided herein. If the high bid does not exceed the Lender's reserve price, and the Lender does not waive or lower the minimum reserve price, the auctioneer will close the bidding

A Written bids may be delivered by the bidder, or by registered mail, overnight delivery service or by an agent of the bidder. The written bid must comply with all requirements stated on this site and in the sale flyer and must be accompanied by the bidder's contact information or completed written bid form, written bid amount clearly stated, and a cashier's check(s) for each property, as appropriate. Written bids with all required documents must be received by the time specified. The Government accepts no responsibility for any carrier's failure to deliver written bids by the deadline. Written bids will not be disclosed prior to the auction.
 

10. ELECTRONIC receipt of notification


Certain real properties may be offered for auction on the Internet.  Persons wishing to participate in electronic bidding are required to register online at the designated website.  In completing the registration process, the bidder agrees to comply with all electronic deposit requirements and acknowledges full and complete understanding of all Terms and Conditions.

Each time a bid is placed, the bidder will be prompted to certify that they have read and agree to comply with the Terms and Conditions. Bids will not be accepted without this certification.

At the conclusion of bidding, an e-mail will be sent to the successful bidder confirming the bid amount.  The successful bidder must acknowledge receipt of the notice and supply the information requested to validate the bid acceptance.  This acknowledgement confirms the price offered by the bidder and is subject to acceptance by the Government. Upon the Government's acceptance of a bid, a contract document will be initiated and signed by all parties. Final payment and closing will be in accordance with the Terms and Conditions of Sale as set forth herein and in the announcement on the internet.

11. COLLUSION


Practices that eliminate competition, such as collusive bidding, may result in criminal, civil, and/or administrative action against the participants.

12. CONSIDERATION OF BIDS


The Seller and Lender reserves the right to reject any or all bids, and to waive any technical defects in bids. Property is sold with a minimum reserve price unless the property is, in explicit terms, offered without a minimum reserve price.  The minimum reserve price is not released to the public.  If the minimum reserve price is not achieved, the Seller or Lender may withdraw the property at any time before the sales contract is executed.
 

13. FORM OF PAYMENT


Acceptable forms of payment are cashier's or certified check made payable to All Seasons Escrow. Personal or business checks, bank letters, or letters of credit are not acceptable. All cash payments of $10,000 or more will be reported to the IRS in accordance with 26 USC 6050 Section I (d).  In order to comply with this requirement, bidders must provide their Social Security Number at the time of Offer Acceptance to facilitate the completion of IRS Form 8300.
 

14. FINANCING


This is a cash sale. The buyer is responsible for obtaining his or her own financing arrangements as required.  The Seller does not provide financing for the purchase of any property offered under these terms and conditions. Bidders are strongly recommended to investigate and secure financing arrangements, if required, prior to making an offer.

Failure to obtain a written Loan Approval, with conditions, within 7 day after acceptance of the offer by the seller will result in the buyer defaulting on their contract. Failure to comply with all provisions of the sales contract regarding closing may result in termination of the contract because of buyer's default and may result in the forfeiture of any earnest/deposit funds. 
 

15. DEPOSITS


Deposits, as defined in the applicable sales flyer, will be made by the high bidder at the time of submitting a written Purchase contract to the seller.  In addition, the back-up bidder will need to provide a verification of Funds with their back-up offer. If you are not the high bidder or second high bidder, we do not collect your deposit or verify funds.

16. CLOSING


For bank owned properties, closing will be held within 30 calendar days of the date the Seller lender approves tthe sales contract accepting the Buyer's offer.  Closing may be held sooner, with mutual agreement in writting of Buyer and Seller.  Only the Seller may, at its discretion, exceed closing beyond 30 calendar days.  Closing costs including, without limitation, transfer taxes, documentary stamps, recording fees, and escrow fees will be paid by the Buyer and Seller in accordance with the customs of the county in which the property is located.  In the event Buyer desires title insurance, it will be at the Buyer's expense.


In addition to the forms of payment listed in paragraph 13 above, bank wires can be used for final payments.  All final payments must be made by the date specified in the purcahse contract or the bidder can be placed in default of the contract.
 

17. APPLICABLE TAXES


Buyer is responsible for the payment of any and all applicable taxes imposed by any state, county, or political subdivision as specified in the flyer.

18. TITLE


A Grant Deed as specified at the time of sale will convey title to the property to the buyer at time of closing.

A Grant Deed provides a clear title to the property with all back-taxes, liens and/or encumbrances of record paid by the Seller.
Title Insurance is available at Buyer's expense.
 

19. DEFAULTS


Failure to make required deposit or final payments and/or comply with the time frames specified in the purchase contract shall be deemed default of the high bidder and may result in cancellation of the contract and forfeiture of any rights, title, and interest the Buyer may have acquired.  In that case, title of the property will remain with the seller or lender and will result in the forfeiture of the deposit.  If the default occurs because of failure to make the deposit required, the buyer shall be liable to the Seller for liquidated damages in the amount of that deposit.
 

20. COMPLIANCE WITH APPLICABLE LAWS AND REGULATIONS


It is the Buyer's responsibility to ascertain and comply with all applicable Federal, state, local, and multi-jurisdictional laws, ordinances and regulations pertaining to the registration, licensing, sale, use, or disposal of the property purchased.

Buyers of the real property are not excused from any violation of such laws or regulations either because the United States is a party to this sale or has had any interest in the property at any time.

Buyer must comply with all environmental restrictions or obligations that are incurred as a result of the purchase of any real property.


 
Still have a question? Click here to email us. Please include the address of the property that you are interested in.