Online Only Auction Real Estate Auction Terms and Conditions
Property Address: 8 and 20 Hoffacker Road, Littlestown PA 17340
Auction Close Date and Time: Tuesday, May 25th at 12:00Noon
Open House Dates and Times: Thursday, May 13th from 4-6pm
Terms Briefing: $10,000 down due and signed agreement due within 2 hours of auction close by wire transfer or Certifed Check, Balance Due in 45 Days Property is Sold As-Is. Settlement in Not Contingent on Financing. 10% Buyer Premium will be added to high bid amount to create the “Purchase Price” No Exceptions. Broker Participation Offered. Broker must be registered at least 48 hours before the auction close. Buyer pays transfer taxes and all costs associated with closing. Subject to seller confirmation. Please see website for a copy of the agreement of sale, Sellers Disclosure and Information Sheet. SEE WEBSITE FOR FULL TERMS BEFORE BIDDING!
For More Information Contact: Lane Ryan Auctions: (717.489.3030) LaneRyanAuctions@gmail.com
Please Read the following terms carefully. By registering for this auction, you acknowledge that you have read and understood all terms and conditions herein and set forth within the supporting documentation described in the terms and that you have inspected the property or had the opportunity to do so.
If you do not agree to these terms, please DO NOT bid!
Second to last bidders bid will be binding for three hours following the sale, or until we have secured the signed agreement of sale and earnest money deposit!
The property will be offered for sale through Lane Ryan Auctions (LRA) Online Bidding Platform. Bidder Registration and Verification: For verification purposes, a credit card is required in order to register for this auction. Upon registering, an authorization charge of $2,500.00 will be charged against the credit card used for registration. This authorization is not a permanent charge placed on your card, it is only a pre-authorization “Ping” used to verify identity of our bidders and the availability of funds on the credit card used for registration. Generally, the “Pending Hold” will fall off in a day or so. Please be advised that Lane Ryan Auctions has no control over the length of time the verification charge remains on your card, that is at the sole discretion of your credit card company. Also, please be aware that registering for multiple auctions could incur multiple verification charges; and in some instances, multiple verification charges may result in a fraud alert being sent to the card holder. LRA reserves the right to reject or accept bidder registrations at its sole discretion.
Terms of Sale: At the close of the auction, successful bidders will be sent an agreement of sale through Docusign. The agreement must be executed within 2 hours after the close of the auction or by 2:00pm. We will include instructions for submitting your earnest money deposit via wire transfer. If you are not able to wire the funds, we will meet you to accept a certified check. (signed agreement and earnest money must be received by the auction company by 2pm on May 25th 2021. The earnest money deposit required is $10,000 as stipulated in the Contract for Sale. Balance Due in 45 Days
Scheduled Auction End Times: 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 60 Seconds, the clock will reset to 60 Seconds. In the event the auto-extend time needs to be reduced or extended, LRA reserves the right to adjust the auto-extend, as needed.
Buyer’s Premium: A 10% Buyer’s Premium will be added to the bid price for each property to determine the final contract price. For example, if your final bid price is $100,000, 10% ($10,000) will be added, resulting in a total contract price of $110,000.
Agreement of Sale Contract: This property is offered under the specific terms provided in the Agreement of Sale and specific Contract Special Stipulations as below. The Agreement of Sale is available for review at www.LaneRyanAuctions.com. Please fully read and review the entire Agreement prior to bidding. If you have any question or concerns to anything included in the Agreement of Sale, please contact LRA prior to bidding. Please do not bid prior to reviewing the entire Agreement of Sale Document. Settlement is NOT Contingent on financing. If the Buyer is unable to Close, they will be considered in “default” and will forfeit their earnest money deposit.
Agreement Special Stipulations:
Notwithstanding any provision to the contrary contained herein, in the event the Closing cannot occur when scheduled due to a COVID-19 related event (“CRE”) resulting in the closing attorney, the mortgage lender and/or the Buyer and/or Seller being unable to perform their respective obligations, then the Closing shall be postponed until 7 days after the specific event delaying the Closing has been resolved. If the Buyer or Seller is unable to perform due to a CRE, the affected party shall promptly notify the other party both of the CRE and of its resolution. Buyer or Seller having concerns about attending the Closing or self-quarantining (in the absence of a quarantine or government ordered lockdown that specifically applies to Buyer and/or Seller) shall not excuse Buyer or Seller from attending the Closing either in-person, virtually or through a power of attorney. Buyer or Seller presently having COVID-19 shall excuse Buyer and/or Seller from attending the Closing until the party is no longer at risk of infecting others. However, in all situations where Buyer and/or Seller cannot attend the Closing, Buyer and or Seller shall use their best efforts to fulfill their contractual obligations through a power of attorney. Buyer or Seller experiencing a job loss, reduction in salary or other financial hardship shall not be deemed a CRE. If the CRE causing a permitted delay results in the Closing being delayed by more than 90 days from the original Closing date, then either Buyer or Seller may terminate this Agreement without penalty upon notice to the other party.
Taxes: The current year’s taxes will be prorated between the seller and purchaser as of the date of closing.
Disclosures: The Property will be offered for sale and conveyed subject to all conditions, covenants, deeds, easements, reservations, restrictions, right-of-ways, title exceptions, and matters of record. Maps, depictions, and sketches in any materials related to the Property are for illustration purposes only and Seller and Auctioneer do not guarantee, represent, or warrant their accuracy or completeness
Personal Property: This contract excludes all personal property located on the property.
Due Diligence: Seller and Auction Co. do not attempt to provide Bidder with all of the information. Bidder may need to make an informed decision about the Auction and Property. Bidder should obtain professional advice and conduct due diligence on the Property, surrounding area, all information provided by Seller or Auctioneer, "Property Information Packet"(available online at www.LaneRyanAuctions.com, public records, Terms of Auction, Auction, Sale Contract, transaction contemplated, and all circumstances, defects, facts, issues, matters, problems, and other relevant matters (collectively "Property Issues"). All information provided by Auctioneer came from Seller and is believed to be accurate, but neither Seller nor Auctioneer guarantees, represents, or warrants its accuracy or completeness and Bidder should not rely upon it without independent inspection and verification from sources Bidder knows to be reliable. Seller and Auctioneer are not required to update any information provided or published and shall have no liability on any basis for failing to do so.
Access: Possession of the property will be granted at closing. NO ACCESS TO THE PROPERTY WILL BE GRANTED UNTIL AFTER FINAL SETTLEMENT! NO EXCEPTIONS!
Broker Participation: Agent registering a bidder must fill out the appropriate forms and do so at least 48 hours prior to auction close. Family members, relatives or anyone knowing the auction from Auction Co. marketing are not eligible. Broker Participation amount is 10% of Auction Co. Earned Commission or Buyers Premium.
As Is, Where Is: All property is selling “As-Is, Where Is” with all faults. It is the buyer’s responsibility to conduct any and all inspections and perform all acts of due diligence deemed necessary before bidding. Placing a bid will be considered as acceptance of the property in it’s as-is condition.
Bidder Default: In the event a winning bidder fails to submit the signed Contract for Sale and/or earnest money deposit as specified in the terms, the winning bidder will be charged an administrative fee of $5,000.00 on the credit card provided at registration. All administrative fees are nonrefundable. The Property will then be resold and the defaulting high bidder will be liable for any deficiencies. LRA will be granted an automatic deficiency judgement against any buyer that defaults
Bid Cancellation: Know what you are buying BEFORE bidding!!! NO BID WILL BE RETRACTED! NO EXCEPTION WILL BE GRANTED FOR ANY REASON! Your bids are legally binding on your heirs, executors, administrators, successors and assigns. Lane Ryan Auctions reserves the right to remove or cancel the bids and bidding privileges of the party at any time that bids or bidding is deemed to not be in the best interest of the seller. In the event that Lane Ryan Auctions would need to cancel or remove a bid, “removed” high bidder will be responsible for any deficiencies created from the bids removal and that amount will be automatically charged to the bidders registered card on file.
Earnest Money Deposit: Upon the close of the auction, successful high bidders will be required to submit an earnest money deposit of $10,000 as stipulated in the Contract for Sale. The successful bidder will have 24 hours to send the earnest money in the form of Wire Transfer or Deliver Cashier’s Check to destination Appointed by Auction Co.
Real Estate Closing: With timing being of the essence, each contract will be a cash contract, not contingent or subject to financing, appraisal, or survey, as described in the Contract for Sale. Closing will take place no more than 45 days from the end of the auction as stipulated in the Agreement of Sale. The Buyer will be responsible for all closing costs and the transaction will be conducted by a closing company or attorney appointed by the buyer.
Agency Disclosure: Lane Ryan Auctions herein after LRA is acting as agent for the seller and at no time is LRA responsible for, acting on behalf of, or acting as agent for the buyer.
Disclaimer: Lane Ryan Auctions believes all information contained herein to be correct to the best of our knowledge. All information is being furnished to bidders solely for the bidder’s convenience and it is always the responsibility of the bidders to determine the accuracy and completeness of all information. Reliance on information provided is solely at the risk of the recipient. Bidders should always conduct their own due diligence, inspections, and investigations prior to bidding. Bidders needing assistance should seek necessary assistance prior to placing a bid.
Acceptance: By bidding in our auction, the bidder accepts and agrees that they have read and agreed to the Terms & Conditions of the auction in their entirety. Thank you for your understanding, accordance and acceptance of these Terms & Conditions.
Go Bid Now!