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Terms of Sale:
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The obligations and requirements for the purchaser are advertised
prior to the sale day and will be read aloud at the time of sale
by the Auctioneer. Additional terms may be announced on the day
of sale. The Auctioneer also will make any announcements that
involve the property and your obligations as purchaser. Failure
to follow or comply with any terms of sale may lead to forfeiture
of deposit and make you liable for expenses to resell the property
as well as any deficiency that occurs.
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Condition of Property & Deposit:
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Property is sold "as is". Unless
announced otherwise, seller makes no representations or warranties
concerning the property's condition. Seller makes no repairs.
Deposits are credited towards purchase price. Failure to comply
with the "Terms of Sale" may result in loss of all or
part of your deposit. And you may be obligated to pay any resale
expenses.
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Expenses & Settlement:
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The buyer is traditionally obligated for related property expenses
as of the sale date or date of settlement. Expenses include taxes,
utilities and insurance. You may be required to pay interest on the
amount of purchase price, less the amount of the deposit, from sale
date to settlement date. It is recommended you obtain a fire
insurance binder on the day of sale. Purchaser is responsible for
all settlement expenses including title fees and recording costs.
Settlement is specified in the terms of sale. If settlement is based
on court approval, that period will take 30 to 45 days. It is expected
you will settle on the property within the specified time.
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Financing:
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All of our foreclosure sales are for cash. None of the foreclosing
lenders will extend financing to third party purchasers. Never the
less, if a purchaser needs financing that financing must be sought
elsewehere and completed within the terms and conditions stated
in our advertisement for the purchase of the property, specifically
ten days after the ratification of the sale.
On some occasions a lender/seller may at the request of the purchaser
extend the time for the settlement, ususally upon the payment of
some additional consideration by the buyer. Such an expection is
purely descretionary on the part of the lender/seller. Failure to
settle within the agreed time will result in the resell of the
property at the risk and expense of the defaulting purchaser.
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