The property will be sold As Is, without Contingencies and Subject to Seller Confirmation of all information. Please read and carefully consider all of the information on this site, do further research and make sure you understand it completely before bidding.

A.  THE AUCTION PROCESS

Step 1: Inspection. You are strongly encouraged to inspect the property you are interested in utilizing qualified professionals. The auction is conducted without contingencies so you must conduct your inspection(s) before the auction.

Step 2: Arrange Financing. Many bidders at the auction may use some form of financing to close their purchase. Remember to arrange all financing before the auction so that you know how much you can afford to bid at the auction.

Step 3: Attend the Auction. The auction will establish the price for the property through live, competitive bidding. All cash is NOT needed on auction day! A 5 % non-refundable down payment, inclusive of the buyer’s premium, will be due immediately after being declared the buyer. This amount will be applied to the purchase price and will be deposited in the broker’s or closing agent’s escrow account.  Each winning bidder will sign a Purchase and Sale Agreement

Step 4: Proceed to Closing. This step is very similar to a conventional real estate purchase. Closing will take place at Central Washington Escrow in Wenatchee, by June 30, 2008.

B.  AUCTION SPECIFICS

Auction Date and Time: Thursday, May 29^th. Registration begins at 10AM and the auction begins at 11AM. You or your representative must be present to bid or you must have pre-registered to bid online or by phone at least 48 hours in advance. We offer internet bidding through Proxibid.

Items to bring on Auction Day:                                 

1) A completed Bidder Registration Form.

2) A current drivers license.

3) Certified funds of $25,000 made payable to Central Washington Title will be required, or a verifiable Bank Credit Letter, to bid at the auction. Cash and personal checks will not be accepted at the auction. You will only receive a bidders number if you are in possession of certified funds or a Bank Credit Letter, in fairness to all bidders; there will be no exceptions.

 C.  FINANCING

Bidders are welcome and encouraged to arrange conventional financing from a lender or mortgage broker of their choice before the auction.

D.  CLOSING COSTS

    E.  A NOTE ABOUT BID RIGGING

Some bidders at auctions are understandably concerned about the possibility of “bid rigging” where a “shill” or “plant” places bids they have no intention of honoring, in an attempt to artificially drive up the price.

Please know that bid rigging in any form is a felony, punishable by a fine of up to $10,000,000 for a corporation or $350,000 for an individual, plus up to three years in prison for each participant. Northwest Auctions uses a variety of safeguards to protect our bidders and ourselves against bid rigging and we will cooperate fully with any local or federal prosecution efforts.

F.  AUCTION TERMS AND CONDITIONS

Bidder's Registration: All prospective buyers must register to bid. Certified funds of $25,000 made payable to Central Washington Title will be required, or a verifiable Bank Credit Letter, to bid at the auction. A 5 % buyer’s premium will be added to final bid and included in total contract price. A 5 % non-refundable down payment, inclusive of the buyer’s premium, will be due immediately after being declared the buyer. This amount will be applied to the purchase price and will be deposited in the broker’s or closing agent’s escrow account. The Responsible Broker is Criterion Properties, LLC. The registration funds will be immediately returned in the event the bidder is unsuccessful.

Buyer's Premium:  A 5 % buyer’s premium will be added to final bid and included in total contract price.. For example, if the winning bid is $2,000,000, the corresponding Total Purchase Price will be $2,000,000 + 5%, or $2,100,000. Please keep the buyers premium in mind as you bid.

Online & Phone Bidding: Online & phone bidding registration must be completed 48 hours prior to the auction. All terms will apply as if participating at the auction in person. An additional 1 % technology fee, maximum of $5,000, may be added to your final purchase price if you are the successful winning bidder.

Closing: The balance is due in cash or new loan at closing within 30 days. A General Warranty Deed will be supplied by the seller at the seller’s expense giving marketable title subject to restrictions of record. Taxes & Home Owners Association fees are pro-rated. Title insurance will be at the buyer’s expense.

Subject to Seller Confirmation:  The seller has reserved the right to accept or reject the highest bid. A Package of information has been assembled for this property, which may include a preliminary title report, area description and a seller’s property disclosure along with other pertinent information. All information is deemed reliable but not guaranteed. Buyer is responsible to verify package contents.

Agency Disclosure:  Criterion Properties, LLC and Selequity Auctions represent the seller only and do not inspect properties or represent the buyer in any way.  Please see the Agency Law in Washington, linked as part of the Buyer's Contract and available here.

Conduct of the Auction: Conduct of auction and bidding increments are at the discretion of Auctioneer, who reserves the right to deny any person admittance to the auction. Seller reserves the right to cancel the auction at any time prior to the start of bidding. Any announcements on auction day take precedence over previously distributed information and materials. Any decisions by the Auctioneer on auction day are final.

Inspect properties and/or attend the auction only at your own risk:  Selequity Auctions, Criterion Properties, LLC (Broker), Seller and their agents and employees expressly disclaim any “invitee” relationship and shall not be liable to any person for damages to their person or property while in, on or about these properties, nor shall they be liable for hidden defects, dangers or conditions. All persons shall be on the premises at their own risk and shall defend, indemnify and hold harmless Broker, Seller, Auction Company and their agents and employees from any and all liability attendant thereto.

Each bid is binding.  Making a bid is a contract.  Once the auctioneer accepts a bid, the contract is established and a bid may not be withdrawn.

Broker Participation: Brokers and/or buyer’s agents must register their bidders 48 hours in advance subject to established Auction guidelines. Please see Participating Broker’s Agreement.