TERMS AND CONDITIONS FOR THIS AUCTION EVENT FOR ONLINE BIDDING
This auction is held in connection with a foreclosure sale (the “Sale” or “Auction”) by the substitute trustee (the “Substitute Trustee”) appointed by the beneficiary (the “Beneficiary”) of a deed of trust (the “Deed of Trust”) and in accordance with the terms outlined in the Legal Notice of Sale (available under the Documents tab). The Memorandum of Sale that a successful bidder is required to execute is also provided. This is a simulcast auction. Bidders may submit bids both online and in person on site at the Auction.
Summary of Terms and Conditions:
Buyer’s Premium: 10% Buyers Premium added to the highest bid.
Approval to Bid: To be approved, all online bidders (“Bidders” and each a “Bidder”) must register at least 24 hours prior to the start of the Auction.
Deposit: Certified funds or cashier’s checks. A bidder’s deposit of Twenty-Thousand Dollars ($20,000) or Ten Percent (10%) of the high bid, whichever is lower is required with settlement in full to be made within 30 days from the date of said Sale. A $2,500.00 deposit is to be paid by credit card immediately at the end of the Auction. Any balance owed on the required deposit must be paid by wire transmission within twenty-four hours of the Auction. Deposit will be held by the Substitute Trustee.
Broker Co-op: Up to 2% of the high bid may be paid to a properly registered broker/agent at settlement. Agents must register their buyers at least 24 hours prior to the Auction.
Closing: 30 day closing, As-Is, no contingencies.
Agency Disclosure: Dudley Auctions Inc. dba Dudley Resources is acting as auctioneer/agent and is agent for the Substitute Trustee only.
Disclaimer: Information contained herein is believed to be correct to the best of Dudley Resources’ knowledge, but it is the sole responsibility of each Bidder to inspect and verify all information pertaining to the property. This property is subject to sale prior to the Auction and may be withdrawn, modified or cancelled at any time without notice.
Full Terms and Conditions:
Bidder Approval: A deposit in an amount displayed on the Dudley Resources website or as communicated by Dudley Resources is required in order to become an approved Bidder and be able to place a bid during the Auction. Any such deposit will be required in the form of cash, certified funds, or credit card. Dudley Resources reserves the right to hold the deposit until the completion of the Auction and for a reasonable period of time to allow for the release of any such deposit and/or the return of any such funds after the conclusion of the Auction. The online bidding platform shall place a minimal credit card hold at the time of online registration to confirm the validity of the credit card being used.
Bid Increments: Dudley Resources shall solely determine the bid increments for this Auction. Bid increments may be changed or modified from time to time during the Auction.
Bid Responsibility: Bidders are responsible for entering their bids and each Bidder shall be responsible for any and all bids placed under that approved Bidder’s number during the Auction. Bids placed by approved Bidders shall be considered final and will be recorded. Recorded bids may not be modified, retracted or rescinded.
Bidding Time: This Auction is a timed auction event, which means that bidding is scheduled to begin at the time posted on the website for Dudley Resources. All time references on the bidding site for Dudley Resources are expressed in Eastern Time. It the responsibility of the Bidder to check the Dudley Resources website regarding the scheduled opening and closing times for the Auction.
Buyer’s Premium: A Buyer’s Premium of ten percent (10%) will be added to the highest bid for the real property and included in the total price paid by the buyer.
Buyer’s Premium Example:
High Bid Amount: $50,000
10% Buyer’s Premium. + $5,000
Buyer’s Total Purchase Price = $55,000
Closing: The highest Bidder must sign all documents and contracts within one (1) hour after the end of the Auction. All closings must occur within 30 days of the end of the Auction. TIME IS OF THE ESSENCE WITH REGARD TO ALL CLOSINGS! The subject Property is to be conveyed by Special Warranty Deed from the Substitute Trustee. The terms of the Memorandum of Sale are non-negotiable, and the highest Bidder must sign the Memorandum of Sale in the name of the highest Bidder or the highest Bidder’s associated business entity. The Memorandum of Sale and such other documents will set forth the specific terms and conditions of the Sale, including the time by which the successful participant’s purchase of the property must be completed. It is the sole responsibility of each registered Bidder to review all documents provided by Dudley Resources before making any bids at the Auction.
Closing Costs: The deed conveying the property shall be prepared and acknowledged by Substitute Trustee and recorded at the expense of Buyer. The buyer shall pay all title searches, title insurance charges, survey expenses, usual conveyance expenses, and recordation taxes, including the Grantee’s Tax. Real estate taxes, rents, water and sewer charges, if any, will be prorated as of the date of the Auction. The successful Bidder must pay all wire transfer fees. Sale of the property is not contingent upon the buyer obtaining financing.
Controlling Law: The rights and obligations of all parties regarding this Auction shall be governed and interpreted by the laws of the Commonwealth of Virginia. All registered Bidders shall be deemed to have consented to the jurisdiction of the state and federal courts of the Commonwealth of Virginia when making an offer at the Auction, whether present in-person or by agent, written offer, telephone, online or any other means.
Cooperating Broker/Agent Fee: Dudley Resources offers up to a three percent (2%) cooperating broker/agent fee to be paid to broker/agent representing the highest Bidder for the real property (cooperating broker/agent fee based on highest offer and not including applicable buyer’s premium). Please contact Dudley Resources for full terms.
Default: If highest Bidder defaults in making settlement, the deposit paid by that defaulting highest Bidder shall be forfeited, and the property purchased by such defaulting highest Bidder may either be resold at the risk and expense of such party or Substitute Trustee may accept the next highest available offer at the Sale. Such defaulting highest Bidder shall be liable personally for any deficiency resulting from the resale of the property it purchased at a lower price as well as for all costs, expenses, and attorneys’ fees in connection with such resale. The forfeiture of such deposit shall not limit any rights or remedies of Substitute Trustee with respect to any such default. Any successful Bidder who fails to submit an executed Memorandum of Sale, fails to make any required earnest money deposit, or fails to close in a timely manner may also be prohibited from bidding on future auctions conducted by Dudley Resources.
Deposit: A bidder’s deposit of Twenty Thousand Dollars ($20,000) or Ten Percent (10%) of the high bid, whichever is lower is required with settlement in full to be made within 30 days from the date of said Sale. A $2,500.00 deposit is to be paid by credit card immediately at the end of the Auction. Any balance owed on the required deposit must be paid by wire transmission within twenty-four hours of the Sale. Deposit will be held by the Substitute Trustee.
Due Diligence: It is the sole responsibility of each Bidder to inspect the property; review the information documents relating to the property; assess the accuracy and completeness of the information contained in the Sale Brochure and any such other documents; and independently verify and confirm any estimates, projections, or assumptions relating thereto, none of which may be considered to be guaranties. Bidders are independently responsible for completing due diligence to their own satisfaction. By agreeing to these terms and conditions, the Bidder represents that they have done so. Registered Bidders are aware of and agree that the sale pursuant to this Auction is being made on an “AS-IS, WHERE-IS” basis, with no representations or warranties of any kind, expressed or implied, by the Beneficiary, Substitute Trustee and/or Dudley Resources.
Dudley Resources is not the owner of these assets, instead is contractually engaged for the sale of these assets on behalf of the Substitute Trustee. Dudley Resources reserves the right to bid on behalf of the Beneficiary.
All Bidders have the sole and exclusive responsibility to select and consult with any and all professional advisors in determining whether to place a bid at this Auction. All Bidders acknowledge that they have relied exclusively on their own investigation and determinations and the advice or their own professional advisors, and expressly represent that they have not relied upon any information provided by the Beneficiary, Substitute Trustee and/or Dudley Resources in any way.
Earnest Money Deposit: If you are the successful Bidder, you may be required to provide an additional deposit in the form of a cashier’s check, wire transfer or credit card, within 24 hours or as specified by Dudley Resources at the conclusion of the Auction. The deposit is to be held by the Substitute Trustee.
Highest Bid Acceptance: All offers are subject to review and approval by the Substitute Trustee. Dudley Resources will inform the highest Bidder once the highest bid has been considered. Dudley Resources reserves the right to accept the highest or best offer in the event this is not the same offer.
Inspection: The property is being sold “WHERE IS,” “AS IS,” “WITH ALL FAULTS,” with no representations or warranties except for the special warranty to be included in the deed to the property. All property descriptions and due diligence documents are provided by Dudley Resources as a service to customers and do not constitute a warranty, either expressed or implied. Placing a bid, whether in-person, by agent, through the online bidding platform, or any other means, constitutes an agreement by participant to these conditions of the Sale. Dudley Resources assumes no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements andmaterials.
Maximum Bid: Bidders will have the ability to submit a maximum bid amount (often called a “Max Bid”) through the online bid platform and to direct that our website bid on such Bidder’s behalf in scheduled increments until the maximum amount identified by the Bidder has been reached. If a Max Bid in the same amount as was previously authorized by another Bidder’s max bid, the other Bidder’s max bid as previously entered will be deemed to be the prevailing bid at that amount. In the event that there should be any dispute among Bidders with regard to the identity or amount of the high bid, Dudley Resources reserves the right to reopen bidding and may, in conjunction with such reopening of the bidding, designate one of the Bidders as the “High Bidder” at the sole discretion of Dudley Resources. All decisions by Dudley Resources shall be final.
Megan’s Law Disclosure: All interested Bidders are solely responsible for conducting any investigation regarding registered sexual offenders prior to bidding and should exercise whatever due diligence they deem necessary with respect to information on registered sexual offenders who might live near a property being offered for sale. Such information may be obtained by contacting your local police department or the Department of State Police.
Registration: In order to register and place bids for this Auction, all interested Bidders will be required to register on the Dudley Resources website, www.dudleyresources.com. All Bidders registering for this Auction must be at least eighteen (18) years of age and must be eligible to bid at the sole discretion of Dudley Resources, based on any past experiences with the registered Bidder or otherwise. Bidders may also be subject to verification through credit card information in the registration process through a third party service to verify the credit card has the appropriate funds necessary to register for this Auction.
If a prospective Bidder has been approved to bid at the Auction, the approved Bidder will receive email notification that they have been approved to bid at the Auction. Bidding rights are not absolute, and all registrations, even if successfully verified by credit card as described above, are subject to manual verification at any time by Dudley Resources. Dudley Resources also reserves the right to suspend or terminate any Bidder’s registration at this Auction at any time.
Technical Problems: Dudley Resources has made reasonable efforts to provide for online bidding for this Auction. All registered Bidders recognize and acknowledge, however, that technical problems with hardware, software, or internet connectivity, as well as human errors, may arise and may affect, without limitation, the Dudley Auctions website, the online bidding program and process, or internet service and access, and the registered Bidder’s connection to this Auction bidding program and process.
All registered Bidders further acknowledge that these and other technical problems may develop at any time with or without notice. All registered Bidders acknowledge and agree that Beneficiary, Substitute Trustee and/or Dudley Resources are in no way responsible for any such technical problems, and that registered Bidders have no absolute or other right to be able to bid on this Auction in the event of any such technical problems.
Notwithstanding the foregoing, all registered Bidders further acknowledge and agree that, in the event of any such technical problems, Dudley Resources reserves the right to postpone or cancel the Auction and/or extend the bidding time for this Auction and/or schedule another auction event for the property, in the sole discretion of Dudley Resources, and that any decision with regard to any such actions is and will be final.
Terms Specific to This Auction: As noted above, Dudley Resources may provide Additional Terms and Conditions that are specific to this Auction or the property or properties being sold at this Auction. Such Additional Terms and Conditions may, but shall not necessarily be required to, relate to the following provisions, among others: extended bidding time; and bid increments.
To the extent that these Terms and Conditions for this Auction Event for Online Bidding conflict with the Legal Notice of Sale the Memorandum of Sale then the terms of the Legal Notice of Sale and/or Memorandum of Sale shall control.