Campbell Auctioneers & Appraisers LLC

National Auctioneers Association

 

Auctioneers Associations of Maryland

 

PURCHASING REAL ESTATE AT AUCTION

            The following information is provided by your Professional Auctioneer to assist you in understanding your purchase of a property at public auction. The material in this form is general in nature and does not limit your obligations under the contract of sale that you will be required to sign. 

TERMS OF SALE: Your responsibilities as a purchaser have been advertised prior to the day of sale and will be read by the Auctioneer at the time of auction. Additional terms may be announced on the date of auction or may be posted at the auction site. The Auctioneer will make important announcements regarding the property and your obligations as a purchaser. Please feel free to ask any questions regarding these terms. Failure to comply with any of the terms of sale may cause you to forfeit your deposit and be responsible for the expenses to resell the property as well as any deficiency incurred.

 CONDITION OF PROPERTY: The property will be sold “AS IS”. Unless otherwise announced, the sellers make no representations or warranties about the condition of the property. The sellers will not make any repairs.

 DEPOSIT: Your deposit will be credited towards the purchase price. If you do not comply with the “TERMS OF SALE”, either published or within the contract of sale, you might lose all or part of your deposit. In addition, if you fail to settle for the property you might be obligated to pay the expenses to resell the property.

 EXPENSES: You may be responsible for the expenses of owning the property as of the date of auction or as of the date of settlement, including taxes, utility costs, and insurance. You may be required to pay interest on the amount of the purchase price, less the amount of your deposit, from the date of auction to the date of settlement for the property. We recommend that you obtain a fire insurance binder on the property immediately as of the date of auction. The purchaser will pay all of the settlement expenses, including title fees and recording costs.

 SETTLEMENT: The settlement or closing period is specified in the terms of sale. If settlement is based on ratification by a Court, that ratification period will take from 30 to 45 days. You will be expected to settle for the property within the specified time.

 FINANCING: It is the purchaser’s responsibility to obtain financing. If you plan to use a mortgage to purchase the property, we recommend that you apply for the loan immediately. If the bank must take longer than the specified time to complete the loan, the sellers may extend settlement for a short period of time if you can provide proof of a loan commitment. If you do not obtain the financing within the specified time for settlement you will be in default of your contract of sale.

 BIDDING PROCEDURE: At the conclusion of the announcement and question period, the Auctioneer will solicit bids for the property. Bids are generally made either orally or by raising a hand. Bidding increments are made in amounts acceptable to the Auctioneer, who may set a minimum bidding increment as the sale progresses. Any bid which is merely a nominal or fractional advance may be rejected by the Auctioneer if in his judgment it may affect the sale injuriously. If a dispute arises between two or more bidders, the auctioneer shall decide in favor of one of the bidders, or immediately re-offer the property.

Graduate Personal
Property Appraiser

 Accredited Auctioneer
Real Estate 

Campbell Auctioneers & Appraisers, LLC
      410-778-4235 Chestertown
410-268-1108 Annapolis
1-877-811-8915 Toll Free
Members:
National & Maryland Auctioneers Associations
Anne Arundel Co. License Nos.
00077, 00078
www.CampbellLLC.com