REAL ESTATE AUCTION TERMS & CONDITIONS 2821 Fawnwood Cir., Valdosta, GA An Important Closing Deposit Reminder From Professional Auctioneers, Inc. This auction is a cash sale not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Purchase and Sale Agreement. Per the contract, ‘time is of the essence’; you should proceed to closing immediately upon acceptance of your offer. You must close the transaction on or before March 12, 2020, if possible. Please call and talk with the auctioneer before the auction if you feel you would need more time to be ready to close. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve-you may be declared in breach of the contract, forfeit all deposits made, and could be additionally liable for any and all costs incurred by the seller and Professional Auctioneers, Inc. in a subsequent resale of the property. In the event the winning bidder fails to submit the signed “Purchase and Sale Agreement” and earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. All administrative fees are non-refundable. Additional default remedies are reserved by Professional Auctioneers, Inc. and the Seller as provided in the Auction Terms & Conditions and the “Purchase and Sale Agreement”. Bid with confidence, but please do not delay your closing! Helpful Tips to Keep in Mind Before & During Your Bidding Process 1. Bidding confirms you’ve inspected the property and read and agreed to the terms of sale in the Purchase and Sale Agreement – DO NOT BID unless you have done this! 2. Professional Auctioneers, Inc. reserves the right to remove and cancel the bids and or bidding rights and privileges of the party at any time deemed not to be in the best interest of the seller. 3. The property is being sold in strictly “as-is” condition. The property will be made available to you for your own inspection by appointment at any time until auction day. 4. You must make an earnest money deposit of 10% of the contract sales price and execute the Purchase and Sale Agreement immediately after the auction or within 24 hours of receipt of your contract package from Professional Auctioneers, Inc. Cash, personal check or company check will be accepted. 5. You must close on the transaction on or before March 12, 2020 – there are no financing or inspection contingencies or other delays allowed. 6. You are not allowed possession of any vacant property until after closing. NO EXCEPTIONS. 7. You will also be responsible for all of the closing costs except the ones specified in the Purchase & Sale Agreement to be paid by seller. 8. The property is subject to prior sale or removal from the auction. 9. Again, please read and review the terms and conditions of the Purchase and Sale Agreement. It is the document that controls this auction. Frequently Asked Questions Is this an Absolute Auction or does it require the seller to approve the winning bid? The property is selling subject to the approval by the Seller of the winning bid. However, Seller is highly motivated to secure a quick sale and you will not be wasting your time to prepare to bid on this property. This will be your chance to purchase property at a price that you are willing to pay! Can I use bank financing? Yes, however, there are no contingencies to these sales (i.e. financing, appraisal, repairs or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. Each property is being sold for cash “as-is, where-is” with a closing deadline of March 12, 2020 Can I use my own attorney to examine title? Yes, however, the terms of the auction and contract will govern the sale, specifically if there is a designated Settlement Agent that will conduct the closing and the buyer will pay said closing fees as indicated. Buyer may seek representation from other sources at their own expense. Am I responsible for the property before closing? No. Terms & Conditions Purchase and Sale Agreement: Each property is offered under the specific terms provided in the contract. The Purchase and Sale Agreement is available at www.professionalauctioneer.com, in the Documents Section. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Purchase and Sale Agreement, Do Not Bid! Professional Auctioneers, Inc. has the sole authority to resolve any bidding disputes as they may arise. Auction End Times: All Professional Auctioneers, Inc. Online Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Professional Auctioneers Inc. reserves the right to adjust the auto extension time period. Example: Professional Auctioneers, Inc. Online Real Estate Auction have an auto extend feature. Any bid placed within 2 minutes of the auction ending will automatically extend the auction for 2 minutes from the time the bid is placed. Example: If an auction scheduled to end at 2:00 pm receives a bid a 1:59 pm the close time of the auction automatically extends to 2:01 pm. The auto-extend feature remains active until no further bids are received on the entire bidding group of properties within the 2 minute time frame. Professional Auctioneers, Inc. reserves the right to adjust the auto extension time period. Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Professional Auctioneers, Inc. will reject the registration, and bidding activity will be terminated. Terms: At the close of the auction, successful bidders will be emailed the contract package to execute and return to Professional Auctioneers, Inc. Successful bidders will deposit 10% of the contract sales price in the form of cashier’s check or bank wire transfer with Professional Auctioneers, Inc. within 24 hours of receipt of the contract package. The entirety of the remaining balance is due at closing as stipulated in the “Purchase and Sale Agreement”. Purchaser shall be responsible for all wire transfer fees. Buyer’s Premium: A 10% buyer’s premium will be added to the bid price on all properties to determine the final contract price. 10% Buyer’s Premium Example: Bid Price: $60,000 Plus 10% Buyer’s Premium: $6,000 Total Contract Price: $66,000 Contracts: Contract Packages will be sent by email to the successful high bidder at the conclusion of the auction. Successful high bidder must execute and fax or email back to Professional Auctioneers, Inc. within 24 hours of receipt. Successful high bidders not executing and returning their contract with earnest money deposit within 24 hours of receipt will be considered in default and subject to an Administrative Fee (as defined below). All Administrative Fees are non-refundable. Auction Administrative Fee: In the event a winning bidder fails to submit the signed “Purchase and Sale Agreement” and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500 on the credit card provided at auction registration. Additional default remedies are reserved by Professional Auctioneers, Inc. and the Seller as provided in the Auction Terms & Conditions and the “Purchase and Sale Agreement”. All administrative fees are non-refundable. Closing: Time being of the essence, these sales shall be closed on or before March 12, 2020. The purchaser will pay for all closing costs associated with the transaction. The 2020 ad valorem taxes will be prorated at closing. (Please refer to the Purchase and Sale Agreement) Agency Disclosure: In all transactions, Professional Auctioneers, Inc. is acting as agent for the seller, not as buyer’s agent. Professional Auctioneers, Inc. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold “AS IS” with any and all faults. Please review information supplied, and seek appropriate assistance prior to bidding.