AUCTION TERMS & CONDITIONS *BY BIDDING, BUYER IS ACKNOWLEDGING THAT THEY HAVE READ, UNDERSTAND & AGREE TO TERMS OF SALE AS FOLLOWS: 1. Bidding is open to the public and will be conducted at an online only auction, starting on June 14th and ending on June 17th at 2:00 PM. The lot will be sold to the highest bidder at or above $47,500. 2. All bidders must be registered in order to bid; however, there is no requirement to bid. By registering and bidding, the bidders acknowledge they understand and agree to the terms of the auction. 3. All property sells in “as-is, where is” condition without guarantee or warranty as to suitability for use. Increments of bidding are at the direction and discretion of the Auctioneer and Auction Firm. 4. Contract Sales Price – The contract sales price will be determined by adding the high bid price and a buyer’s premium equal to 10% of the bid price together. For example: A $50,000 high bid plus a $5,000 buyer’s premium equals the $55,000 final contract sales price. The information contained in the sales brochure and all related materials are subject to the terms and conditions of the WHAM Real Estate Contract for Sale. 5. Immediately after the auction ending the high bidder is required to execute the WHAM Real Estate Contract for Sale within three (3) hours at the WHAM office or via email or fax. The high bidder must also deposit $7500 to be held in escrow by the closing attorney and applied toward the purchase price. This is a non-refundable deposit unless the seller cannot provide marketable and insurable title at closing. The balance of the sales price will be due at closing on or before July 15th, 2016. The seller reserves the right to extend the closing date an additional 30 days if necessary. 6. Possession: At closing provided any net proceeds of the sale have been disbursed. 7. In the event the purchase offer is accepted and the buyer fails to comply with the terms of the WHAM Real Estate Contract for Sale, then the earnest money will be forfeited, but such forfeiture shall not affect any other remedies available to seller for such failure. 8. All information published, announced or contained herein was derived from sources believe to be correct; however, it is not guaranteed by the seller or WHAM Auction & Realty and Sunil Varghese, BIC. Personal on-site inspection is recommended. The failure of any bidder to inspect, or to be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or deposit money after its opening tender. In the event of a public outcry auction any and all announcements made from the auction block take precedence over all other verbal, printed, announced and/or distributed information. 9. A 4% commission of the high bid amount will be paid to the licensed agent’s Broker-in-Charge whose client pays and settles for the property. To qualify for a commission, the licensed agent must register their client in writing with WHAM Auction & Realty. The registration letter must be received at least 3 hours prior to the auction starting. A complete registration file on all prospects will be maintained. Commissions will be paid upon closing. There can be NO EXCEPTION to this policy. 10. Contingencies: There are no contingencies allowed for financing, inspections, or any other items. All due diligence must be completed prior to the auction or before submitting a pre-auction offer. Closing Costs: Seller will pay all property taxes and HOA dues to the date of closing, and any liens against the property. Purchaser to pay all other closing costs required to close, including deed preparation, deed stamps, any recording fees, and HOA transfer fee of $300. Sunil Varghese, BIC WHAM Auction & Realty 104 Middleton Way, Greer, SC 29650 (Phone): 864.801.9468 (Fax): 864.801.9905 www.whamauctions.com SCAF 4089 go to www.whamauctions.com to see bidders packets