Bid & Assume Auctions (Seller Financed Land Sales)
Terms and Conditions:
Listing Fee – $10.00
Auction Completion Fee– Standard fees apply, with a minimum Auction Completion Fee of $500. A Auction Completion Fee is only charged on the sold price and NOT on the entire balance.
Auction Completion Fee for Sold Bid and Assume Property- If the property is sold to the original buyer within a six month period from the close date of the auction, the seller must notify Bid4assets and pay a 10% Auction Completion Fee of the agreed purchase amount. Unless otherwise specified, the Auction Completion Fee will be automatically deducted from the credit card on file. If the credit card is decline a 10% service charge will be added to the balance owed.
Billing: Seller must have an active credit card on file. All Fees are billed automatically to the credit card that was most recently used for the payment of Bid4Assets fees.
Buyer’s Premium – A Buyer’s Premium may be added (up to 10% of the winning bid amount) only on the down payment for the purchase of the property (or the auction’s ending price). A buyer’s premium may only be charged on the sold price and NOT on the entire balance.
Reserve - Bid & Assume auctions may not have a Reserve price.
Categorization – Bid and Assume auctions must appear in the Bid and Assume category ONLY.
Asset Description – Seller must clearly state that an auction is a Bid and Assume auction, as well as the interest rate and full balance amount. If there is any additional document preparation or processing fees, those fees must be included in the description.
Due Diligence - A blank copy of your contract must be uploaded into the due diligence section as a PDF (or Word) document.
Settlement – Seller should deduct the winning bid amount from the full purchase price stated within the asset listing. For example: If the full purchase price is $10,000 and the winning bid amount is $1,500 then the remaining balance of $8,500 will need to be financed according to the terms listed in the asset description. This will not include any additional charges the seller may wish to levy, such as document preparation or processing fees. A copy of the contract must be supplied to Bid4Assets seven (7) business days after the close of the auction.
Please note: All Bid and Assume auctions may be placed on hold for up to two (2) business days. This allows Bid4Assets to review listings for quality assurance purposes. Sellers must agree to the Bid & Assume Terms and Conditions prior to listing Bid & Assume auctions on Bid4Assets. If you have any questions, please contact your Account Manager or Client Services at 301-650-9193 or email [email protected].