22 November 2009
Element Auction:How it will work..IMPORTANT INFO
Please contact me to have representation at the Auction!!
Cell/Txt.:310-420-1149-Thomas Ray,M.S.,Realtor
*Search the MLS like an AGENT on my Site:
www.LAexclusiveProperty.com
My Blog:
www.RealEstateBlogLA.com
How it Works::How to Buy at the Element Auction
So that all participants will be comfortable with the simultaneous auction process, informational seminars with hands-on workshops will be held on Sunday, December 6 at 3:00 pm and Wednesday, December 9 at 7:00 pm. These free, How to Buy demonstrations offer an opportunity to ask questions and learn about:
- Simultaneous Auction Process
- Bidding Strategies
- Registration Procedures
- Auction Terms and Conditions
Auction Day
The Element Auction will begin promptly at 1:00 pm PST on Sunday, December 13, 2009 and will last approximately two hours. Bidders are advised to arrive no later than 11:00 am.
The Auction will be held at the Ritz-Carlton Marina del Rey, 4375 Admiralty Way, Marina del Rey CA 90292.
On Auction day, 41 unique residences will be offered simultaneously and the Auction will continue until there is no bidding on any condominium home for a specified period of time.
MINIMUM BIDS
A published minimum bid has been established for each condominium home. There are no hidden selling prices. In accordance with the Terms and Conditions of the Auction, the Seller agrees to accept from Registered Bidders the highest bid equal to or greater than the published minimum bid for each condominium home. No bid below these minimums will be recognized.
REGISTRATION
Only Registered Bidders will be allowed to participate in the Auction. Registration is not complete until pre-qualification for home loan financing is obtained from the Sellers Preferred Lender. Those wishing to purchase more than one condominium must submit completed registration and pre-qualification forms by no later than December 7, 2009. Prior to the start of the Auction, these bidders will be notified as to the number of condominium homes that they have been approved to purchase. Each Registered Bidder will be issued a Personal Identification Code (PIC), which must be noted on each submitted offer.
Registered Bidders who intend to submit offers remotely must sign applicable Purchase Documents and deposit Good Funds (defined in the Terms and Conditions of the Auction) at the Auction Information Office by no later than 10:00 am on December 11, 2009. Internet Bidding Rules vary slightly from the rules that apply to Registered Bidders who submit offers at the Auction site. Complete Remote Bidding Rules for Registered Bidders can be viewed at the Auction Information Office or online.
BUYERS PREMIUM
A Buyers Premium of two percent will be added to each successful high bid. This cumulative amount will serve as the Purchase Price of the condominium home and as the amount on which the mortgage financing will be based.
DEPOSIT
On Auction day, all approved Registered Bidders must present separate cashiers checks, each in the amount of $2,000, for as many condominium homes as they have been approved to purchase. Each cashiers check will be used as part of the required 3 percent purchase deposit. Cashiers checks must be made payable to the Registered Bidder and will be endorsed to the escrow holder together with the balance of the deposit if you are a high bidder.
BROKER COOPERATION
Upon close of escrow, a commission of 3 percent of the winning bid amount (not including the Buyers Premium) will be paid by the Seller to the qualified broker whose client is the high bidder at Auction. Commissions will be awarded only to those licensed brokers and agents who meet all of the Broker Cooperation requirements as set forth in the Terms and Conditions of the Auction.
RULES OF PARTICIPATION
The Homes at Element are being sold As-Is/Where-Is without contingencies, except buyers ability to obtain financing from Sellers Preferred Lender. Bidders must personally visit Element and personally investigate and inspect all the Homes they are interested in purchasing before the Auction. Bidders are responsible for reading, understanding and adhering to the Terms and Conditions of the Auction as set forth in the brochure, online and at the Auction Information Office.
REMOTE BIDDING
Bidders who wish to participate in the Element Auction remotely (by Internet or telephone) have special Rules of Participation. Visit the Library of this websitefor details.
RIGHT OF BUYER TO TERMINATE PURCHASE AGREEMENT
The Seller grants successful bidders three days from signing the Purchase Documents, the right to terminate the Purchase Agreement, for any reason, cancel escrow, and receive a refund of all deposits paid to the Seller.
COURT ORDERED AUCTION
The Element auction is being conducted pursuant to Court order and the Court appointed receiver (Seller). All sales are subject to and contingent upon Sellers ability to transfer Fee Title to the property, whether by Court order or otherwise. Receiver cannot represent or warrant his ability to do so. If for any reason prior to the Close of Escrow Seller is unable to transfer Fee Title to a Home, the Purchase Agreement will terminate and Buyer will receive a refund of the deposit and Buyer will have no further right to purchase the property at Element.
Thomas Ray,M.S.,Realtor
Please contact me to have representation at the Auction!!
Cell/Txt.:310-420-1149
*Search the MLS like an AGENT on my Site:
www.LAexclusiveProperty.com
My Blog:
www.RealEstateBlogLA.com
