"ONLINE ONLY" REAL ESTATE BIDDING
AUCTION TERMS AND CONDITIONS

REGISTRATION: Proper and complete online registration is required to bid. All bidders must provide name, address, phone number, and email address to register. A credit card is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit plus a 10% Buyer's Premium will be charged to the credit card provided at registration. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.

BIDDING ONLINE: The only way this property may be purchased is via online bidding during the published bidding period. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office for assistance. 618-833-2227) To place a bid, bidders enter their "maximum" bid and click the "Place Bid" button. Each time that bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum. In the case of an auction with a reserve, if the max bid amount entered is less than the reserve, the system will place the bid at the max amount. Once the reserve is met, then the system will advance the bid (by the bid increments) only when the bidder is outbid by another bidder, up to the bidders max. The system will not advance a bidder's own bid. Online-only auctions utilize the "Soft Close" feature that automatically extends the bidding time if a bid is received in the last 2 minutes of the published bidding period. The extensions will continue until 2 minutes have lapsed without any bidding activity, at which time the auction is concluded.

BUYER'S PREMIUM: A buyer's premium of ten percent (10%) of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s). Please take this into consideration when bidding.
Sample calculation
High bid = $100,000
Buyer's Premium = $ 10,000 (10% of 100,000)
Total contract price = $110,000

FINANCING: Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.

CONTRACT SIGNING: The Auctioneer or his representative will contact the Winning Bidder the following morning to establish a meeting time. In any event, the contract signing and deposit payment process must be completed by close of business on the day following the auction conclusion. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Joe Ollis Real Estate & Auction, LLC auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller's reserve, unless advertised otherwise. Any property with a high bid exceeding the Seller's reserve will be declared "sold" by the Auctioneer. In instances where the seller's reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller's sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.

DOWN PAYMENT (DEPOSIT): The Winning Bidder shall be required to make an earnest money down payment in the amount of $5,000. This deposit must be paid by close of business the day following the bidder being declared the Winning Bidder. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Joe Ollis Real Estate & Auction, LLC auction events.

CLOSING: The Winning Bidder shall close on or before January 16, 2017 unless prior arrangements have been made.

EVIDENCE OF TITLE: Seller shall furnish at seller's expense an Owner's Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s). Seller shall also pay applicable taxes to the State of Illinois. Buyer is responsible for paying for the search on themselves and applicable taxes to the State of Illinois.

REAL ESTATE TAXES & ASSESSMENTS: 2017 taxes are to be prorated as of the closing date, based on the latest tax bill. Back taxes if any will be paid by the seller.

AGENCY: Joe Ollis Real Estate & Auction, LLC and its representatives are Exclusive Agents of the Seller.

BROKER PARTICIPATION: A commission of 20% of the auctioneer's commission will be paid to any properly licensed Broker who registers a successful buyer according to the appropriate Broker Participation Agreement. This form is available from the Auction Company and must be completed and returned no later than 48 hours prior to the auction end date.

DISCLAIMERS AND ABSENCE OF WARRANTIES: The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an "AS IS", "WHERE IS" basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement. This property is available for and subject to sale prior to auction.

PRE-AUCTION SALES: As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Sale Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion.

BIDDER REPRESENTATION: Bidder represents and warrants that bidder is of legal age, has full legal capacity and authority to understand, execute and deliver this bidder's statements and Real Estate Terms and Conditions on bidder's or an entity's behalf, if any.

All information contained in the auction brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement.

4-Plex! Real Estate Auction Online Only! 500 West Simmons St., Marion, IL December 5, 2016* 7PM Attention Investors! Nice 4-Plex and a great investment tucked on Simmons St. Four individual, 2 bedroom units being approximately 800 sq. ft. apiece that produce $ 1,750/monthly income. The overall building size is 3,296 sq. ft. per assessor's records. This building was built in 1995 and has had updates and remodels since. Amenities include: ample parking, heat pump, central air, and more. Call Auction Company Today for A Showing! Real Estate Terms: Successful bidder or bidders will be required to enter into a written contract and deposit $5,000 earnest money on auction day. Balance due on or before date of closing. Deed and title insurance will be provided by seller. Possession will be given on date of closing. A ten percent buyer's premium will apply to the high bid to establish the contract price. Make your financial arrangements prior to auction. Potential buyers may make any inspections prior to auction. (618) 833-2227 Toll Free 800-272-9791 Joe Ollis Auction Service, LLC IL. Lic # 444.000380 Information Herein Believed to Be Accurate but Not Warranted