ONLINE-ONLY AUCTION

Bidding Starts: Friday, March 6, 2020 at 12:45:00 pm ET

Buyer's Premium: There is a 5% Buyer's Premium in effect for this auction.

TERMS AND CONDITIONS FOR THIS ACCELERATED SALE OF REAL ESTATE

Price Discovery: This residential parcel is being auctioned online, subject to Seller confirmation.  It is not a foreclosure or short sale.  

Bids: All bids constitute non-contingent contracts

Due Diligence: All due diligence desired by potential purchasers should be performed prior to auction close.    

Participation: All bidders must agree to the Online Auction Terms and Conditions and authorizie The McGuire Group LLC  to place a hold on a major credit card in the amount of $2500.  Such authorizations will be released for all registered bidders at the conclusion of the online auction

Deposit Amount:  If you are the successful high bidder at the conclusion of the auction and the Seller confirms the sale, you will be required to make a $10,000 deposit to The McGuire Group LLC in certified funds, with the balance of 10 percent of the Total Purchase Price due to same within 72 hours.  The Total Purchase Price includes a 5 percent Buyer's Premium in addition to your bid amount.  For example, if your high bid is $100,000, your Total Purchase Price would be $105,000. 

If the initial $10,000 deposit is not delivered at the conclusion of the auction, The McGuire Group LLC reserves the right to immediately re auction the property.  This will be considered a default by the buyer (see “Conditions of Default”)

Buyer’s Premium: A Buyer’s Premium of five (5) percent will be added to the high offer for the real property and included in the Total Purchase Price paid by the buyer. 

Closing: TIME IS OF THE ESSENCE WITH RESPECT TO ALL CLOSINGS

The successful buyer must sign all documents in the time referenced below and will be required to make an appointment with the closing agent to pay the balance of the purchase price and receive the deed to the property.

Closing must occur within 30 days, unless otherwise specified in the Contract for Real Property Purchase Agreement, a sample of which is included as a document here.  

Said premises are to be conveyed by Marketable Deed from the Seller, free and clear of all liens. 

If the Seller confirms the sale at the conclusion of the auction, the high bidder will sign two (2) binding documents, both of which are expressly non-negotiable and must be signed in the name of the successful participant and, except as may specifically be permitted by the terms of the Purchase Contract or expressly agreed upon in writing by the Seller in their sole discretion, may not be assigned to any other person or party.  The McGuire Group, LLC has uploaded sample copies of the documents in this listing.  It is your responsibility to read and understand the provisions of these documents before making offers (bids) in the auction. 

Closing Costs: Ad valorem real estate taxes, rent, heating fuel and other apportionable items (if any) will be prorated at settlement. Seller shall pay the grantor's tax and the cost of preparing the deed; all other recording costs, taxes, fees, and closing expenses shall be paid by Purchaser, including survey if required. Each party shall be responsible for paying its own legal fees incurred under this Contract, whether or not closing occurs. 

Offers: All offers are open to the public without regard to race, color, sex, religion or national origin.  The party conducting the sale may advance the offering at their absolute discretion. 

Offer Intervals: To be determined by the party conducting the sale.

Extended Offering Time: Notwithstanding the scheduled closing time for this sale, if an offer is made during the final three (3) minutes of the scheduled closing time, the auction will automatically be extended  by (3) minutes.  Subsequent and additional extensions shall continue until no additional bids are placed for (3) minutes.   

Technical Problems:  We have made reasonable efforts to provide for online offers for this sale.  You recognize and acknowledge that technical problems with hardware, software, or internet connectivity, as well as human errors may arise and may affect, without limitation, the sale website, our online offering program and process, your or our internet service and access, and your connection to this sale offering program and process.  You further acknowledge that these and other technical problems may develop at any time and with or without notice.  You acknowledge and agree that neither we nor the Seller is in anyway responsible for any such technical problems, and that you have no absolute right to be able to make offers on this sale in the event of any such technical problems.  Notwithstanding the foregoing, you further acknowledge and agree that in the event of any such technical problems, we reserve the right to postpone or cancel the sale and/or extend the offering time for this sale and/or relist the property for sale at another time, in our sole discretion, and that our decision with regard to any such actions is and will be final.  Participants must take care in entering offers, and each Participant will be responsible for all offers placed under the Participant’s approved registration.  Once entered and recorded online, an offer is deemed to be final on behalf of the registered bidder and may not be modified, retracted or rescinded in whole or in part. 

Offer Acceptance:  All offers are subject to Seller Approval. We will inform the bidder with the highest offer once the offer has been considered. 

Conditions of Default:  If Purchaser defaults in making settlement, the deposit paid by defaulting party shall be forfeited, and the property under contract may either be resold at the risk and expense of such party; or Seller may accept the next highest available offer.  Such defaulting party shall be liable personally for any deficiency resulting from the resale of the property if purchased at a lower price, as well as for all costs, expenses, and attorneys’ fees in connection with such resale.  The forfeiture of such deposit shall not limit any rights or remedies of Seller with respect to any such default. 

Controlling Law:  The respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the sale shall be governed and interpreted by the laws of the Commonwealth of Virginia.  By making an offer in the sale online, the participant shall be deemed to have consented to the jurisdiction of the state and federal courts of the Commonwealth of Virginia.

Inspection:  All property is being sold “Where is, As Is", with all faults and no representations or warranties of any sort except marketable deed to the real property.  Descriptions are provided as a service to the public only and do not constitute a warranty, either expressed or implied.  We disclaim all responsibly for physical condition.  All buyers are responsible for prior inspection of property on which they make an offer, and by making an offer(s) are deemed to have so inspected the property to their satisfaction.  Placing an offer constitutes an agreement by bidder(s) to these conditions of sale.  We assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials.  Although information has been obtained from sources deemed reliable, we make no guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and materials. 

Release: The successful participant must agree to release any and all claims or causes of action it may have against beneficiary and Broker (or the employees or agents of either of them) relating in any way to (a) the sale, (b) the property offered for sale, (c) any condition or aspect of such property that may not be in compliance with any federal, state or local law, regulation, or ruling including, without limitation, any laws, regulations, and rulings relating to environmental contamination or hazardous waste, and/or (d) any documents, reports, complications, financial statements, projections, surveys, or any other documents delivered to such successful participant by the Broker, and/or the beneficiary, or the agents or employees of either of them (collectively, the “Accommodation Documents”). The successful participant must acknowledge and agree that the beneficiary, Broker and the agents or employees of any of them have not made and do not make and have disclaimed any and all representations or warranties regarding the truth, accuracy, or completeness of any of the documents provided the successful participant relating to the property purchased or the sources thereof and that such documents were provided solely as an accommodation to such successful participant.

Governmental Authorizations:  The successful participant for the real property will be responsible for obtaining, at its expense, the approval for any license, privilege, permit or right necessary to improve, renovate, and/or develop the real property, or to construct, improve, and/or alter any improvements on the real property, and such successful participant will be responsible for the fulfillment of any conditions imposed or required for such approvals.  The sale will be final, whether or not any such approvals are obtained of any necessary or desirable licenses, permits, privileges, or rights. 

Megan’s Law Disclosure:  Interested parties should exercise whatever due diligence they deem necessary with respect to information on registered sexual offenders who might live near a property being offered for sale.  Such information may be obtained by contacting your local police department of the Department of State Police. 

Disclaimer: The McGuire Group, LLC encourages all bidders to inspect lots in person before bidding. The McGuire Group, LLC is not responsible for incorrect listing information, if any. The McGuire Group, LLC has attempted to provide accurate descriptions of all items, however, it is the bidders responsibility to determine the condition and suitability of each lot.

Bidding Mistakes: Review all bids before submitting. Our clients are not willing to reimburse you for mistakes of judgment.

Catalog Discrepancies: When in doubt, contact us before bidding.

Auctioneer Rights: The McGuire Group reserves the right to add, remove, split or combine lots;  cancel, extend or reschedule individual items or events, and make changes to inspection and removal times.

Disputes and Debt Collection: Disputes will be resolved in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The venue will be the County of Fairfax, Commonwealth of Virginia.  As for debt collection, the bidder agrees that a fee of 2% of the outstanding balance per month will be added to any unpaid balance due The McGuire Group, LLC.

Guaranty Agreement: By submitting a bid in the name of a business entity, the individual submitting the bid enters into a guaranty whereby he or she personally guarantees payment to The McGuire Group,LLC of any bid amount not paid by the business entity or corporation for any reason, together with all collection expenses incurred to enforce collection.

Limitation of Liability: If, for any reason, The McGuire Group, LLC is unable to make available or deliver any purchase, or portion thereof, or documentation required in respect of any purchase, the sole liability of The McGuire Group, LLC if any, shall be the return of monies paid in respect of such purpose upon its return by the purchaser.

Age Requirement: All bidders must be 18 years of age or older.

Bidder Information and Security: All registration information the bidder provides to The McGuire Group, LLC shall be current, complete, and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. The security of bidder information is the responsibility of the bidder. Bidders must notify The McGuire Group, LLC if they believe that their bidder number and password have been compromised.