National Commercial Auctioneers
BANK OWNED REAL ESTATE AUCTION
Description: 2-Day Auction Event - 80 +/- properties in Webb, Starr, Hidalgo and Cameron Counties. Properties will include commercial and residential real estate and multiple land offerings. Many properties offered Absolute to the winning bidder - come bid and buy!
May 16, 2011 at 6:00 pm - Registration Opens 5:00 pm
May 17, 2011 at 4:00 pm - Registration Opens 3:00 pm
Summary of Terms: 10% Buyers Premium applies to onsite auction purchases. 11% Buyer's Premium applies to online auction purchases. No representations or warranties, expressed, written or implied by the Seller and/or Auctioneer. All property is being sold "AS-IS, WHERE-IS". Financing is NOT a contingency on any sale. Before bidding, please make sure you have the ability to close on the transaction as provided for the in the Purchase & Sale Agreement. As a requirement for bidding, each bidder must have with them or deposited based on the PSA the minimum required deposit for the property as provided for in the catalog. The minimum required deposit per property ranges from $1,000 to $25,000, depending on the value of the property and must be in the form of a cashier's check, certified check, cash or wired funds to Valley Land Title Company one business day before the start of the auction. If you will be bidding on multiple properties, you will need to have the minimum required deposit for each property. A total 10% deposit is required immediately after the auction. The balance of the 10% deposit, equal to 10% of the total purchase price less the minimum required deposit, shall be paid with a personal check, company check, certified funds, cashier's check or wired funds to Valley Land Title Company. The total 10% deposit becomes non-refundable upon ratification of the Purchase & Sale Agreement. Closing must occur within 30-days of ratification of the Purchase & Sale Agreement by the Seller. If you are the winning bidder and do not close on the sale, you will lose your deposit. Please see the Purchase & Sale Agreement for complete terms and conditions. 1.5% Broker participation offered.
Michael Fine, Broker #596212; Stephen M. Karbelk, TX Auctioneer #16641; Rex Defoe Schrader, TX Auctioneer #13222