All information was gathered from sources deemed reliable and is provided as a courtesy of United Country-A.B. Cole & Associates. It is the responsibility of the bidder to verify all information to their satisfaction  All information is subject to change.  Announcements made day of auction take precendence over all disributed material whether printed or electronic.

On-Line Real Estate Auction Terms

Terms for Bidding and Purchasing Contract For Sale of Real Property:   Each property is offered under the specific terms provided in the contract. The contract is available at www.abcole.com for each specific property.  Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract For Sale of Real Property and the associated Addendum J, Do Not Bid.

All lease contracts and arrangements currently in effect will transfer at conveyance.  Rental receipts end for seller and begin for buyer on date of closing and/or transfer of title.

Terms:  10% Buyers Premium will be added to the final bid to become the contract price. At the close of the auction, successful bidders will be notified and emailed a contract to be executed and returned to United Country-A.B. Cole & Associates (UC-ABCole). Successful bidders will deposit $10,000 in the form of cashier’s check or wire transfer to designated escrow account of UC-ABCole within 24 hours of the end of the auction. The entirety of the remaining balance is due at closing on or before August 5, 2009.  Purchaser shall be responsible for all wire transfer fees.

Contract Documents will be sent by e-mail to the successful bidder, who must execute and fax or email back to UC-ABCole within 24 hours of the end of the auction.

Successful bidders not executing and returning their contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default.

A 10% buyer’s premium will be added to the bid price to determine the final contract price.
Buyer’s Premium Example:
Bid Price: $100,000
Plus 10% Buyer’s Premium: $10,000
Total Contract Price: $110,000

Auction Bid Default: In the event a winning bidder fails to submit the signed “Contract for Sale of Real Property” and $10,000 earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by UC-ABCole and the Seller as provided in the Auction Terms & Conditions and the “Contract for Sale of Real Property”.

On-Site Bidder Registration:  Positive ID required. $10,000 deposit day of auction by certified check made payable to bearer is required to bid on Real Estate with balance to follow in 20 business days. 

Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, UC-ABCole will reject the registration, and bidding activity will be terminated.

Agency Disclosure: In all transactions UC-ABCole is acting as agent for the seller, not as buyer’s agent.

Internet Bidding:  Any auction where Internet bidding/live auction is used, UC-ABCole shall not be held liable for electronic bids not sent, received, or executed.

Buyers Contract:  Your Internet bids are a contract and you are responsible for honoring them.

Bid Notification: If you have been outbid you will be notified by email until the close of the sale. To quickly review your bids and see if you are the high bidder you can utilize the ‘review bids” feature. Items that you have been outbid on will be clearly marked.

Internet Registration for Online Bidding:  Upon registering, you will receive an approval from A.B Cole & Associates.  We will authorize your credit/debit card for $1000.00 to assure you have a valid credit/debit card.  The authorization expires after the conclusion of the event.
To bid, you may then go to the listing of items, place your bids, and scroll to the bottom of the page and log in using your bidder number and password and submit your bids. To avoid having to continue to bid, you may add a maximum bid and the computer will automatically bid up to that amount for you until you are outbid. You will be notified if you are outbid at any time. You may then go in and submit another bid and maximum bid again. IMPORTANT NOTE: YOUR APPROVAL EMAIL WILL COME FROM: admin@abcole.com. IT IS VERY IMPORTANT THAT YOU ADD THIS EMAIL ADDRESS TO YOUR APPROVED LIST OF CONTACTS SO THAT YOU RECEIVE OUR EMAIL APPROVAL.

Disclaimer: All information contained herein is believed to be correct to the best of the UC-ABCole knowledge. The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Each bidder must conduct and rely solely upon their own investigation and inspection. The property is being sold “AS IS” with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding.

Questions and Contact Information
Please call 757-539-9866 or email imbid1@abcole.com for more information about the auction.
Problems with or questions about Internet bidding should be directed to admin@abcole.com.

Contact:
United Country-A.B. Cole & Associates
2480 Pruden Blvd., Suite 2
Suffolk, VA 23434
757-539-9866 or 877-539-9866 (toll free)