The following describes the terms in which this website (MichiganOnlyAuctions.com), herein referred to as MichiganOnlyAuctions.com, us, we, our, and this website) provides access to our online services. We reserve the right to supplement, revise, or update these terms at any time without notice to you. Be advised that you should read these Terms as well as our Privacy Policy on a regular basis as you continue to use our website because they may change without notice to you at any time, the date of last revision is at the bottom of the page. Continued use of this website will indicate your acceptance of our terms, policies, updates, revisions and conditions so please check back and refer to this page often.

REAL ESTATE AUCTION TERMS:

The following is a summary of our standard real estate auction terms that we hold unless otherwise specified for an individual property listing.  The terms specified here on this page are in addition to the website user agreement terms pertaining to the auction site itself.  The complete terms that will govern the actual sale of the real estate can be found in the physical contract for the property in question at the time of closing. The BUY/SELL agreement can be obtained from the seller.  Bidders should review that document prior to bidding to familiarize themselves with those terms.

A "Buyers Premium" of five (5%) percent will be added to the high bid and will be charged as a transaction fee to the buyer. This buyers premium will become part of the Auctioneers Commission. A deposit of ten percent (10%) of the purchase price will be required of the successful bidder within 2 business days of the conclusion of the auction unless special arrangements are made with the seller prior to the bidding process.

A MichiganOnlyAuctions.com representative will contact the high bidder within 24 hours of the auction close to coordinate the deposit and BUY/SELL agreement.  A wire transfer, cash, or cashiers check will be required for the deposit. This deposit is not refundable and your purchase or wining bid IS NOT conditional or contingent upon financing so be sure you have prearranged financing (if needed) and are capable of paying for the property that you bid on at the closing.

All properties are sold “AS IS WHERE IS” with no warranties of any type expressed or implied as to the merchantability, usability, fitness for a particular purpose, or any matter of whatsoever type or nature.

Potential buyers should inspect the property before placing any bids.  Any improvements which may need to be done will be the responsibility of the purchaser. All information advertised or stated was derived from sources believed to be correct but is not guaranteed. The sale of the property is not contingent upon financing, acceptable post-auction inspection, acceptable environmental reports, surveys, use requirements, other property sales, purchases, or any other matter whatsoever.

All property dimensions are approximations and no new surveys or perk tests have been completed. Any surveys or perk tests desired will be the sole cost and responsibility of the buyer and are not a contingency of the sale. The property being sold may be subject to easement restrictions, or building and use restrictions and it is the buyer's responsibility to verify prior to bidding.  The property being sold, will be free and clear of all liens prior to the auction.

The buyer shall rely entirely on their own information, judgment, and inspection of the property and records. Buyers can and should inspect the property prior to the auction. A non-acceptable inspection after the auction IS NOT a contingency of your winning bid or purchase so be sure you have inspected the property to your satisfaction prior to the auction. We cannot provide inspection or access to the property after the auction so please note the advertised Open for Viewing times.

The balance of the purchase price will be due within 10 days of all paperwork be ready for the closing, but not later than 30 days after the auction. Possession will be given at the closing unless otherwise noted.  Closing fees of approximately $950 will be paid by the buyer. Taxes and assessments will be prorated to the date of the auction. Any taxes, association dues, or assessments due will be the responsibility of the BUYER. The SELLER will provide at their cost, a deed to the property and an owner's title insurance policy in the amount of the purchase price at closing.

If you are the successful bidder, you must sign all the purchase agreements and make your deposit on the property within 2 business days of the conclusion of the auction. Individual purchases are to be considered as singular transactions, not contingent on any other purchase of properties on the auction.

Properties will be sold subject to the acceptance or rejection of the high bid by the seller(s) within 72 hours of the conclusion of the auction unless specifically stated that it is selling with no minimum or reserve price.  The auction will be conducted at the sole discretion of the auctioneer and any bids may be recognized at their discretion.  

Any exceptions to the above terms will be noted in the auction listing for each property.

Unless otherwise stated, the Buyer will be responsible for the 5% Buyers Premium, the closing costs charged by the title company (approximately $950), and any post auction real estate taxes in addition to the Bid Price.

All online auction listings are subject to the following conditions:

Live & online real estate auctions are subject to the live auctioneer taking precidence over the online listing as stated above. All other online auction listings are subject to the following:

The starting and closing times for an online listing are based on the website server time setting and are not subject to time zones.  In the event of a website or database crash, any item or items listed that experience a problem or have bidder errors due to website server issues will be deleted and relisted. We try to make sure that sellers and auction listings are as accurate as possibly; However, we reserve the right to withdraw any listing for any reason at our discretion if there is a problem with an item or listing.

All items are sold "as is where is", with no guarantee, warranty, or refund written, expressed, or implied.

Tuesday's Food Auction items not paid for and picked up by Saturday (4 days after the auction close) will be resold and winning bids forfeited. Wednesday auction items not paid for and picked up within in 7 days from the date of the auction, unless specifically otherwise stated in the item description will be forfeited. 

Any deficiency or forfeited item will become the expense of the high bidder who defaulted. This amount will be immediately due and payable upon the receipt of invoice for that item.  MichiganOnlyAuction.com will notify the defaulted bidder of this amount and take any legal collection actions including charging the credit card on file, and/or the use of an attorney or collection agency for this deficiency.

You must resolve any questions about the item by contacting the seller of the item prior to placing a bid. Do not place a bid until you are sure that you understand what you are bidding on, and if necessary, have received a response from the seller of the item regarding any questions you may have. Biding is subject to bid increments and items may be subject to a minimum bid.

Once a bid is placed it may not be cancelled or retracted without the permission of the seller. The seller is not obligated to grant permission to retract or cancel a bid, and it is not the duty of this auction site to request permission from the seller for a bid retraction or cancellation. Any bid cancellation must be worked out between buyer and seller without assistance from the auction site. By bidding on an item, you authorize us to release your contact information, including name, address, email, and telephone number, to the seller who listed the item. Auctions may be extended due to technical difficulties as described above. Do not wait until the last minute to bid!

When listing items, ensure that the items listed for auction do not infringe upon the copyright, trademark or other rights of parties involved. By listing items for sale on this website you represent to us that your items do not infringe on the intellectual property rights of any third party and that you have a legal right to sell the items you list.

Your description of the item must be truthful and accurate. Adding additional unrelated keywords to your listing to make it show up through our Search facilities and other search engines is prohibited.

Last updated 06/01/2009