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Terms of Sale

Final Agreement:  On Monday, the day after the sale, an agreement will be filled out between the homeowner and the winning bidder. At the time of filling out an agreement the buyer will provide an earnest money deposit, which will be held in an escrow account. The purchase agreement will be in the form of the standard AAR Real Estate Purchase Contract and such contract shall govern all rights, duties and obligations of the parties. Terms of this contract shall supersede any terms to the contrary contained herein. If the winning bidder fails to sign the purchase agreement and deposit the earnest money by the end of Monday, the day after the sale, will disqualify that bidder. If the winning bidder is disqualified, the next highest bidder has the opportunity to buy the home at their final bid price (as long as it is acceptable by the sellers).

PURCHASER QUALIFICATION: Bidders must provide a pre-qualification letter from lender of their choice for the home, if applicable, within 24 hours of finalizing the agreement. Proof of the buyer’s ability to pay the purchase price, and/or qualify for financing, must be in the form of a signed LSR (Loan Status Report) as this is part of the AAR Residential Real Estate Purchase Contract. Purchaser should plan on conducting the closing within 30 days and no longer than 45 days from the open house.

Should the winning bidder fail to show their ability to pay the purchase price, or meet the requirements for deposit and financing proof, or prove unable to close this sale within the specified period, the owner reserves the right to terminate their agreement and offer the property to the next highest and best bidder under the same stipulations. Until an agreement is completed, the owner reserves the right to reject any or all bids and terminate the sale process at any time without explanation to any potential buyer.

CLOSING COSTS: Buyer shall pay all normal buyer closing costs and seller shall pay all normal seller closing costs as outlined in the residential real estate purchase contract.  Seller may pay all or some buyer closing costs if negotiated, but is not required to do so. Buyer has 10 days to conduct inspections for the home just like any other real estate transaction and all other contingency periods as outline in real estate contract shall prevail.


SALES INFORMATION/POSTPONEMENT/CANCELLATION: Owner, in its sole and absolute discretion, hereby reserves the right to postpone or cancel the sale for any reason or no reason whatsoever. In any event the sale may be cancelled altogether or postponed to an alternative weekend. Notice will be given to all, so we encourage you to call leaving your name and phone number specifically for this purpose. This is a sale with a Minimum Reserve. Owner may or may not accept offers below the Reserve price.

You may view and print the Bidding Rules and Terms Of Sale by clicking on the document below.