1 Chestnut St. Newville

Bidder Terms and Conditions

Bidder Terms and Conditions of Sale Specific for (Property address):  1 Chestnut Street, Newville PA  17241

  Tax ID#: 28-20-1754-044 County:  Cumberland

These Bidder Terms and Conditions, along with Website Terms of Use and ONLINE Bidding Terms and Conditions at www.colbyauctions.com apply to auctions conducted by Colby Auctions LLC (“Auctioneer”), and constitute a legal, valid, binding, and enforceable contract between Auctioneer and YOU. These Bidder Terms and Conditions form the basis for the contract of sale between YOU and the Seller.

1. You hereby agree to these Bidder Terms and Conditions by Registering as a Buyer and Bidding.
2. This Auction is held in conjunction with and as a service to the Listing Agent and Seller in an effort to market and sell the property as listed through the MLS and Cooperating Buyer Brokers/Agents.  Through this service, Auctioneer is acting as an additional Agent for Seller.   
3. Auctioneer compensation:  Buyer shall pay a Buyer Premium of One percent (1%) of High (Winning) bid.  Buyer will be charged the Buyer Premium as a fee to the auctioneer and added to High bid.
   1. High Bid plus Buyer Premium equals the Contract Price.

Example: $100,000 (High Bid) + $1,000 (Buyer Premium of 1%) = $101,000 (Contract Price)

3. 2. Auctioneer charges no additional fees to Buyer or Seller
   3. Auctioneer’s compensation is not variable based on upon whether or not a Cooperating Buyer Broker/Agent participates in this sale.
4. Register to Bid ONLINE at www.colbyauctions.com or email info@colbyauctions.com
5. Auction Dates:  Start Date:  May 12, 2022   Time: 3 PM

End Date:  May 23, 2022  Time: 3 PM

6. Type of Auction.  The Auction will be;

☒ With Reserve. The Auction is a With Reserve Auction and the Property will be subject to a Reserve Price provided, however, that Seller may, in Seller’s sole and absolute discretion, waive or reduce the Reserve Price. Seller acknowledges and agrees that the Property will be sold to the highest Bidder at any price equal to or in excess of the Reserve Price. Prior to the Fall of the Hammer, Auctioneer may, in Auctioneer’s discretion, Withdraw the Property (but Auctioneer will suffer no liability to Seller based on Auctioneer’s determination to Withdraw, or Auctioneer’s failure to Withdraw, any Property from the Auction pursuant to this provision).

☒ Sold Subject to Seller’s Confirmation . This means that, in addition to being With Reserve, after the High Bid Subject to Confirmation has been received and acknowledged by Auctioneer, Seller may determine, in Seller’s sole and absolute discretion, to (i) accept such bid or (ii) reject such bid. If Seller does not Confirm the High Bid Subject to Confirmation within three (3) hours after the Auction, it will be deemed to have been rejected and the Purchase Deposit will be returned to Bidder who made the High Bid Subject to Confirmation.

7. Agreement: The Residential Realty Purchase and Sale agreement attached to these terms shall be used and considered a part of these terms unless otherwise stated here;  Click or tap here to enter text.
8. Conveyance from Seller will be by:  Special Warranty Deed.  Property shall be conveyed with no liens
9. Mortgage Contingencies – NONE.  Property sold with NO Contingencies
10. Inspection Contingencies – NONE.  Property sold in As-Is condition with no warranties or guarantees.
11. BUY IT NOW:  Seller and Auctioneer may elect to publish a Buy It Now price prior to and/or during the auction.  If available, Buyer may elect to exercise this option in which case these same terms apply, including Seller’s Confirmation and Buyer Premium. Note: During the bidding, Seller reserves the right to eliminate the BUY IT NOW option at any time with no notice.
12. Payment of Contract Price. The Contract Price will be paid, as follows:
    1. Deposit. A deposit paid by Buyer to Auctioneer on the signing of this Agreement (the “Deposit”) in the amount of FIVE THOUSAND Dollars ($5,000.00)
    2. Buyer’s Premium. Any portion of the Buyer’s Premium paid by Buyer to Auctioneer prior to the Closing.
    3. Balance of Contract Price. The balance of the Contract Price will be paid in cash, by certified check, or by other immediately available funds at Closing.
13. Buyer’s Default. If Buyer fails to comply with the terms and conditions,

☒  Seller may retain the Deposit as liquidated damages (and not as a penalty), and, thereafter, Seller may proceed to make a resale of the Property, either at public or private sale.

14. Settlement Date shall be June 23, 2022, or before if Buyer and Seller agree.
15. Real Estate Transfer Taxes shall be paid by:  ☒ Buyer   ☐ Seller    ☐ Split equally by Buyer & Seller
16. Bidding:  Only Registered Bidder or POA may bid.
17. Broker Participation Fee:  A Broker Participation fee of three percent (3) % of/from the Contract Price will be paid upon successful closing to the Registered Broker/Agent for Buyer.  Buyer may register Broker/Agent or Broker/Agent may register Buyer at any time prior to Bidding. 
18. Winning Bidder/Buyer:  You must complete the following within (3) hours of Seller’s confirmation;
    1. Execution of Agreement of Sale and any related or state required disclosures
    2. Delivery of deposit monies via wire transfer, certified/cashiers check, or other method approved by auctioneer.
    3. If Winning Bidder/Buyer fails to execute Agreement and Delivery of Deposit in the timeframe specified, Auctioneer and Seller reserve the right to sell the property to another Buyer.
19. Negotiated Sale:  If YOU and Seller enter into an agreement for a Sale of the Property prior, during, or within 2 (Two) days after the Auction, Auctioneer will be entitled to receive an amount equal to the Buyer’s Premium.
20. Registration deposit - YOU may be required to make a Registration Deposit in order to bid on the Property. If YOU are the Winning Bidder, the Registration Deposit will be applied against the Contract Price for the Property. Auctioneer may verify YOUR identity and credit by placing a hold in the amount of  TEN Dollars ($10.00) against a credit card issued in YOUR name.
21. Technology Disruptions. YOU acknowledge and agree that the Auction is conducted electronically and relies on hardware and software that may malfunction without warning. Auctioneer will not be responsible for, and will suffer no liability for, technology disruptions, errors, or failures (including disruptions to bidding or the failure to execute, recognize, or record online bids), whether caused by (i) loss of connectivity, breakdown, disruption, or failure of the Online Auction Platform(s), (ii) breakdown, disruption, or failure of a Bidder's internet connection, computer, or system, or (iii) otherwise. Auctioneer may, but will not be required to, continue, suspend, delay, extend, reschedule, or close the Auction because of disruptions caused by technology failures, even after bidding has commenced.

Listing Agent:  Jim Bedorf, Realtor      Listing Broker:  Coldwell Banker Realty

Cell: 717-443-7033        Email:    jbedorf@bedorfprinceteam.com