Bidding Instructions

Thank you for your interest in our Sealed Bid Sales Program.  Here’s the most important information you need to know about bidding on an asset, whether it is real estate or a loan.

Submitting a Sealed Bid
All bids must be received on or before the Sealed Bid Deadline by completing the Sealed Bid Form and the Purchase and Sale Agreement supplied  in the Sealed Bid Forms folder for each asset.  Subject to the sole discretion of the Seller,  the sale will be awarded to a bidder which also includes a cashiers or  certified check in an amount equal to or greater than 10% of the  bid. The remainder  of the purchase price must be funded in full at, or prior to the Closing. If  the bidder’s Initial Earnest Money Deposit is insufficient, then in the sole  discretion of the Seller the sale may be awarded to another bidder.

“As-Is, Where-Is” Offering
The asset being offered only in an “as-is, where-is” condition with all their defects and faults.  It is the prospective bidder’s responsibility to undertake a thorough independent evaluation of the offering and inspect the online due diligence materials.  As such, any bidder should be satisfied with the asset in its “as-is, where-is” condition, prior to submitting a bid.  No representations as to the physical or environmental conditions of any real estate property, or any income or expense guarantee shall be provided.

Due Diligence
The timeframes for due diligence are contained in the Purchase  Agreement supplied in the Transaction Documents folder for each asset. Prior to the Sealed Bid Deadline, you will have access to all of the due diligence materials provided  in the secure online Data Vault. Take this opportunity to tour the property and  ask the brokers any questions you may have concerning the property or the sealed bid sales process. You should also speak to your lender, if you need  financing, to determine the likely amount of available financing.

Buyer’s  Premium
A Buyer’s Premium of typically five percent (5%) of the winning bid will be added to the purchase price in the Purchase Agreement and will be paid from sale proceeds at the close of escrow.  The Buyer’s Premium amount is subject to change from asset to asset and will be outlined specifically for each asset in the Terms and Conditions document contained in the Transaction Documents folder.

Real Estate Brokers
If the prospective bidder uses the services of a third party real estate broker or finder in connection with its acquisition of the asset, and such broker or finder is fully disclosed within the bid package, then the buyer’s broker eligible to receive any cooperating broker commission available for such transaction. Bidder shall indemnify, defend, and hold harmless against any claim for a brokerage or finder’s fees from any other party.