Terms and Conditions of Sale
The information below is to assist bidders with attending a Towne Auction sale. This is general information and specific details may vary by auction. The information communicated in the Mortgagee’s Notice of Sale of Real Estate and Foreclosure Sale Agreement will supersede the information listed in the FAQs and Terms and Conditions found on this site. For assistance in locating the Mortgagees Notice of Real Estate, please contact the foreclosing law office or Towne Auction offices.
All auctioned properties are sold “AS IS, WHERE IS” without any warranties or guaranties of any kind.
The successful bidder assumes all risk of loss as of the date of the auction sale.
A valid form of picture identification, such as a driver’s license or passport, must be presented at the time of auction to register as a bidder.
A deposit in the exact amount set forth in the Mortgagee’s Sale of Real Estate as a bank or cashiers’ check or money order made payable to the bidder is required to bid at the sale. Please be advised that under the direction of our client and for the safety of our auctioneers and bidders at our auctions, Towne Auction will not be accepting deposits in the form of cash.
Please ensure the deposit check meets these standards:
– Does not have an expiration date or other indication it will not be honored when presented.
– Is otherwise dated no earlier than nine (9) months prior to the date of the auction sale.
– Is not made payable to or endorsed by a third party.
The successful bidder will have a period of thirty days from the date of the sale to pay the balance of the successful bid price by bank or cashiers’ check or wire transfer.
The successful bidder will be required to execute the Foreclosure Auction Sale Agreement upon the conclusion of the auction.
Time is of the essence.
The foreclosing entity reserves the right to cancel or postpone or continue the auction sale to another date and time.
In the event of the failure of the successful bidder to purchase the property, the deposit shall be forfeited to the Mortgagee, in which event the foreclosing mortgagee reserves the right to assume the bid or sell the properly to the second highest or any prior bidder upon the same terms and conditions.
Additional terms of sale will be announced on the day of sale.