FAX BID/ON-LINE SALE FORMAT AND BID DATE:  These properties will be sold via an On Line/Fax Bid auction format.  To bid in this auction, your written Offer of Intent must be received by _____ p.m. Eastern Standard Time on Thursday, _______, 20___.  Your bid should be E-mailed, faxed, or delivered to:  Terry Bradley, Hunt Real Estate, 3208 West Genessee Syracuse, NY 13209.  Offers can be faxed to (315) 488-7992, or E-mailed at tbauction@aol.com.  Bids must be on Company letterhead and list the property number.  If your bid is accepted, you will be required to wire your initial down payment to the marketing firm’s escrow account within four (4) hours of acceptance.  Bids received after the deadline will be considered, if no acceptable bids are received by the deadline.  Late bids may be returned to the sender.

BUYER’S PREMIUM:  The total Purchase Price of the property shall be calculated by adding a ten (10%) percent “Buyer’s Premium” to the highest acceptable bid for each property sold.

SALES CONTRACT:  The successful bidder for each property shall execute an “Auction Real Estate Sales Contract” (ARESC) for the property immediately after being declared the successful bidder by the Marketing Company.  Upon execution by the Seller, the “ARESC” will supersede all printed matter and will serve as the governing document for the sale of each property.  A form “ARESC” is available from the Marketing Company and in the PIP package.  The “ARESC” which the successful bidder must sign after the auction, contains an acknowledgment that the purchaser has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property “As Is” with all faults and without reliance on any warranty of any kind whatsoever.  NO CHANGES TO THE TERMS OF THE PURCHASE AGREEMENT WILL BE PERMITTED.  ANY CHANGE TO THE PURCHASE AGREEMENT MAY VOID THE AGREEMENT.

PROOF OF FUNDS:  Financial reports, bank statements or other evidence of the availability of the necessary funds to close the transaction must be submitted with your bid.

EARNEST MONEY DEPOSIT:  A total earnest money deposit in the amount of ten (10%) percent of the purchase price is required.  It is to be paid as follows:  two thousand five hundred dollars ($2,500) to be wired to the Marketing Firm’s escrow account within four (4) hours of bid acceptance.  The balance of the ten (10%) required under the terms of the “ARESC” is to be paid via certified funds and delivered with the signed “ARESC” within 24 hours of bid acceptance.  The deposit of the successful bidder will be held in an escrow account pending closing of the sale of the property.  The deposit shall be credited toward the total purchase price of the property, but is not refundable for any reason, except by default of the Seller once the bid has been accepted.  ANY BUYER NOT CLOSING WITHIN THE CONTRACTUAL TIME PERIOD TO CLOSE, MAY FORFEIT HIS/HER EARNEST MONEY.  Closings are not contingent upon financing.

BID CONSIDERATION, AWARD AND NOTIFICATION:  Unconditional bids will be preferred over contingency bids or offers containing modifications to the Sales Contract.  Seller reserves the right, in its sole and absolute discretion, to accept, reject, waive any technical or formal defect, counteroffer or request a best and final offer on any or all bids received.  All bids are subject to Seller acceptance within four (4) days following the bid due date.  All bids must remain open and irrevocable during this consideration period.  All bidders will be notified of the Seller’s decision.  This notification may be in the form of facsimile, E-mail, certified mail, second-day priority mail, or overnight carrier.  FAILURE TO NOTIFY THE BIDDER DOES NOT CONSTITUTE ACCEPTANCE BY THE SELLER.

TERMS:  Bids must be in the form of all cash due Seller at closing.

FINANCING:  Financing is not a contingency of any sale in this offering.  Therefore, it is strongly recommended that all potential bidders make certain in advance that they are able to obtain the necessary financing to close the transaction.  If a Purchaser cannot obtain financing on the property because he/she cannot fulfill terms or does not qualify, then Purchaser can either close for cash within the contractual period or forfeit his/her Earnest Money Deposit.

CLOSING DATE:  Closing is to occur no more than thirty (30) days from the effective date of the Sales Contract.

TAXES, TITLE AND CLOSING COSTS:  Taxes are to be prorated between Purchaser and Seller as of the closing date.  Neither the Seller nor Terry Bradley, Hunt Real Estate, make any representations or warranties, oral or written, expressed or implied, regarding the condition of title to the property not specifically set forth in the Sales Contract.  Prospective bidders are encouraged to engage legal counsel of their own choosing and expense to examine title and related matters to each property that they intend to purchase.  Title will be conveyed to the purchaser by a quit claim deed or special warranty deed, subject to all encumbrances, easements, rights-of-ways, leases, possession, liens, licenses, reservations, conditions, and other matters of record or not of record.

PROPERTY INSPECTIONS:  The property is being sold as-is, where-is, with all faults.  Neither the Seller nor Terry Bradley, Hunt Real Estate make any representations or warranties, oral or written, expressed or implied, with respect to the condition of the property not specifically set forth in the Sales Contract.  All prospective bidders are strongly encouraged to make a complete inspection of the property prior to bidding.  Prospective bidders and/or their representatives assume all expenses, risk and responsibility associated with the inspection of the property.  You may attend a scheduled property preview.

BROKER PARTICIPATION:  Co-operating Brokerage is encouraged with licensed real estate brokers.  A commission paid to the registering broker shall be 2% of the accepted winning bid.  No commissions will be paid if the high bidder fails to close.  In order to be paid this commission, the co-operating broker must register his/her potential purchaser BY FAX ONLY on his/her letterhead with Prudential First Properties.  The fax number is (315) 488-7992.  The Broker Letter should be faxed along with the client’s bid.  The letter must be signed by both broker and client.  Additionally, the co-operating broker must assist his/her potential client.  Brokers, acting as principals, are not eligible for this commission.  There can be no expectations to this procedure, no broker registrations will be accepted orally or with Letters of Intent.

DISCLAIMER:  The information contained in this brochure is subject to inspection and verification by all parties relying on it.  No liability for its inaccuracy, errors or omissions is assumed by the Seller, Hunt Real Estate, or their respective agents.  All square footage, dimensions, boundaries and taxes in this brochure, if any, are approximations.  This offering may be withdrawn, modified or canceled at any time without prior notice.  Each property is being sold from legal description of record.  All information in this brochure is believed true but is not warranted.  It is the responsibility of the purchaser to obtain his/her on due diligence and property information. 

10% Buyer’s Premium
 

This is not a solicitation or offering to residents of any state where this offering is prohibited by law.