TERMS OF SALE
CONTRACT:
A meeting will be held with the initial successful bidder, selected by seller, to execute a purchase agreement and accept a $ 2,000 earnest money deposit, which will be held in an escrow account. The purchase agreement will be in the form of a real estate sales contract currently used in Alabama, and this contract will govern all rights, duties and obligations of the parties. Terms of the contract will take the place of any terms to the contrary contained on this website. Failure by the initial successful bidder to sign the purchase agreement and deposit the $2,000 earnest money will disqualify that bidder. If the initial successful bidder is disqualified, the next bidder will be notified immediately.
PURCHASER QUALIFICATION:
Bidders must initiate financing on this home, if applicable, within 24 hours of the signing of the contract. Within 5 days of contract acceptance by seller, proof of the bidder’s ability to pay the purchase price, and/or qualify for financing, must be provided to seller in the form of a letter of qualification from a financial institution. At the same time, an additional $2,000 dollar amount will be deposited into the escrow account so that the total earnest money deposit equals $4,000. Should the initial successful bidder fail to show the ability to pay the purchase price, or meet the requirements for deposit and financing proof within the 5 day period, or otherwise not prove to the sellers satisfaction the ability to close the sale within a specified period agreed to between the parties, the seller may terminate the sale process and offer the property to the next highest bidder. Until an acceptable purchase agreement is signed and accepted by seller, seller reserves
the right to reject any or all bids and terminate the sale process for any reason.
CLOSING COSTS:
To be paid by Buyer with exceptions for release fees and tax pro-rations typical in Alabama
INSPECTION REPORT & DISCLOSURE:
Seller will provide an independent inspection report. The home will be sold As-Is, Where-as with no warranties expressed or implied. The Buyer is welcome to have their own inspections done at their own expense.
REALTOR OR BROKER FEES:
All bids MUST BE NET TO SELLER. If a buyer elects to work with a broker or real estate
agent, then the final price will include: net to seller, buyer’s agent’s fee, and closing costs.
SALE POSTPONEMENT:
Owner reserves the right to postpone or cancel the sale if in his opinion an insufficient number of calls are not received by Sunday evening or due to illness, foul weather or Act’s Of God and war. In this event the sale may be cancelled or postponed to an alternative weekend. Notice will be given to all…so we encourage you to call, leaving your name, phone number and email address specifically for this purpose. Any bid submitted by a buyer does not commit you or the owners legally. It is only a bid, not a legally binding contract.