REAL ESTATE ONLINE ONLY AUCTION AT 8900 MICHAUX LANE, RICHMOND, VA 23229

BECK ESTATES REALTY

2308 N. Lombardy Street

Richmond, VA 23220

804.405.1161

www.BeckEstates.com

Online Real Estate Auction Terms & Conditions

By registering and participating in this auction, bidders acknowledge and agree to all Terms and Conditions set forth by Beck Estates Realty.

Property for Sale

8900 Michaux Lane, Henrico, Virginia 23229

Contact: Nathan Beck | 804.405.1161 NBeck@beckestates.com

AUCTION OVERVIEW

Property Address: 8900 Michaux Lane, Henrico, VA

Auction Type: Reserve Auction selling at or above $175,000 plus buyer's premium of 8%.  Buyer’s Premium of 8% paid by buyer is added to the winning bid. Required verification of $10,000 earnest money for bid approval prior to bidding. Earnest money deposit due immediately after winning bid and is payable as follows, $2,000 credit card charge immediately and remaining $8,000 due within 2 business days payable to Beck Estates by wire or cashier’s check from US Bank. Closing Timeline: 30 Days from auction close Condition: Sold As-Is, Where-Is, With All Faults Financing and All Inspections: No Contingencies

Auction Ends: June 8th closing at 7 pm

KEY AUCTION TERMS

Property Condition All property is sold AS-IS, WHERE-IS, WITH ALL FAULTS.

Interchangeable Names, Beck Estates and Beck Estates Realty

Auction Format This is a reserved auction and is subject to Seller confirmation to meet the reserve of $175,000

Buyer’s Premium An 8% Buyer’s Premium will be added to the high bid to determine the total purchase price

Verification of funds for $10,000 earnest money deposit prior to bidding approval. Earnest money is due to Beck Estates within 2 business days of auction close. Deposit will be deducted as part of the required Buyer’s Premium due.

Closing Terms Settlement shall occur within 30 days of the auction end. Time is of the essence.

BIDDING PROCESS

1. Register and funds verification of funds for $10,000 earnest money deposit prior to bidding

2. Bidder information required, name, verifiable address, phone number and email address must be provided to Beck Estates prior to bidding approval

3. Obtain bidder approval after earnest money deposit funds available

4. Place bids online during auction

5. Auction automatically extends if bids are placed in final 2 minutes

6. Winning bidder must execute all Beck Estates contract sales forms within 24 hours of auction ending

7. Closing must occur within 30 days

PROPERTY CONDITION

All property is sold AS-IS, WHERE-IS, WITH ALL FAULTS, and without contingencies of any kind, including financing, inspections (including termite), or appraisal.

DUE DILIGENCE

Buyers are solely responsible for conducting their own inspections and due diligence prior to bidding. All real property offered for sale is sold Where-Is, As-Is, With All Faults, and Without Any Contingencies, including but not limited to condition, financing and appraisal of the property. Bidder acknowledges no reliance on omissions, representations or statements made by Beck Estates and its representatives.

BIDDER REGISTRATION

All bidders must register and be approved by Beck Estates Realty prior to bidding. Approval is subject to Name, Address, Phone number, Email address verification of funds for $10,000 earnest money deposit available.

BUYER’S PREMIUM

An 8% Buyer’s Premium will be added to the high bid to determine total purchase price.

Pre-Auction or During Auction Written Offers

Offers submitted in writing (with completed bid registration) to Beck Estates prior to the auction end will be handled and applied to the existing auction by Beck Estates.

Bid Intervals

Beck Estates will determine bid intervals

BIDDING RULES

Beck Estates Realty reserves the right to:

· Modify bidding increments

· Extend, pause, or cancel the auction

· Resolve bidding disputes

All decisions are final

EXTENDED BIDDING

If a bid is placed within the final 2 minutes, bidding will extend by 2 minutes repeatedly until no further bids are placed during the last 2 minutes

TECHNICAL ISSUES

Beck Estates Realty is not responsible for internet or platform failures affecting bidding.

Agency

Beck Estates is acting as the agent for the Seller, not as a Buyer’s Agent. Beck Estates may bid on behalf of a bidder.

Administrative Fee

If winning bidder fails to sign and submit the purchase contract and earnest money deposit defined in the Terms and Conditions, the winning bidder will be charged a $2,000 administrative fee, this fee may be paid by retaining $2,000 credit card earnest money deposit paid with winning bid. Administrative fees are non-refundable.

CONTRACT EXECUTION

Winning bidder must execute and return all contract documents required by Beck Estates Realty within 48 hours of auction ending. Buyer is required to sign CVR MLS Purchase Agreement with as-is and no other contingencies and terms described in these terms and conditions, Residential Property Disclosure Statement, Disclosure of Information and Acknowledgement Lead-Based Paint and/or Lead-Based Paint Hazards within 48 hours of auction ending. Contract documents must be received by Beck Estates Realty to fulfill returned status.

CLOSING

Closing must occur within 30 days or less of the auction end. Buyer is responsible for all their closing costs and fees unless otherwise stated. Buyer failure to close on contract date agrees to incur and pay $100 a day nonrefundable fee, which may be deducted from the bidding deposit and the earnest money deposit and may result in default.

DEFAULT

Failure to close may result in forfeiture of deposit and additional legal remedies and fees.

PURCHASE AGREEMENT SUMMARY

· Purchase Price equals the Winning High Bid + 8% Buyer’s Premium

· Earnest Money deposit due within 2 business days of auction ending

· No financing contingency allowed

· Property sold AS-IS

· Time is of the essence

· Failure to close may result in default

BROKER PARTICIPATION

A 2% broker participation fee will be paid to properly registered brokers representing the winning bidder.

Brokers must register at least 24 hours prior to auction close. Broker Registration Form required prior to bidding, for participation fee.

All Fair Housing Laws Apply

Bidder accepts the property is being sold AS-IS and agrees to release any and all claims or causes of action against seller and Beck Estates and agents of Beck Estates relating to the sale, without any limitations not limited but including environmental contamination, waste or hazard.