Terms of Sale
Final Agreement:On Monday, the day after the sale, an agreement will be filled out between the homeowner and the winning bidder. At the time of filling out an agreement the buyer will provide an 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 along the Wasatch Front and such contract shall govern all rights, duties and obligations of the parties. Terms of this contract shall supersede any terms to the contrary contained herein. If the winning bidder fails to sign the purchase agreement and deposit the earnest money by the end of Monday, the day after the sale, will disqualify that bidder. If the winning bidder is disqualified, the next highest bidder has the opportunity to buy the home at their final bid price (as long as it is acceptable by the sellers).
PURCHASER QUALIFICATION: Bidders must obtain financing for the home, if applicable, within 24 hours of finalizing the agreement. Proof of the buyer’s ability to pay the purchase price, and/or qualify for financing, must be in the form of a written letter of qualification from a financial institution. Purchaser should plan on conducting the closing within 30 days and no longer than 45 days from the open house.
Should the winning bidder fail to show their ability to pay the purchase price, or meet the requirements for deposit and financing proof, or prove unable to close this sale within the specified period, the owner reserves the right to terminate their agreement and offer the property to the next highest and best bidder under the same stipulations. Until an agreement is completed, the owner reserves the right to reject any or all bids and terminate the sale process at any time without explanation to any potential buyer.
CLOSING COSTS: All closing cost is at buyer's expense unless otherwise specified. Owner shall provide an American Land Title Association (“ALTA”) “Title Commitment”. Taxes for current year shall be prorated. The parties will follow the standard expense allocations as provided in the real estate contract. Buyer has 10 days to conduct inspections for the home just like any other real estate transaction.
SALES INFORMATION/POSTPONEMENT/CANCELLATION: Owner, in its sole and absolute discretion, hereby reserves the right to postpone or cancel the sale for any reason or no reason whatsoever. In any event the sale may be cancelled altogether or postponed to an alternative weekend. Notice will be given to all, so we encourage you to call leaving your name and phone number specifically for this purpose. This is a sale with a Minimum Reserve. Owner may or may not accept offers below the Reserve price.