Auction Terms & Conditions
AUCTION TERMS AND CONDITIONS this auction will be conducted by 1FREEAUCTION.COM·
("Auctioneer") on behalf of one or more sellers (each, a "Seller") of real property assets or notes
secured by real property (each, a "Property", and collectively, the "Properties"). Each person who
participates in any auction shall be deemed a "Bidder." As used herein, the terms "Auctioneer",
"Seller" and "Bidder" shall also refer to the respective principals, agents, and affiliates of each. The
Bidder that submits the highest bid and is acknowledged by Auctioneer by email or telephone as the
winning bidder is the "Winning Bidder" Auctioneer is acting as auctioneer for Seller, and is not acting
as an agent for any Bidder in any capacity. By registering for the auction at www.
1FREEAUCTION.COM ("Auctioneer's Site"), Bidder acknowledges having read, agreed to and
accepted these Auction Terms and Conditions ("Auction Terms"). By placing a bid on a Property,
Bidder shall be deemed to have accepted the terms and conditions that were posted on the Property
Page (defined below) for such Property at the time the bid were submitted. With respect to a
particular Property or bid, the terms and conditions posted on the Property Page at the time such bid
was submitted shall govern and control over these Auction Terms to the extent of any conflict. 1.
REGISTRATION PROCESS Registration is required in order to bid. As part of such registration
process, Bidders may be required to place a deposit to secure compliance with these Auction Terms
(the "Initial Bidding Deposit"). The amount of the Initial Bidding Deposit varies and shall be disclosed
at time of registration. In most cases, Bidders can satisfy the Initial Bidding Deposit requirement by
placing an authorization and hold on a major credit card in the amount of the Initial Bidding Deposit
or by placing the Initial Bidding Deposit with a third party escrow holder ("Deposit Servicer") selected
by Auctioneer and governed by an Auction Bid Deposit Escrow Agreement ("Deposit Agreement").
Bidder may be responsible for any costs associated with the receipt, disbursement or maintenance
of the Initial Bidding Deposit by Deposit Servicer. The amount of the Initial Bidding Deposit or
payment method may be modified in Auctioneer's discretion or at Seller's request. Further
information regarding the Initial Bidding Deposit for any particular auction or Property will be provided
during the registration process on Auctioneer’s Site. The Initial Bidding Deposit placed by Winning
Bidder may be applied towards the required "Earnest Money Deposit" (as hereinafter defined),
unless the Initial Bidding Deposit was made by a credit card hold, in which case such hold will be
released after confirmation that the "Purchase Documents" (as hereinafter defined) have been fully
executed and the Earnest Money Deposit has been timely received. All Initial Bidding Deposits by
other Bidders will be released after the auction. Auctioneer or Seller may require Bidders to show
proof of readily available funds and/or complete a Bidder Qualification Form prior to registration
approval. Bidder understands and acknowledges that Auctioneer or Seller may require additional
proof of funds in order to bid above the amount of proof of funds actually reviewed and approved. The
proof of funds requirement may vary by Bidder or in Seller's or Auctioneer’s discretion. When a
Property is eligible to be financed, Bidders will be required to state whether they expect to finance the
purchase. Bidders who expect to finance will be required to obtain pre-approval and provide
information regarding the loan to Auctioneer and/or Seller. Financing terms and conditions for each
Property can be reviewed on the Property's details page at Auctioneer's Site (the "Property Page").
Bidders will be emailed once their registration is complete and approved, and it is Bidder's
responsibility to ensure that the registration is complete and approved prior to the start of the auction.
Non-US Bidders may be permitted to register and participate in the auction; however, any purchase
by such Bidders must be "all cash" and may not be financed unless Seller otherwise agrees. By
registering for the auction, Bidder hereby authorizes Auctioneer to contact Bidder by phone or email,
as provided during registration. Auctioneer may modify, waive, or impose additional registration
requirements for certain Bidders in its sole and absolute discretion or at the request of Seller. A ten
percent deposit will be required at close and the amount in full is due in 21 days.
? BIDDER DUE DILIGENCE Purchase Documents. Prior to bidding, Bidders must review the
purchase agreement, purchase agreement, Seller's disclosure documentation, and all other
transaction documents (collectively,
the "Purchase Documents"). The Purchase Documents for each Property can be reviewed on the
Property Page. All bids should be based on the terms set forth in the posted Purchase Documents,
and Winning Bidders shall accept such terms. Due Diligence. Prior to bidding, Bidders are required
to conduct their own due diligence and investigate all matters relating to the Properties that they are
interested in purchasing at the auction. It is each Bidder's responsibility to inspect each Property that
Bidder is interested in purchasing, including , without limitation, legal, physical, environmental ,
economic, or other aspects, and to satisfy itself a to such Property's physical condition, attributes,
and all other aspects of such Property, including, without limitation , any liens, encumbrances ,
0assessments, dues, fines, and/or penalties. Bidder assumes all risks associated with any such
inspection. In some circumstances Seller may be unable to provide physical access for inspections,
and Bidders must bid accordingly at their own risk. All bids should be based solely on Bidder's
independent due diligence and any information contained in the Purchase Documents. Property
information has been gathered from a variety of sources and has not been independently verified by
Auctioneer. Bidders are encouraged to consult with a licensed real estate broker, contractor, attorney,
financial advisor, tax advisor, and/or other professional and fully investigate public records. In
connection with any due diligence, inspection, visit and/or investigation of the Property, Bidders shall
and must ensure that any person or entity acting on Bidder's behalf shall (a) refrain from placing or
permitting any new liens on the Property, (b) repair all damage arising from inspections, (c)
indemnify, defend and hold harmless Seller and Auctioneer from all liability, claims, demands,
damages and/or costs directly or indirectly arising there from, and (d) carry any required policies of
liability, workers' compensation , and other applicable insurance defending and protecting Seller and
Auctioneer from liability for any injuries to persons or property occurring during any inspection.
Property Value. The term "Previously Valued To" displayed on the Property Page for a Property refers
to the higher of (a) the appraised value of the Property in connection with the most recent mortgage
on the Property, (b) a recent asking price, (c) the assessed value, (d) a recent broker price opinion, or
(e) for "Short Sale Market Validation" (as hereinafter defined) Properties only, any existing offer for the Property.
? BIDDING AND BUYING All bids are irrevocable. Any bid may be acknowledged by Auctioneer as the
winning bid, even if such bid is below the "Reserve Price" (as hereinafter defined). Pre-Auction Sales.
For some Properties, pre-auction bids may be submitted at Auctioneer's Site. All pre-auction sales
shall be governed by these Auction Terms. All bids received will be communicated to the applicable
Seller who may accept, or reject such bids in such Seller's sole and absolute discretion. Reserve
Auction. Except for Properties noted "Absolute Auction" or "Minimum Bid Auction", all Properties have
an unpublished minimum selling price established by Seller ("Reserve Price"). The starting bid is
not the Reserve Price. Except where prohibited by law, Auctioneer may bid on behalf of Seller on any
Property up to the amount of the Reserve Price (and no such bid will result in a sale of the Property).
If the Reserve Price is not met, Seller is under no obligation to sell the Property; however, Seller may
accept a bid that is below the Reserve Price in its sole discretion. Seller may withdraw a Property at
any time prior to the announcement of the completion of the auction by Auctioneer. Absolute Auction.
Properties to be auctioned without a Reserve Price or minimum bid will be listed in an "Absolute
Auction" and will be sold to the highest Bidder. Minimum Bid Auction. Properties to be auctioned
without a Reserve Price but with a minimum bid will be listed in a "Minimum Bid Auction" and will be
sold to the highest Bidder that bids at or above the minimum bid amount. Subject to Confirmation.
Seller may designate certain bids as "subject to confirmation" in its sole and absolute discretion. In
such event, Winning Bidder's purchase is subject to, and contingent upon, Seller approving the
purchase, which approval shall be granted or denied in Seller's sole and absolute discretion within
the time period set forth in the Purchase Documents. Please review the applicable Property Page
and the Purchase Documents for further information. Winning Bidder will receive a refund of monies
deposited in the event Seller chooses not to approve the purchase. Buyer's Premium and Total
Purchase Price. The actual total purchase
price ("Total Purchase Price") on the auction day (and at the closing) will be equal to the winning bid
amount plus a buyer's premium ("Buyer's Premium") that is typically equal to the greater of five
percent (5%) of the winning bid amount or the published minimum Buyer's Premium set forth on the
Property Page. The Buyer's Premium may vary (see the Property Page for details), and in certain
circumstances the Buyer's Premium may be waived at the request of Seller's lender. The Total
Purchase Price will not include other amounts payable by Winning Bidder during closing, such as
escrow/closing fees, property taxes, or insurance, as more fully set forth in the Purchase Documents.
Extension of Auction Time. In order to allow final bids to be properly input and processed, Auctioneer
may extend the close of bidding for any Property in certain time increments to allow for additional
bids. Once an extension of time has elapsed with no additional, higher bids, then the bidding will be
closed. Winning Bid. Winning Bidders will be contacted by an Auctioneer representative with the
contact information provided during registration. The final Purchase Documents will then be emailed
to Winning Bidder for electronic signature unless otherwise directed by Seller. As between Winning
Bidder and Seller, the Purchase Documents supersede any and all other documents or information
(including without limitation these Auction Terms) and serve as the governing documents for the sale
of each Property after execution. Winning Bidder must sign the Purchase Documents within two (2)
hours after they are sent by Auctioneer. If a Winning Bidder cannot be reached within two (2) hours of
Auctioneer’s acknowledgment of the winning bid, or Winning Bidder fails to timely execute the
Purchase Documents, Auctioneer or Seller may declare Winning Bidder to be in default. In the event
of such a declaration, Winning Bidder's bid shall be null and void and Auctioneer and Seller shall
have absolutely no further liability or obligation to that Bidder, and the Property may be immediately
sold to another Bidder or placed in another auction. In addition, such Winning Bidder shall be subject
to liquidated damages as set forth herein. Entity Purchasers. Winning Bidders wanting to take title in
the name of an entity (not an individual person) must provide the necessary entity formation
documents and resolutions authorizing the transaction. Such documents and resolutions must be
provided within the timeframe specified by Auctioneer (which may be before or after the auction, in
Auctioneer’s sole discretion). Seller, the escrow/closing agent or settlement attorney may require
additional documentation prior to closing. Payment of Deposit and Remaining Balance. The
Purchase Documents for each Property will require Winning Bidder to pay a deposit to the
escrow/closing agent or Deposit Servicer, as applicable (the "Earnest Money Deposit"). The amount
of the Earnest Money Deposit is specified in the Purchase Documents for each Property. Winning
Bidders will receive instructions for submitting the Earnest Money Deposit after bidding has
concluded for a Property. The Earnest Money Deposit must be received (including for Properties sold
"subject to confirmation") no later than 5:00 PM in the time zone where the Property is located on the
first business day following the auction, or if a different time frame is specified the Purchase
Documents, no later than the such specified time frame. Winning Bidder's Initial Bidding Deposit
may be applied to the required Earnest Money Deposit amount (unless the Initial Bidding Deposit
was made by a credit card hold). The balance of the Total Purchase Price, along with all other costs
and/or fees, must be paid as required in the Purchase Documents. If the Earnest Money Deposit is
not received as set forth above, then Auctioneer or Seller may declare Winning Bidder to be in default.
In such event, Winning Bidder shall be subject to liquidated damages as set forth herein.
CANCELLATION/LIQUIDATED DAMAGES. IF WINNING BIDDER BREACHES THESE AUCTION
TERMS, T HE WINNING BID MAY BE REJECTED BY AUCTIONEER AND/OR SELLER AND WINNING
BIDDER'S INITIAL BIDDING DEPOSIT MAY BE RETAINE D BY AUCTIONEER AND/OR SELLER (AND
IF THE INITIAL BIDDING DEPOSIT WAS MADE BY A CREDI T CARD HOLD, AUCTIONEER MAY
CHARGE WINNING BIDDER'S CREDIT CARD THE AMOUNT OF THE INITIAL BIDDING DEPOSIT) AS
LIQUIDATED DAMAGES, AND THE PROPERTY MAY BE IMMEDIATELY SOLD TO ANOTHER BIDDER
OR PLACED IN ANOTHER AUCTION. BIDDER HEREBY ACKNOWLEDGES THAT THE ACTUAL
DAMAGES RESULTING FROM A BIDDER'S BREACH OF THESE AUCTION TERMS WOULD BE
DIFFICULT AND IMPRACTICAL TO CALCULATE. ALL BIDDERS AGREE THAT THE INITIAL BIDDING
DEPOSIT IS A REASONABLE PRE- ESTIMATE OF THE RESULTING DAMAGES TO AUCTIONEER
AND/OR SELLER AND IS NOT A PENALTY OR FORFEITURE. Short Sale Properties. Some
Properties involve a sale in which the proceeds from selling the Property may fall short of the balance
of debts secured by liens against the Property whereby the lien holders are being asked to agree to
release their lien on the real estate and accept less than the amount owed on the
debt ("Short Sale"). All bids for Short Sale Properties are subject to the approval of all lien holders
being asked to agree to release their lien on the Property (the "Short Sale Lender's Consent"). In the
event that the Short Sale Lender's Consent is not received, the transaction will be cancelled and the
Earnest Money Deposit will be returned to Bidder. Please review the applicable Property Page and
Purchase Documents for further information. Short Sale Market Validation Properties: Some Short
Sale Properties may have pending offers that are being market tested via the auction ("Short Sale
Market Validation"). For Short Sale Market Validation Properties, Bidder's Earnest Money Deposit
must first be deposited with a Deposit Servicer pending receipt of the Short Sale Lender's Consent.
Bidder may be responsible for any costs associated with the receipt, disbursement or maintenance
of such Earnest Money Deposit by Deposit Servicer. If the Short Sale Lender's Consent is obtained
for a Short Sale Market Validation Property, the Earnest Money Deposit will be transferred directly to
the escrow/closing agent responsible for closing the purchase and sale of the Property. If the Short
Sale Lender's Consent is not obtained, the Earnest Money Deposit will be returned to Bidder. For
Short Sale Market Validation Properties, Auctioneer is acting as Seller's auctioneer pursuant to an
agreement among Seller, Seller's loan servicer and Seller's broker, if any, and the Reserve Price is
established by Seller's loan servicer. Custom Commercial Auction Events. A commercial Property or
a combination of commercial Properties may be auctioned through a custom auction event ("Custom
Auction") in Auctioneer's sole and absolute discretion. In a Custom Auction, Bidders are invited by
Auctioneer or Seller to submit indicative bid(s) ("Indicative Bid(s)"). An Indicative Bid is a non-binding
offer to purchase Property before Seller commits to auction the Property on Auctioneer's bidding
platform. In order to submit an Indicative Bid, Bidder must complete an Indicative Bid Form posted on
the Property Page prior to the Custom Auction date. No deposit is required to submit an Indicative
Bid; however, Bidder registration may be required. Submission and acceptance of an Indicative Bid
does not legally bind either Bidder or Seller. In the event Seller decides to auction the Property, Seller
will review the Indicative Bid(s) and use them to determine the Bidder(s) that Seller will invite to
participate in the Custom Auction ("Invited Bidders"). Invitations to the Custom Auction are granted in
Seller's sole and absolute discretion. The Indicative Bid(s) may also be used to determine whether
each Property will be offered individually or whether multiple Properties will be combined within a
single auction event. Please review the Property Page and the Purchase Documents for further
1. BROKER/AGENT PARTICIPATION
We invite real estate broker and agent participation .A cooperating broker commission is attached
(based on the winning bid amount) may be offered on some Properties. Any such cooperating broker
commission will only be paid to cooperating brokers (a) who have duly registered as a "Registered
Broker/Agent" online at Auctioneer 's Site prior to the conclusion of the auction, (b) who have been
identified by their clients on the Bidder online registration profile, (c) who have timely provided all
information and documents requested by Auctioneer and/or the escrow/closing agent or settlement
attorney and (d) whose clients successfully purchase the Property and close the transaction.
PLEASE SEE AUCTIONEER'S SITE AND PROPERTY PAGES FOR SPECIFIC COOPERATING
BROKER COMMISSION AMOUNTS, IF ANY, RELATED TO SPECIFIC PROPERTIES. PLEASE ALSO
SEE THE BROKER/AGENT REGISTRATION FORM FOR ADDITIONAL TERMS AND CONDITIONS.
1. GENERAL AUCTION INFORMATION
Seller and Auctioneer reserve the right to deny, limit, or impose conditions on bidding and/or access
to the online bidding platform at any time, for any reason (including, without limitation, Bidder's
solvency, credit history, and Initial Bidding Deposit amounts). Auctioneer may postpone or cancel the
auction, rearrange the order or sequence of the Properties in the auction, modify the Auction Terms
by posting notice of modification on the Property Page, remove any Property from the auction, reject
any or all bids and/or advance the bidding. Bidder hereby consents to Auctioneer, Sellers and/or their
agents issuing press releases and other public communications regarding the auction and/or any
Property offered or sold at the auction.
The respective rights and obligations of the parties with respect to these Auction Terms and the
conduct of the auction shall be governed by, interpreted and enforced under the laws of California. All
online auctions shall be conducted in the state of California and be governed by the laws of
California. Any information on any website, in any brochure, e-mailer postcard and any and all
information available regarding the Properties shall not constitute an offer to sell or a solicitant ion of
any offer to buy any of the Properties referenced herein. Offers, bids or solicitations made during the
auction are void where prohibited by law. If any sale would require registration or qualification under
applicable state securities laws, no such sale may be consummated until such applicable
requirements have been met. As between Seller and Bidder, no obligation to sell shall be binding on
Seller unless and until the Purchase Documents have been signed and delivered by Seller and the
Earnest Money Deposit has been received as required hereunder. After the Purchase Documents
have been fully executed the Purchase Documents shall govern the relationship between Winning
Bidder and Seller.
1. DISCLAIMERS; BIDDER REPRESENTATI ONS
Auctioneer makes no representations or warranties as to the accuracy or completeness of any
information contained on Auctioneer's Site, any Property Page, or as otherwise made available by
Auctioneer, Seller or Seller's broker. Online bidding is provided on an "as is, as available" basis. NO
WARRANTIES , EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THOSE OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARE MADE WITH RESPECT TO
AUCTIONEER 'S SITE, THE ONLINE BIDDING PLATFORM OR ANY INFORMATION OR SOFTWARE
THEREIN (COLLECTIVELY, "WEBSITE "), AND AUCTIONEER EXPRESSLY DISCLAIMS ANY SUCH
WARRANTI ES. EACH BIDDER AGREES TO USE THE WEBSITE AND SERVICES OFFERED BY
AUCTIONEER AT BIDDER'S OWN RISK. Auctioneer makes no representation or warranty relating to
management of the purchase and sale process. AUCTIONEER MAKES NO REPRESENTATIONS
OR WARRANTIES OF ANY KIND OR CHARACTER WHAT SO EVER, WHETHER EXPRESS OR
IMPLIED, WITH RESPECT TO ANY PROPERTY. EACH BIDDER HEREBY RELEASES AUCTIONEER
AND ITS EMPLOYEES, OFFICERS, DIRECTORS , REPRESENTATIVES , ATTORNEYS, BROKERS
AND AGENTS ("REPRESENTATIVES") FROM ANY AND ALL CLAIMS THAT ANY SUCH BIDDER MAY
NOW HAVE OR HEREAFTER ACQUIRE AGAINST AUCTIONEER OR ANY OF ITS
REPRESENTATIVES FOR ANY DAMAGE OR INJURY RESULTNG FROM OR RELATING TO ANY
ERRORS, OMISSIONS OR OTHER CONDITIONS AFFECTING ANY PROPERTY . THIS RELEASE
INCLUDES CLAIMS OF WHICH BIDDER IS PRESENTLY UNAWARE OR DOES NOT PRESENTLY
SUSPECT TO EXIST IN BIDDER'S FAVOR WHICH , IF KNOWN BY BIDDER, WOULD MATERIALLY
AFFECT BIDDER'S RELEASE OF AUCTIONEER. EACH BIDDER SPECIFICALLY WAIVES THE
PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542 (AND OTHER SUBSTANTIALLY SIMILAR
APPLICABLE STATE STATUTES) WHICH PROVIDES AS FOLLOWS: A GENERAL RELEASE DOES
NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN
HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE WHICH IF KNOWN BY HIM OR
HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. NO
REPRESENTATION OR WARRANTY IS MADE BY AUCTIONEER RELATING TO THE LEGAL
SUFFICIENCY OR TAX CONSEQUENCES OF ANY FORM PURCHASE DOCUMENTS PROVIDED OR
SUPPLIED BY AUCTIONEER. EACH BIDDER REPRESENTS AND WARRANTS THAT BIDDER HAS
CONSULTED WITH, HAD THE OPPORTUNITY TO CONSULT WITH, OR HEREBY WAIVES THE
RIGHT TO CONSULT WITH COUNSEL RELATING TO THE LEGAL AND TAX CONSEQUENCES OF
ANY SUCH FORMS. Each Bidder represents and warrants that: (a) Bidder is not located in a country
embargoed by the United States of America ; (b) neither Bidder, its affiliates, members, directors or
other equity owners (excluding holders of publicly traded shares), and none of their principal officers
and employees (i) is listed as a "specifically designated national and blocked person" on the most
current list published by the U.S. Treasury Department Office of Foreign Asset Control ("OFAC"), (ii) is
a person or entity with whom U.S. persons or entities are restricted from doing business under
OFAC regulations or any other statute or executive order (including the September 24, 2001
"Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit,
Threaten to Commit, or Support Terrorism"), or (iii) is engaged in prohibited dealings or transactions
with any such persons or entities; and (c) Bidder (i) is a sophisticated purchaser , (ii) is capable of
evaluating the merits and risks of purchasing a Property on the Website , and (iii) understands and is
able to bear the economic risks of purchasing a Property on the Website , including, without
limitation, a total loss of investment and/or the risk that Bidder may be required to hold such Property
for an indefinite period of time.
1. ARBITRATION OF DISPUTES
By registering, each Bidder irrevocably agrees: (a) to waive all rights to trial in a court before a judge
or jury on all claims between Auctioneer and Bidder; (b) that all disputes and claims between
Auctioneer and Bidder will be determined exclusively by final and binding arbitration in Orange
County, California before one arbitrator; and (c) the arbitrator will not have the authority to consolidate
the claims of other Bidders or site users and will not have the authority to fashion a proceeding as a
class or collective action or to award relief to a group or class of Bidders in one arbitration
proceeding. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration
Rules and Procedures and in accordance with the Expedited Procedures in those Rules. Bidder and
Auctioneer shall maintain the confidential nature of the arbitration proceeding and the award,
including the hearing, except as may be necessary to prepare for or conduct the arbitration hearing
on the merits, or except as may be necessary in connection with a court application for a preliminary
remedy, a judicial challenge to an award or its enforcement, or unless otherwise required by law or
judicial decision. The arbitrator, and not any federal , state, or local court or agency, shall have
exclusive authority to resolve any dispute between Bidder and Auctioneer relating to the
interpretation, applicability, enforceability or formation of this agreement including, but not limited to
any claim that all or any part of this agreement is void or voidable. Judgment on the award may be
entered in any court having jurisdiction. In any lawsuit or arbitration arising out of or related to these
Auction Terms, the judge or arbitrator shall award to the prevailing party, if any, the costs and
attorneys' fees reasonably incurred by the prevailing party in connection with the lawsuit or arbitration.
If the judge or arbitrator determines a party to be a prevailing party under circumstances where the
prevailing party won on some but not all of the claims and counterclaims, the judge or arbitrator may
award the prevailing party an appropriate percentage of the costs and attorneys' fees reasonably
incurred by the prevailing party in connection with the lawsuit or arbitration.
·Auctioneer operates under a different trade name in some states. See 1FREEAUCTION COM
These Auction Terms were last updated February 14, 2015,
Licensing BRE Broker. License: #00407357 California Auctioneer Bond #BLBA 360223 A
AUCTIONEER BROKER COMPANY L A CITY PROPERTIES 1FREEAUCTION .COM ALLSTAR
PROPERTY MANAGEMENT 608 W Manchester 2nd Floor, Inglewood, CA 90301 OFFICE:
(323)-751-1198 CELL: (310) 466-2436 FAX: (323)755-6315 EMAIL:
AAUCTIONEERBROKER@GMAIL.COM EMAIL: LACITYPROP@MSN.COM EMAIL: LA
CITYPROP@YAHOO.COM EMAIL: FORYOU44@GMAIL.COM
Webb sites 1FREEAUCTION.COM AAUCTIONEERBROKER.COM
LA CITY PROPERTIES A AUCTION BROKER COMPANY provides a full suite of business opportunity
,residential, retail, asset management, property management and commercial solutions for any
stage of the
distressed and non-distressed lifecycle. Whether you are looking to do an equity sale, evaluate short
sale offers against current market values, sell foreclosures and REOs.
We are dedicated to helping sellers with twenty or more properties achieve their business goals.
1. Equity Sales
2. Short Sales
3. Foreclosure Sales
4. REO Sales
5. Real Estate Research & Analytics
6. Auction cost Finance
7. Exiting Business opportunity
If you have any properties you would like to pinpoint the sale date, sell and want to learn more about
selling with us, please complete the form and we will contact you to discuss your needs. Thank you
for your interest in Auction.
With a powerful combination of real estate domain expertise, auction experience and marketplace
technology, 1FREEAUCTION.COM helps sellers achieve the widest reach and best-in-class
execution. Seller commission to auction a property range from 0 to 10%
1. Pinpoint the sale date
2. Seller sets the reserve price
3. Access to millions registered bidders around the world
4. Maximum property exposure leads to more buyers competing for properties, resulting in higher sales prices
5. Aggressive monthly multimillion dollar marketing spend to promote assets globally
6. Transparent auction process allows buyers to compete on a level playing field
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8. From launched to closed in as little as 45 days
Auction provides a full suite of residential and commercial solutions for any stage of the distressed
and nondistressed lifecycle. Whether you are looking to do an equity sale, evaluate short sale offers
market values, sell foreclosures and REOs. Auction.com is dedicated to helping sellers with twenty
or more properties achieve their business goals.
1. Equity Sales
2. Short Sales
3. Foreclosure Sales
4. REO Sales
5. Real Estate Research & Analytics
6. Auction cost Finance
7. Exiting Business opportunity Sales
Sebae Data Solutions, Inc.
SERVICE TERMS AND CONDITIONS
ACCEPTANCE OF TERMS
Sebae Data Solutions, (the makers of Auction Flex & HiBid (formerly Bidopia) hereafter referred to as "Sebae"), provides its service to you, subject to the following Terms & Conditions ("TAC"), which we may update from time to time without notice to you. The most current version of the TAC can be found found at any time by visiting the link: http://www.auctionflex.com/showtandc.ap
USE AND REGISTRATION
Our services are available only to, and may only be used by individuals who can form legally binding contracts under applicable law. Without limiting the foregoing, our services are not available to children (persons under the age of 18) or to temporarily or indefinitely suspended members. If you are under the age of 18, you can use this service only in conjunction with, and under the supervision of your parents or guardians. If you do not qualify, please do not use our service. If you are registering as a business entity, you represent that you have the authority to bind the entity to the TAC.
In consideration of your use of the Service, you agree to: (a) provide true, accurate, current and complete information about yourself as prompted by the Service's registration form (such information being the "Bidder Information") and (b) maintain and promptly update the Registration Data to keep it true, accurate, current and complete. If you provide any information that is untrue, inaccurate, not current or incomplete, or Sebae has reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, Sebae has the right to suspend or terminate your account and refuse any and all current or future use of the Service (or any portion thereof).
DESCRIPTIONS OF SERVICE
Sebae provides the following services under the Auction Flex & HiBid trademarks: Integrated Web Service (for auctioneers), internet bidding (absentee, online-only, & webcast). You can learn more about these services in the following sections.
HIBID INTERNET AUCTION PLATFORM & WEB SERVICE DESCRIPTION
Sebae provides the HiBid (formerly Bidopia) Internet Auction Platform & Web Service ("HWS") under the HiBid trademark as a software solution for auctioneers wishing to extend the audience of their live auctions to the internet. The HWS provides various features including internet absentee bidding, internet-only auctions, and webcast auctions.
The HWS is able to changes its appearance to coincide with the website that it is powering. Accordingly, the HWS powers the www.hibid.com website as well as numerous Auction Flex customer websites. This ability to change appearance is a feature of the HWS. Much like internet merchant account providers can host a secure web page for a vendor to easily process payments, the HWS hosts certain portions of the auctioneer's website to easily enable advanced features such as internet bidding.
INTERNET ABSENTEE BIDDING
Internet absentee bidding allows you to place a bid for an item in advance of an auction. This allows you to place bids on lots without actually attending the auction.
Internet only bidding allows you to place a bid for an item prior to the auction lot closing online. In an internet-only auction there is no live auction.
Webcast auctions allow you to bid in real-time against other bidders or place pre-bids prior to a lot going "live".
Lots are sold in accordance with the Auctioneer's terms and conditions which are accessible from each lot's page. It is your responsibility to read and accept the Auctioneer's terms and conditions prior to placing your bid.
When you place a bid you are agreeing to be bound by the Auctioneer's & Sebae's terms and conditions. By placing a bid you are entering into a legally binding and enforceable contract. Please keep in mind that you are bidding against other internet bidders as well as floor bidders, phone bidders, and regular absentee bidders (this list does not constitute a complete list of bidder types but does highlight the common bidder channels).
The auctioneer, at their discretion, can approve or deny bidders. The auctioneer reserves the right to accept or deny bidders for any reason. Prior to approval the auctioneer may contact you to determine your credit worthiness. If the auctioneer approves your bid, the auctioneer will then process your bid in accordance with their terms and conditions.
Should your bid for a lot prove successful, the auctioneer may contact you to arrange for payment & shipping (if applicable). If the auctioneer required registration via a credit card, the auctioneer reserves the right to process your winning bids to the credit card provided during registration.
Sebae, through the Auction Flex & HiBid products & services, facilitates the internet bidding process between the Auctioneer & the bidder. Sebae is in no way a party to the transaction. Because Sebae is not a party to the transaction, you accept that you will have no claim or cause of action against Sebae in respect of the sale (or non-sale) of any Lot. If you have a dispute with an Auctioneer or another user of the Service with regard to the sale (or non-sale) of any Lot you agree that Sebae, its officers, agents, employees will not be liable for losses (including, but not limited to, loss of profits, special loss, indirect loss and consequential los), costs, damages, liabilities, claims, demands and expenses of any kind arising out of or connected with such dispute. You also accept that none of the aforementioned are under any obligation to take any action to resolve any dispute between you and an Auctioneer
Sebae is not responsible for any typographical, pictorial or technical errors in information about Lots on the Site as provided by Auctioneers. Sebae does not evaluate Lots and does not act as a specialist or expert on any related subject matter. Sebae makes no warranties or representation of any kind or nature with respect to Lots (including but not limited to representations or warranties as to the accuracy of description, genuineness, quality, authorship, attribution, provenance, period, culture, source, origin or safety). If you have any questions, e-mail the Auctioneer directly. In particular, make sure that you understand the Auctioneer's payment terms and shipping terms.
The Service requires you to login with your username and password prior to placing a bid on a Lot. Making bids with false information or with stolen credit card information is prohibited and illegal.
Your user name and password are required in order to place internet bids. Making bids in a false name or with an invalid or stolen credit card is prohibited. Each bid carries the computer coding of the Internet provider which allows the individual user to be traced and Sebae may at its discretion release this information to enable legal action to be taken. Sebae may, in its entire discretion, refuse or remove bids where it suspects that bids contravene this prohibition. By placing a bid, you are making a binding and irrevocable offer to purchase the Item at any price up to the maximum bid amount you submit. If you win, you must complete the transaction, subject to any contractual right or other right at law to rescind the contract in certain circumstances. Failure to complete transaction without lawful reason is not only a breach of your contract with the Seller but also a breach of this User Agreement.
The amount bid can be increased but cannot be decreased. The auctioneer may, at their discretion, allow you to withdraw and resubmit a bid in the case of bids containing an obvious typographical error. You may forward a request to withdraw a bid and resubmit a correct bid by immediately sending an email to the auctioneer, however, there is no guarantee that any bid will be withdrawn. Although Sebae will use best efforts to forward all bids, Sebae does not accept any responsibility for lost bids or problems with the recipient auctioneer's ability to process your bid. Moreover, Sebae cannot guarantee that bids received will be processed by the individual auctioneers.
Please note that Sebae's role is limited to the provision of the Site for dissemination and publication of information provided by the Sellers.
THE WINNING BID
The winning bid in an auction will be the highest bid that exceeds any reserve (if a reserve exists). In the case of equal bids, the earliest bid received will be the winning bid. If a higher bid is subsequently withdrawn or removed then the auctioneer shall have the right to accept the next highest bid.
NOTICE OF END OF SALE, PAYMENT & SHIPPING
After the sale has ended, the auctioneer will notify the winning bidder via phone, fax or mail that they have won. If you do not receive notice that you have made the winning bid and think that you are the top bidder, you should check with the auctioneer directly. You will make all payment for Items to the auctioneer in accordance with their terms and conditions.
BUYER'S PREMIUM, TAXES AND DUTIES
If you are a successful bidder, you are responsible for paying any buyer's premium, taxes and duties (including any VAT, sales tax and import duties) that may be imposed on the final price paid for an Item. Accordingly, it is your responsibility to check the applicable taxes and duties that may be imposed on an Item prior to bidding for it.
All material and content as provided by the Service is protected by copyright and similar rights. You can not use or make available any of that material for any commercial purpose.
SPECIAL ADMONITIONS FOR INTERNATIONAL USE
Recognizing the global nature of the Internet, you agree to comply with all local rules regarding online conduct and acceptable content. Specifically, you agree to comply with all applicable laws regarding the transmission of technical data exported from the United States or the country in which you reside.
DISCLAIMER OF WARRANTIES
You expressly understand and agree that:
a. Your use of the service is at your sole risk. The service is provided on an "as is" and "as available" basis. Sebae expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
b. Sebae makes no warranty that (i) the service will meet your requirements, (ii) the service will be uninterrupted, timely, secure, or error-free, (iii) the results that may be obtained from the use of the service will be accurate or reliable, (iv) the quality of any products, services, information, or other material purchased or obtained by you through the service will meet your expectations, and (v) any errors in the software will be corrected.
c. Any material downloaded or otherwise obtained through the use of the service is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material.
d. no advice or information, whether oral or written, obtained by you from Sebae or through or from the service shall create any warranty not expressly state in the TAC.
LIMITATION OF LIABILITY
You expressly understand and agree that Sebae shall not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data or other intangible losses (even if Sebae has been advised of the possibility of such damages), resulting from: (i) the use or the inability to use the service; (ii) the cost of procurement of substitute goods and services resulting from any goods, data, information or services purchased or obtained or messages received or transactions entered into through or from the service; (iii) unauthorized access to or alteration of your transmissions or data; (iv) statements or conduct of any third party on the service; or (v) any other matter relating to the service.
EXCLUSIONS AND LIMITATIONS
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the above limitations of of the previous two sections titled 'Disclaimer of Warranties' and 'Limitation of Liability' may not apply to you.
You agree to indemnify and hold Sebae harmless from any claim or demand, including reasonable attorneys' fees, made by any third party due to or arising out of your breach of this Agreement or the documents it incorporates by reference, or your violation of any law or the rights of a third party.
You shall comply with all applicable domestic and international laws, statutes, ordinances and regulations regarding your use of our service and your bidding on, listing, purchase, solicitation of offers to purchase, and sale of items.
The TAC constitute the entire agreement between you and Sebae and govern your use of the Service, superseding any prior agreements between you and Sebae. The TAC and the relationship between you and Sebae shall be governed by the laws of the State of Florida without regard to its conflict of law provisions. You and Sebae agree to submit to the personal and exclusive jurisdiction of the courts located within the county of Marion, Florida. The failure of Sebae to exercise or enforce any right or provision of the TAC shall not constitute a waiver of such right or provision. If any provision of the TAC is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and the other provisions of the TAC remain in full force and effect. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of the Service or the TAC must be filed within one (1) year after such claim or cause of action arose or be forever barred.