CRE Auction 10 Keys to Success for Bidding

10 Keys to Success for Bidding

 

1.

You are a sophisticated investor and understand the complexities of purchasing commercial property.

   

2.

Should you have an agent and a broker co-operation fee is offered on the asset, you and your agent must register for each asset to confirm the relationship in order to receive the broker co-operation fee.

   

3.

For non-institutional investors, you must provide sufficient proof of funds which demonstrates your liquidity and the ability to close the transaction for each auction asset of interest. Additional proof of funds may be required during the auction event.

   

4.

If you intend on having a legal entity purchase the commercial property you will need to register as that entity and provide entity formation documents, good standing certificates, and authority resolutions for that entity. Assignments are allowed only as permitted under the Purchase and Sale Agreement.

   

5.

You must submit an initial deposit to bid on each individual asset you are interested in purchasing. This amount may be different for each asset.

   

6.

You have reviewed the Due Diligence documents, the form of Purchase and Sale Agreement, and the Auction Terms and Conditions PRIOR to placing a bid on any asset.

   

7.

The terms of the Purchase and Sale Agreement are non-negotiable and this agreement must be executed within two (2) hours of being declared the winning bidder.

   

8.

The earnest money deposit is due within twenty-four (24) hours of being declared the winning bidder for each asset.

   

9.

Closing of the transaction will be within thirty (30) days after the Purchase and Sale Agreement has been executed, or as specifically set forth in the agreement.

   

10.

You understand that all commercial property sales are FINAL, and that purchases are made on an “AS IS, WHERE IS” basis. Should you be declared the winning bidder and fail to close the transaction, you may be subject to liquidated damages and/or specific performance requirements.

 

 

 

 

Log in or create your free account to see your recent saved items and recent saved searches.
Current Location:
Asset Type:
Close  Close