ADDENDUM A - TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE AUCTION
1. This is an ONLINE public real estate auction; it is NOT a foreclosure auction. Title to the property is guaranteed to be free and clear from all liens and encumbrances with all property taxes paid up until closing. Auction is subject to prior sale. Bidder agrees to all terms and conditions of the auction set forth prior to bidding on the auction. These terms and conditions are made part of the Offer to Purchase. All bidders are required to register online prior to the beginning of the online auction if they intend to bid. Each bidder is assigned a unique bidder number. In consideration of being allowed to participate in this auction, bidder agrees that all bids he or she submits are irrevocable and binding.
2. Disclaimer & Absence of Warranties:
All properties are sold “AS IS, WHERE IS”, with no financing, inspection, appraisal, zoning, or other contingencies to the sale. No warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company.
All sketches and dimensions in any brochure or marketing are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in any marketing materials is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company.
The property features a block foundation, and its condition has not been formally evaluated and may warrant further inspection. The basement floor may benefit from repainting. Additionally, certain floor tiles may contain asbestos or similar materials. Exterior concrete surfaces show cracking consistent with age and typical use. Carpet has been removed in the living room and primary bedroom.
All information is believed to be accurate but not guaranteed. Buyers are strongly encouraged to conduct their own inspections and due diligence prior to bidding. Potential buyers may arrange for their own property inspection by a licensed inspector, at their own expense, at least seventy-two (72) hours prior to the auction date.
3. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Auctioneer cannot, and will not be, held responsible for any interruption in service, errors, and/or omissions caused by any means and does not guarantee continual, uninterrupted, or error-free service or use of the site. Bidder acknowledges that this auction is conducted electronically and relies on hardware and software that may malfunction without warning. The Auctioneer, in their sole discretion, may void any sale, temporarily suspend bidding, and re-sell any lot/property that was affected by any malfunction. All decisions of the Auction Company/Auctioneer are final.
4. This is a Buyer’s Fee Auction. A buyer’s fee of 10% or $6,000 (whichever amount is greater) plus the high bid shall equal the total purchase price. This Auction has a minimum opening bid of $59,000.
The successful bidder must make a $6,000 down payment of earnest money (non-refundable) by 11:00 AM on Tuesday, April 28, 2026. Payment may be made with cash or certified funds. Successful bidder will be required to sign a standard offer to purchase agreement. Earnest money deposit is non-refundable if the offer is accepted by the seller and will be applied to the purchase price at the time of closing.
Buyer agrees to close with the balance of the purchase price due and payable at closing on or before Thursday, May 28, 2026 (cash or certified funds). An additional extension to this closing deadline until Thursday, June 11, 2026, can be made with an additional payment of $4,000 to the purchase price. Closing will be conducted by Brabazon Title Team Group, LLC in Beloit, WI.
5. If the successful bidder seeks financing through a loan program that requires the property to be in a certain condition before financing will be given, such as the case with an FHA loan, the successful bidder is responsible for all costs related to having a licensed and insured contractor bring the property up to that condition. The successful bidder will not be allowed to perform such work themselves. The successful bidder must still meet the closing deadline as specified in Section 4.
6. Changes, corrections, and new additions: Please check our website and the auction you are interested in prior to the scheduled auction time to inspect any changes, corrections, or additions to the property photos and information.
7. Seller shall provide title insurance and pay all taxes to the date of closing. Buyer acknowledges that buyer is responsible for all other closing costs pertaining to the buyer’s side of the closing statement, including but not limited to the balance of the sale, attorney fees, deed preparation, deed recording, survey (if required), mortgage fees, or any other fees or expenses required to complete the transaction.
8. Agency: Beloit Auction & Realty Inc. represents the Seller(s) only and does not inspect properties on bidder’s behalf. Potential buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction.
9. Non-Reliance Provision: The parties hereto, in executing this agreement, do not rely on any inducements, promises, or representations other than those expressly set forth in this agreement.
10. Buyer Agency Agreement: All bidders are responsible for notifying the auctioneers of any potential buyer agency agreement(s) in place prior to registration and bidding on the auction, at least seventy-two (72) hours prior to the start time of the auction. There is no cooperating real estate firm commission paid on the sale of this property.
11. If a bidder is the winning Buyer and refuses or fails to complete the transaction for ANY reason (including, but not limited to, remitting the total purchase amount), Buyer shall relinquish ANY right to complete the transaction and shall have no rights or interest in the property, and shall forfeit all deposit monies as liquidated damages to the Seller.
PLEASE BE ADVISED: Various state statutes give the Seller the right to pursue legal action against bidders who refuse to complete transactions. This may include, but is not limited to, suit to compel completion of the sale and/or criminal charges of fraud or other intentional acts.
Any dispute between the Auction Company/Auctioneer and bidders or buyers will be resolved through arbitration in Rock County, WI. Beloit Auction & Realty, Inc. shall be entitled to recover the value of its time, costs, and reasonable attorney’s fees incurred as damages.
