ADDENDUM A - TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE AUCTION
1. This is an ONLINE public real estate auction; it is NOT a foreclosure auction. Financing is permitted; however, the purchase may not be contingent upon the buyer obtaining financing. Buyers are responsible for securing any necessary financing prior to bidding. Title to the property will be conveyed free and clear of all liens and encumbrances, with all real estate taxes paid through the date of closing. The property is subject to prior sale. By registering for and participating in this auction, each bidder acknowledges that they have read, understand, and agree to all auction terms and conditions. These Terms and Conditions are incorporated into and made a part of the Offer to Purchase. All bidders must register online prior to the close of the auction in order to bid. Each registered bidder will be assigned a unique bidder number. In consideration of being permitted to participate in this auction, each bidder agrees that all bids submitted are irrevocable, binding, and constitute a legally enforceable offer to purchase the property in accordance with these Terms and Conditions.
2. Disclaimer & Absence of Warranties: All properties are sold "AS IS, WHERE IS" with no financing, inspection, appraisal, zoning, or other contingencies to 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 this brochure 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. Potential buyers may arrange for their own property inspection by a licensed inspector at least 72 hours prior to the auction date at their own expense.
The following observed conditions are disclosed for informational purposes only and are not intended to be a complete description of the property's condition: Without limiting the foregoing, prospective buyers are advised that the existing furnace has been taken apart. A replacement furnace is currently located at the property; however, the Seller and Auction Company make no representation or warranty that the furnace is complete, functional, or capable of being installed. New windows and exterior doors are present at the property but have not yet been installed. The cover/door to the electrical service panel is currently off, and no representation or warranty is made regarding the condition, capacity, or functionality of the electrical system. The water heater needs to be replaced. The water system has not been tested, and no representation or warranty is made that water service is operational. Carpeting has been removed from various rooms throughout the house. Shingles appear to be missing from portions of the home's roof; however, the Seller and Auction Company have not inspected the roof and make no representation or warranty regarding its condition. The concrete around various portions of the property exhibits visible cracking. Evidence of water intrusion is visible in the basement adjacent to the screened porch, which may have resulted from a missing gutter downspout or downspout extension; however, the source of the water intrusion has not been confirmed. The shed roof has a visible hole, and the majority of the concrete floor within the shed has been broken up. These observations are provided solely as a convenience to prospective buyers and shall not be construed as a complete list of defects or conditions affecting the property. Buyers are solely responsible for conducting their own inspections and due diligence and shall rely exclusively upon their own investigation prior to bidding or purchasing the property.
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 10% buyer's fee will be added to the high bid to determine the total purchase price. The auction has a minimum opening bid/reserve price of $59,000. The successful bidder shall be required to execute a standard Offer to Purchase Agreement no later than 11:00 AM on the day following the close of the auction. Failure to do so shall constitute a default under the terms of this auction. A non-refundable earnest money deposit of $6,000.00 is due no later than 11:00 AM on Wednesday, August 12, 2026. Payment shall be made by cash or certified funds. Upon acceptance of the Offer to Purchase by the Seller, the earnest money deposit shall be applied toward the total purchase price at closing. Time is of the essence in all aspects of this transaction. Closing shall occur on or before Monday, September 14, 2026, at which time the balance of the purchase price shall be due and payable in full (cash or certified funds). Closing will be conducted by Title Underwriters at their Roscoe, IL office. The Buyer may extend the closing deadline to Monday, September 28, 2026, by increasing the purchase price by $4,000.00. The extension payment must be received in full no later than the original closing date of September 14, 2026. The $4,000.00 extension payment is non-refundable under all circumstances; however, if closing occurs, it shall be applied toward the total purchase price. If the transaction does not close for any reason, the extension payment shall be retained by the Seller and Auction Company as liquidated damages and shall not be credited toward the purchase price.
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 for example, the successful bidder is responsible for all costs related to having a licensed and insured contractor bring the property up to that condition (they will not be allowed to do the work themselves). The successful bidder must still meet the closing deadline as specified in #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 to provide title insurance and pay all taxes to date of closing. Buyer acknowledges that buyer is responsible for all other closing costs pertaining to the buyer's side of the closing statement, these costs may include but are 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 on their side to close 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 such as are expressly contained in this agreement.
10. Buyer Agency Agreement: All bidders are responsible to notify auctioneers of any potential buyer agency agreement(s) in place before registration and bidding on the auction at least 72 hours prior to the start time of the auction. There is no cooperating real estate firm commission paid out 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, as well as forfeit all deposit monies as liquidated damages to Seller. PLEASE BE ADVISED: Various state statutes give 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 act. Any dispute between the Auction Company/Auctioneer and bidders or buyers will be dealt with through arbitration in Rock County, Wisconsin. Beloit Auction & Realty, Inc. will be entitled to the value of its time, costs, and attorney's fees incurred as damages.
