Exhibit A
Terms and Conditions of Online Only Real Estate Auction
This online only auction is subject to Seller and/or lender confirmation and is a cash sale not contingent on or subject to financing, appraisal, survey, or inspections of any/or kind, as agreed to by bidders at registration prior to bidding and specified in the Agreement to Purchase Real Estate (the Contract) to which these terms and conditions are attached.
This property does sell subject to tenant rights. Seller has given all renters the right to stay in their homes until November 1, 2025 at the current rent rates. Buyer will assume lessor's position on lease. This does not guarantee the tenants will stay the entire period of the lease and there will be no Early Termination or penalty for leaving early. The buyer will not change rental rates or terms of the rental agreement during this period of time. The buyer will assume the monthly rental payment starting on the first day of the month after closing. There will be no daily proration. For example if the buyer closes on July 15, 2025 their first monthly rental payment will be to due them August 1, 2025. It is the buyer's responsibility to inform the tenants who the payment will be made out to and where the payment will be sent to.
Any security deposits the seller has will be paid to the new buyer at the closing table by personal check from seller.
Once you place a bid, it cannot be removed, even if you have bid incorrectly. Therefore, please check and verify your bids before submitting.
Bidding increments are as follows:
$200 - $1000 = $25
$1,000 - $10,000 = $100
$10,000 - $25,000 = $500
$25,000 - $500,000 = $1,000
$500,000 - $1,000,000 = $5,000
$1,000,000 and up = $10,000
Be advised that a Buyer’s Premium of 10% is added to the high bid. Please take this into consideration when bidding. For example: if the final bid price on a property is $100,000.00, then add the 10% buyer’s premium of $10,000.00 to get a final purchase price of $110,000. This is then the actual sales price that will be used on the Purchase Agreement, and the amount upon which transfer tax and title insurance are based. At the close of the auction, the successful Bidder will be emailed a Contract to be executed and returned to Sheridan Realty & Auction Co. within Forty-Eight (48) hours.
The high bidder will then deposit earnest money of 10% of the total sale price in the form of a cashier’s check or wire transfer to Sheridan Realty & Auction Co. within Forty-Eight (48) hours of the completion of the auction. The earnest money deposit is non-refundable. The entirety of the remaining balance (90% of the total sale price) is due at closing on or before Forty-Five (45) days from Auction Day. Buyer will be responsible for all wire transfers. If the Purchase Agreement is not accepted by the Seller and/or Lender, the Buyer will receive a full refund of their earnest deposit as soon as practicable.
Successful Bidders that do not execute and return their Contract with an Earnest Money deposit within Forty-Eight (48) hours of the conclusion of the auction will be considered in default. If a closing on the Real Property is delayed for any reason, Buyer, or other parties working on your behalf, including any lender you involve, you may be declared in breach of the Contract, forfeit all deposits made, and could be held liable for any and all costs incurred by Seller and Sheridan Realty & Auction Co. incurred in a subsequent resale of the property.
Per the Purchase Agreement, time is of the essence; you should proceed to closing within Forty-Five (45) days. Possession shall be given to the successful Buyer(s) at closing. All closing fees charged by the Title Company are shared equally between Buyer(s) and Seller(s).
Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e. financing, appraisal, repairs, or inspections), but for Seller(s) and/or Lender approval (referenced above). Therefore, Bidders should be “pre-qualified” by a lender (if you require financing) prior to submitting a bid. The property is being sold for cash “as-is, where-is” without representation or warranty of any kind. Buyer agrees to accept in its present condition, Real Property, including any personal property items not taken by Seller(s).
Sheridan Realty & Auction Co. (Sheridan) reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time. The identity of all bidders will be verified. Bidding rights are therefore provisional, and if complete verification is not possible, Sheridan may reject the registration of a bidder, and bidding activity will be terminated.
Buyer acknowledges they are buying the Real Property “as-is, where-is”, that Buyer(s) are relying on his/her own judgment and prior inspection. By signing an offer, Buyer(s) waive the 10-day lead based paint test. Equipment, if any, is sold with no warranty express or implied of any kind. Any excess materials left after the auction become the responsibility of the Buyer.
Seller(s) will provide an owner’s policy of insurance and convey title with a Full Warranty Deed.
Sheridan and their representatives are Exclusive Agents of the Seller(s). Sheridan reserves the right to negotiate a final sales price on behalf of the Seller, or bid on behalf of the Seller, if necessary.
Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations, including drain assessments, tile drainage system rights of way, and PA116 agreements. Properties that are rented are subject to Tenant’s Rights. There are no security deposits associated with the Real Property. Taxes will be pro-rated to the closing date. Buyer agrees to assume all amortization schedules if applicable. Any drain assessments will be assumed by Buyer.
It has come to the attention of Sheridan Realty & Auction Co. as 6/17/2025 that because the plant has been idle for over 6 months the previous Commercial-Improved property class has lapsed and this real estate property is zoned Residential (R-1).
The seller has agreed to get the zoning changed or a special use permit to run the butcher shop at his expense. If the seller can not get approval from the city for the butcher shop than a full refund of earnest money will returned to the buyer and the contract will be void. This process could take 90 days to get completed. The seller will not start the process until the auction is complete with a fully executed purchase agreement with 10% earnest money deposit. Once the city has approved the zoning use of the property, the 45 day deadline to close starts.
If the buyer wants a different use of the property that will be the responsibility of the buyer to get that approval, and can NOT be considered a contingency of the sale of the property.
Sheridan makes no guarantee that the maps are accurate.
All Sheridan Realty & Auction Co. Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 5 minutes of a lot ending will automatically extend that lot for 5 minutes from the time the bid is placed. The auto-extend feature remains active until no further bids are received within the 5-minute time frame.
During this auction process there is a chance that you will be outbid. At that time you will receive an outbid notification by email. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections/speed, sometimes email notifications can be delayed. We are not responsible for the failure of any part of the bidding process or internet bidding.
If you are bidding against someone who has placed a max bid in the system, the max bid that is placed first will take precedence over a bid placed after. This means that the person who placed the bid first will have the high bid, in the event that the same bid is placed.
Sheridan Realty & Auction Co. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Sheridan Realty & Auction Co. or the Seller.
In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Sheridan Realty & Auction Co., MarkNet Alliance and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Sheridan Realty & Auction Co., MarkNet Alliance or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary.
By agreeing to these terms, you give Sheridan Realty & Auction permission to send auction marketing emails to the address on the account.
Your use of this site and bid placement constitutes your acceptance and agreement to adhere to these terms. Please print a copy for your records. All bidders are responsible for reading all terms and conditions carefully. Lack of knowledge of Auction Terms and Conditions will not release bidders from their obligations.
The terms and conditions of the Purchase Agreement, including these additional terms (Exhibit A), shall survive closing and the benefits shall inure to the respective heirs, successors, representative and assigns of the Parties.
Sheridan Realty & Auction Co. reserves the right to revise The Terms and Conditions.
