NRC Realty & Capital Advisors, LLC (“NRC”) is pleased to offer for sale outstanding real estate in Southeastern Michigan. This is an excellent opportunity for homebuyers, first time buyers, investors and real estate agents to purchase properties at substantial discounts from their original values.
On-Line Auction Format:
Sealed Bid Option
Beginning Thursday November 5, 2009 through 6:00 p.m. Michigan time on Wednesday, November 11, 2009 ("Sealed Bid Deadline"), bidders will be able to submit bids using the "Submit Sealed Bid" button that appears on every property specific web page at www. nrc.com/912. All properties receiving a bid at the published minimum bid or higher will be sold at the high bid price, plus 7% Buyers Premium, as such term is defined below. Starting on Thursday, November 12, 2009, NRC will review all bids received and contact winning and competitive bidders. Those bidders who are notified in writing by NRC that they are the high bidder will be required to execute an Auction Purchase Agreement ("APA") and return it to NRC with certified earnest money funds within 48 hours, as described in the Earnest Money Requirements section below. The Sealed Bid option is subject to the additional terms and conditions set forth in the Terms & Conditions of Sale that appear on the NRC website for Sale 912.
"Bid Now" Option
Bidders who wish to purchase a property prior to the sealed bid period, may submit a bid using the "Bid Now" feature of the NRC website now through Wednesday, November 4, 2009 at 6:00 p.m. Michigan time. All offers submitted via Bid Now are subject to seller’s written acceptance. The Bid Now option is subject to the terms and conditions described in the Terms and Conditions of Sale posted on the NRC website for Sale 912.
Open House Inspection Hours
All homes are available for viewing on the following dates from 1:00 p.m.-4 p.m.:
Saturday, October 31
Sunday, November 1
Saturday, November 7
Sunday, November 8
We strongly recommend that you visit and thoroughly inspect every property you would consider bidding on.
Homeowner Association Documents
Homeowner Association Documents for each of the developments in the sale, where applicable, are available for your review by downloading them at www.nrc.com/912. In addition, disks containing these documents will be available at each of the open houses. Please review these documents prior to placing a bid.
Properties That Require Completion
WHERE A PROPERTY CONTAINS CONSTRUCTION WHICH IS NOT COMPLETE, BUYER WILL BE RESPONSIBLE FOR ALL PERMITTING AND BONDING REQUIREMENTS FOR COMPLETION OF WORK IN ACCORDANCE WITH APPLICABLE BUILDING CODE AND OTHER LAW, AND SHOULD CONSULT A LICENSED CONTRACTOR PRIOR TO BIDDING. THESE PROPERTIES REQUIRING COMPLETION ARE CLEARLY IDENTIFIED ON THE NRC.COM/912 WEBSITE.
Partially-Completed Properties Require a Certificate of Occupancy (CO)
WHERE PROPERTY DOES NOT HAVE A CERTIFICATE OF OCCUPANCY, BUYER WILL BE RESPONSIBLE FOR OBTAINING CERTIFICATE. THESE PARTIALLY-COMPLETE PROPERTIES REQUIRING A CO ARE CLEARLY IDENTIFIED IN THE NRC SALES BROCHURE AND WEBSITE.
Minimum Bids
Properties for sale by sealed bid on are subject to the minimum bid amounts that appear on the NRC website and in sales materials, and will be sold after the Sealed Bid Deadline absolute at or over the stated minimum prices upon execution of the APA. Bids made prior to the Sealed Bid Deadline via "Bid Now" are subject to seller's written acceptance.
Buyers Premium
A Buyers Premium fee of 7% ("Buyers Premium") will be added to the winning bid amount on each property sold. The bid amount plus the Buyers Premium shall constitute the total contract purchase price.
Earnest Money Requirements
The total contract purchase price will be computed by adding the winning bid price and the Buyers Premium. Winning bidders must provide an Earnest Money Deposit upon signing the APA in an amount which is the greater of (A) 10% of the total contract purchase price, or (B) $5,000. The Earnest Money Deposit is non-refundable for all sales and shall be retained and applied against the total contract purchase price of the Property. In the event of default of the terms of the APA, buyer hereby waives the requirement to sign any release in connection with the Earnest Money Deposit and understands that the Earnest Money Deposit will be forfeited in its entirety.
Auction Purchase Agreement ("APA")
THE WINNING BIDDER WILL BE REQUIRED TO SIGN AN APA AND RETURN IT TO NRC WITHIN 48 HOURS, TOGETHER WITH THE REQUIRED EARNEST MONEY DEPOSIT. ALL PROPERTIES ARE OFFERED AND WILL BE CONVEYED "AS-IS, WHERE IS, AND WITH ALL FAULTS" AND NO SALE WILL BE CONTINGENT ON THE BUYER’S ABILITY TO OBTAIN FINANCING. WE HIGHLY RECOMMEND BOTH YOU AND YOUR ATTORNEY REVIEW THE APA AND TERMS AND CONDITIONS OF SALE PRIOR TO BIDDING BECAUSE YOU WILL BE REQUIRED TO SIGN THE APA IF YOU ARE THE WINNING BIDDER. IF YOU NEED TO OBTAIN A LOAN FOR YOUR PURCHASE, WE HIGHLY RECOMMEND YOU VISIT A LENDER OF YOUR CHOICE IN ADVANCE OF THE AUCTION TO GET PREQUALIFIED. IF YOU DO NOT HAVE A LENDER, PLEASE SEE THE NRC WEBSITE FOR ANY SPECIAL LENDING THAT MAY BE AVAILABLE FOR EACH PROPERTY.
Broker Participation Invited
NRC invites all brokers and agents to participate in the auction. A 2% commission, calculated on the winning bid price before the inclusion of the Buyers Premium, will be paid to a properly registered licensed real estate broker, upon closing and funding of the property sold. Please see the Terms and Conditions of Sale on the NRC website, for more details regarding broker participation and registering a client.
Disclaimer
Neither any sellers of the properties being auctioned (individually "Seller" and collectively "Sellers"), NRC, Windham Realty Group, Inc., auctioneer or any of their affiliates (all such parties are sometimes hereinafter referred to collectively as the "Auction Parties") make any representation or warranty as to the accuracy of any Property information and the Property is being sold without express or implied warranty of any kind. Properties are subject to prior sale and may be withdrawn at any time without notice. The Auction is subject to the Terms and Conditions of Sale found on the NRC website at www.nrc.com/912, and to the provisions of the APA.
All announcements, whether oral or written, made prior to the Sealed Bid Deadline take precedence over all other advertising. This sale is being conducted in conjunction with Windham Realty Group, Inc. (MI License #6505248455), a Michigan Licensed Real Estate Broker. SEE THE TERMS AND CONDITIONS OF SALE FOR ADDITIONAL SALE PROVISIONS. Offers made at the online Auction are void where prohibited by law. Any information on any website, in any brochure, e-mail or postcard and any and all information available regarding the Properties shall not constitute an offer to sell or a solicitation of any offer to buy any of the Properties. In addition, and without limitation of the foregoing, no website or brochure shall constitute an offer to sell or a solicitation of any offer to buy nor shall there be any sales of any of the Properties in Michigan in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the applicable securities laws of Michigan.