6400 Black Horse Pike/ Rt 322 Egg Harbor twp. NJ 08234 855-243-6694

Auction Process & Why

The Accelerated Auction Marketing Program creates urgency in the marketplace and allows Sellers to control the terms and the timing of the sale of their real estate assets. By accelerating their sales, Sellers avoid protracted carrying costs and future market uncertainties. For Buyers, auctions allow bidders to buy quickly, efficiently and at prices they determine. The complexity of today’s real estate world requires a full service auction company to provide expertise in multiple disciplines. In addition to Auction Marketing, AcAuctions will provide full real estate consulting services as well as traditional brokerage Services. Through this approach the Firm can assist its clientele in the following areas:

Commercial, industrial, retail and special purpose properties
Residential single family and multifamily- urban, suburban, luxury and resort
Agricultural properties
Restructuring & workout advisory
Construction & land entitlement Advisory
Finance Advisory- third party sales and refinancing

Before the Bidding Begins

The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the terms of sale, the methods of bidding and any last minute changes or disclosures. These comments usually take only a few minutes, concluding with the auctioneer answering any final questions. Then the bidding is ready to begin!

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The Auction Team
Assisting the auctioneer will be ring staff, to make sure anyone trying to bid is recognized and that all bids are recorded with the auctioneer. Ring staff may also assist with questions during the auction, including asking the auctioneer to pause if necessary. It is a myth that bids can be made accidentally ... by scratching one's nose and the like. If you did not intend
to bid, simply inform one of the ring staff or the auctioneer and the mistake will be corrected. Any tie bids or other issues regarding who has the high bid are always resolved by the auctioneer, who has complete and final authority.

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SOLD!" or "HIGH BIDDER!"
From the first bid, things move quickly, with bidders offering their bids up to the price they are willing to pay for the property. The auctioneer can and will say "sold" or "high bidder" as soon as he or she determines that the final bid has been made. It is not necessary, nor customary, for the auctioneer to slowly announce, "Going once, going twice, etc." He or she simply decides the bidding has stopped and announces, "Sold" or "High Bidder." If the auction is for a single property such as a home, this concludes the auction and the purchaser simply executes the contract of sale and makes the required payment.

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Buyer's Choice" (Available at some auctions)
If there is more than one property or parcel being offered, the "buyer's choice" method is often used. In a "buyer's choice" sale, items will be numbered or lettered for identification purposes. The number or letter will not relate in any way to when the property will be sold. Instead, each time the auctioneer says "sold," the person with the high bid will choose which parcel(s) or property(s) they want to purchase by announcing the number(s) or letter(s) describing that property(s) or parcel(s).

The high bidder can take as many parcels or properties as they want from those that remain unsold, and in any order or combination. His or her high bid is simply multiplied by the number of properties or parcels they have chosen at that time. Once chosen by a high bidder, and unless otherwise announced, that property is "sold" and no longer available. It is therefore very important that bidders realize if they do not have the high bid, the property or properties they want could be chosen (sold) to the high bidder and will no longer be available. Sometimes, the high bidder will choose many properties at once, and in some sales, choose every property available, thereby bringing the auction to a close. "Buyer's choice" allows buyers, not the auction company or seller, to determine how, when and at what price they will purchase property. Good luck and good bidding!

AC AUCTIONS LLC, & ASSOCIATED REAL ESTATE AUCTIONEERS LLC

Real Estate Auction

Terms and Conditions

A. The real property is to be sold at auction to the highest bidder and in order to qualify for the bidding process you must:

1. Read and sign these terms and conditions.

2. Present or have verification of $10,000.00 in funds.

3. Have a valid identification, DL, Passport, ect.

B. Bidding. The highest bidder shall be required, at the conclusion of the sale and at the auction site to:

1. Sign a written contract of sale.

2. To pay a deposit of $10,000.00 by cash, certified check, cashier’s check, or treasurer’s check, payable to Stephen N. Frankel Real Estate Inc. 4803 Atlantic Ave. Ventnor, NJ 08406.

3. Make settlement on-a mutually agreeable date, within 45 days of the date of the signing of this Agreement, at the office of the Title Insurance Company, unless Seller and Buyer agree in writing to a different time and place. The date and time of settlement is hereby agreed to be of the essence of this Agreement.

C. The balance of 10_% of the purchase price will be due in 72 hours.

D. The balance of the purchase price, together with the net amount of any adjustments and charges shall be paid by certified check, cashier’s check, treasurers check or wire transfer made payable to a Title Insurance company, to be determined and paid at final settlement to be held on or before 45 days after the signing of this contract .

E. Title to said property shall be conveyed by Bargain & Sale Deed which shall be delivered in recordable form. The purchaser shall pay for the recording of the deed.

F. Contract is not subject to an attorney’s review and is legally binding upon signature.

G. If the purchaser fails to appear at the closing of title, or shall appear and refuse to close at the time and place fixed therefore, by the parties, or shall otherwise fail to comply with any of the Terms and Conditions of the purchase contract, the auctioneer, at his option, may declare the purchaser in default and retain all money paid as liquidated damages.

H. In the event that the owner is unable to convey title, the successful bidder shall be entitled only to the return of his deposit and the parties shall be mutually released from all of their obligations under the contract of sale.

I. The purchaser will be required to accept the property in its “AS IS” condition on the date of the auction sale.

J. Real estate taxes shall be apportioned at the closing of title.

K. Oral statements made at or before the time of the auction and statements made in any sales catalog, sales brochure, or advertisements in connection with the sale, pertaining to location, zoning, taxes, condition, titles, surveys etc. of the property are for information only and should be verified by the purchasers. Purchasers will be bound by any statements or facts disclosed in any current tax maps, zoning maps and ordinances, building restrictions, surveys and other data pertaining to the property.

L. Seller has employed Stephen N. Frankel Real Estate Inc as well as AC AUCTIONS LLC, & ASSOCIATED REAL ESTATE AUCTIONEERS LLC

M. Upon execution of a signed contract, purchaser shall cause liability and property insurance to be in effect on said property.

N. This sale is subject to a -5%- Buyers Premium to be paid to AC AUCTIONS LLC, & ASSOCIATED REAL ESTATE AUCTIONEERS LLC at settlement.

O. These terms and conditions are incorporated by reference and shall become a part of theReal Estate Agreement of Sale executed by the Buyer and Seller following the auction.

Purchaser Signature_________________________________________________Date__________