Terms

Terms and Conditions

1.      The State of Wisconsin Department of Safety and Professional Services (DSPS) regulates Auctions and Auctioneers in Wisconsin. The winning Bidder chosen after the Auction closes will become the Buyer and will be obligated to buy the property under the terms agreed to herein, subject to the Seller approving the final Bid Price as well as any other terms of the Bidder’s Offer. The DSPS classifies this Auction as an “Auction with Reserve" which means it is an auction where the Seller or his or her agent reserves the right to establish a minimum bid, to accept or reject any and all bids or to withdraw the goods or real estate from sale at any time prior to the announcement of the completion of the sale by the Auctioneer.

2.      At Redefined Realty and Auction’s (RRA) sole discretion, Bidder registrations may need to be approved prior to bidding. All Bidder Registrations may be verified through various means prior to being allowed to bid, including, but not limited to, a credit card verification which may include a nominal credit card fee, Proof of Funds letter(s) and/or Lender PreApproval letters. If RRA cannot to its sole satisfaction verify this information or other information RRA deems relevant, Bidder’s registration may be delayed or denied. At RRA’s discretion, the maximum bid amount for a Bidder may be capped at the amount shown on the Proof of Funds letter and/or Lender PreApproval letter. Employees, RRA, and entities related to RRA are allowed to bid on this Real Estate.

3.      The Seller of the real estate, at the Seller’s sole discretion, may Accept, Reject or Counter the highest Bid or do the same with any other bid should other terms to that bid be more or less favorable, or withdraw the property from the Auction per the DSPS definition of an “Auction with Reserve”. Items that might be considered by the Seller, among others, include a review of the PreApproval paperwork from Bidder’s lender and/or documented proof of funds. You will be notified within 72 hours of the close of the Auction if the Seller agrees to or rejects your Bid and Terms.

4.      The real estate parcel being auctioned may or may not contain physical structures. If the Seller has Inspection or Testing documents of any kind related to the land or structures that the Seller deems relevant, these documents will be in the Documents section of this Auction or available to Bidders upon request. Bidder agrees to review all documents, disclosures, or other information provided by Seller or RRA pertaining to this Auction and perform all due diligence to Bidder’s satisfaction prior to making its bid.

5.      The real estate parcel being auctioned, along with any structures and/or anything that might be considered personal property, is being sold “As Is,” “Where Is” and “In its Present Condition.” Bidder agrees to verify all information provided by Seller and/or RRA and to perform all desired due diligence to Bidder’s satisfaction prior to bidding on a property. Neither RRA nor the Seller, are making any guarantees or warranties implied or otherwise and such representation warranties, and guaranties are expressly disclaimed. When Bidder places a bid, Bidder agrees that the bid amount will reflect all the information or lack thereof, provided by Seller and RRA, as well as the due diligence or lack thereof performed by Bidder, and that the bid amount will reflect all Bidder’s potential known or unknown immediate or future obligations to fix, repair, replace, or otherwise use or resell the property.

 

6.      Bidder may bid any amount equal to or greater than the current bid plus the minimum bid increment as set by the Auctioneer. The bidding software will allow a Bidder to place a bid and at the same time set a maximum bid amount. The maximum bid amount will not be disclosed to other bidders except as stated in the Privacy Disclosure. If Bidder has a maximum bid amount set and Bidder’s current bid amount is exceeded by another bidder, Bidder’s new bid amount will increase by the minimum bid increment over the existing high bid. This adjustment will happen in perpetuity until Bidder’s maximum bid amount is reached, as long as that maximum bid creates an increase to the high bid equal to or greater than the minimum bid increment. If more than one bidder creates an identical Maximum Bid, the software will default to the bidder that set the Maximum Bid first. At any time during the Auction, if RRA believes a bid to be fraudulent, in error, or for any other reason not beneficial to the Seller and/or the bidding process, RRA may remove that bid from the Auction. As the Bidder, if you bid in error, please call our office at (262) 732-5800 as soon as possible. At RRA’s discretion, we will do our best to correct the problem or delete the erroneous Bid. In the final hours of bidding errors may not be correctable. Please place your bids carefully and use the “Practice Bid” Auction prior to making official Bids on real Auctions.

7.      If Bidder’s bid is accepted by Seller, Bidder becomes the Buyer upon execution and completion of an Offer to Purchase. Buyer agrees to pay RRA a Bidder Fee as disclosed in the Auction with a $5,000 minimum. Buyer can pay this fee out of pocket at closing via Cashier’s Check, in which case the Bid Price will be the Sales Price on the Offer to Purchase. Alternatively, Buyer can add it to the Bid Amount. In this case the Sales Price will equal the Bid Amount plus the Bidder Fee. As an example, if the Bidder Fee is 2% and the successful Bid Amount is $200,000, the Bidder Fee would equal $4,000 thus creating a Sales Price on the Offer to Purchase of $204,000. The Bidder Fee would then be paid to RRA on the Closing Statement.

8.      Buyer Agent Fees – Bidder will be responsible to pay its Buyer Agent out of pocket for any commissions or fees it owes unless a Referral Fee is being offered in the specific Auction. If a Referral Fee is being offered, the Referral Agreement can be accessed and completed jointly and signed by both parties right from the Auction itself. Bidder/Buyer agrees that this fee will then be added to the combination of the Winning Bid plus the Bidder Fee to create a new Purchase Price. The amount of the Referral fee can not exceed 3% of the lesser of the Winning Bid amount or the amount on the Buyer Agency Agreement. Additionally, if there is an Appraisal Contingency as part of the offer to Purchase, there will be an additional “Appraisal Cushion” added to the contingency.

9.      Bidder agrees to enter into an Offer to Purchase on State of Wisconsin approved “WB” forms, or other forms as may be agreed to, within 48 hours of Seller’s acceptance of their bid. An example is included in the Documents section. The Offer to Purchase will be sent to Bidder for electronic signatures unless other arrangements are made.

a.      The Offer to Purchase will not contain an Inspection, Testing, Survey, Zoning, Land Use, Sale of Home, or any other contingency of any kind, as Buyer has agreed to perform all due diligence prior to bidding and place a bid accordingly, except as noted below in this section or in the Auction itself.

b.     A Financing and/or Appraisal Contingency in the offer is acceptable, unless noted otherwise in the Auction itself, if Bidder’s registration indicated so. Otherwise, Bidder’s Offer will be considered as a Cash Offer.

c.      Cash Offers, while not having a Financing and/or Appraisal Contingency, are allowed to have an appraisal and financing to be obtained for the property but are still subject to the agreed upon closing date should the appraisal and/or financing not be completed in time or be satisfactory to the Lender.

d.     The closing date for the sale shall be the earlier of 45 days after the Offer is signed by all parties or the first business day thereafter, unless otherwise agreed to by the parties or noted in the Auction itself.

e.      If there is personal property that the Seller intends to leave at the premises, the parties agree that those items are not part of the Auction, have no monetary value, and are being left for the Seller’s convenience. Any personal property that Buyer may purchase from Seller are not part of the Auction. Any personal property remaining at the premises 30 days after the closing date shall be deemed abandoned by the Seller.

f.       If Buyer does not enter into an Offer to Purchase within 48 hours of receiving notification of having the winning Bid, at Seller’s discretion, Buyer may be considered in default. With Seller’s instruction, RRA will deliver to Buyer a notice of default. Buyer agrees that upon receiving the notice of default, Buyer will not pursue any action that would prevent or cloud Seller’s ability to terminate/reject the Buyer’s bid, accept another Bid and/or sell the property to someone else.

10.       Unless otherwise agreed to, Earnest Money will be equal to the greater of 2% of the Sales Price with a $5,000 minimum and $20,000 maximum and will be held in the RRA Trust Account. Earnest Money shall be delivered within 72 hours of receiving the signed Offer to Purchase, should be in the form of a Personal Check or Cashier’s Check, be made payable to “Redefined Realty Trust”, and be mailed or delivered to the Redefined Realty and Auction office at N51W24953 Lisbon Rd Pewaukee, WI 53072 (Inside the Meijer Store). We do not accept wired funds.

11.    All bidding, terms, and conditions of each auction are controlled by the Auctioneer including, but not limited to, bid start and stop times, minimum bid increments, earnest money, and Offer contingencies. Once bidding starts, the Auctioneer may pause the auction at the Auctioneer’s discretion. Typically, but not always, this is due to technical difficulty. Once the Auctioneer restarts the bidding, at the Auctioneer’s discretion, the bidding stop time may or may not be extended to account for the delay. The Auctioneer may also change the minimum bid increment amount as the Auction progresses. Typically, but not always, the minimum bid increment amount will be lowered as the end of the Auction approaches. Once the Auction reaches the final 10 minutes, any bid made within that timeframe will automatically reset the bid clock to 10 minutes. This will continue in perpetuity until no more bids are made within that final 10 minutes; when that happens, the Auction will be closed, and no more bids will be allowed. The Seller will then review all the bids and other terms therein. Due to potential technology issues, potential software issues, utility and internet outages, and/or other seen or unforeseen issues, Bidders are discouraged from placing last-second or even last-minute bids.

 Auction Company: Redefined Realty and Auction; License #1004-53
Registered Wisconsin Auctioneer: Robert J Tarantino; License #4204-52

 

WISCONSIN REALTORS® ASSOCIATION
4801 Forest Run Road, Madison, Wisconsin 53704

DISCLOSURE TO CUSTOMERS
1 Prior to negotiating on your be half, the brokerage firm, or an agent associated with the firm, must provide you the
2 following disclosure statement:
3 DISCLOSURE TO CUSTOMERS You are a customer of the brokerage firm (hereinafter Firm). The Firm is either an agent of
4 another party in the transaction or a subagent of another firm that is the agent of another party in the transaction. A
5 broker or a salesperson acting on behalf of the Firm may provide brokerage services to you. Whenever the Firm is
6 providing brokerage services to you, the Firm and its brokers and salespersons (hereinafter Agents) owe you, the
7 customer, the following duties:
8  - The duty to provide brokerage services to you fairly and honestly.
9  - The duty to exercise reasonable skill and care in providing brokerage services to you.
10 - The duty to provide you with accurate information about market conditions within a reasonable time if you request it,
11 unless disclosure of the information is prohibited by law.
12 - The duty to disclose to you in writing certain Material Adverse Facts about a property, unless disclosure of the
13 information is prohibited by law (see lines 57-66).
14 - The duty to protect your confidentiality. Unless the law requires it, the Firm and its Agents will not disclose your
15 confidential information or the confidential information of other parties (see lines 24-40).
16 - The duty to safeguard trust funds and other property held by the Firm or its Agents.
17 - The duty, when negotiating, to present contract proposals in an objective and unbiased manner and disclose the
18 advantages and disadvantages of the proposals.
19 Please review this information carefully. An Agent of the Firm can answer your questions about brokerage services,
20 but if you need legal advice, tax advice, or a professional home inspection, contact an attorney, tax advisor, or home
21 inspector.
22 This disclosure is required by section 452.135 of the Wisconsin statutes and is for information only. It is a plain23
language summary of the duties owed to a customer under section 452.133(1) of the Wisconsin statutes.
24 CONFIDENTIALITY NOTICE TO CUSTOMERS The Firm and its Agents will keep confidential any information given to the Firm
25 or its Agents in confidence, or any information obtained by the Firm and its Agents that a reasonable person would want
26 to be kept confidential, unless the information must be disclosed by law or you authorize the Firm to disclose particular
27 information. The Firm and its Agents shall continue to keep the information confidential after the Firm is no longer
28 providing brokerage services to you.
29 The following information is required to be disclosed by law:
30     1. Material Adverse Facts, as defined in Wis. Stat. § 452.01(5g) (see lines 52-60).
31     2. Any facts known by the Firm or its Agents that contradict any information included in a written inspection report
32 on the property or real estate that is the subject of the transaction.
33 To ensure that the Firm and its Agents are aware of what specific information you consider confidential, you may list
34 that information below (see lines 36-40). At a later time, you may also provide the Firm or its Agents with other information
35 you consider to be confidential.
36 CONFIDENTIAL INFORMATION: NONE
37
38 NON-CONFIDENTIAL INFORMATION (the following information may be disclosed by the Firm and its Agents): Lender PreApproval letter(s) and/or Proof of Funds documents
39
40 (Insert information you authorize to be disclosed, such as financial qualification information.)
41 THIS IS A DISCLOSURE AND DOES NOT CREATE A CONTRACT. THIS DISCLOSURE IS TO BE PROVIDED BY
42 AN AGENT ASSOCIATED WITH A LISTING FIRM OR WITH A SUBAGENT FIRM PROVIDING BROKERAGE
43 SERVICES TO A BUYER OR TENANT.
44 FAIR HOUSING/ NON-DISCRIMINATION
45 The Firm and its agents agree that they will not discriminate based on race, color, sex, sexual orientation as defined in
46 Wisconsin Statutes § 111.32(13m), disability, religion, national origin, marital status, lawful source of income, age,
47 ancestry, family status, status as a victim of domestic abuse, sexual assault, or stalking, or in any other unlawful manner.
48 NOTICE ABOUT SEX OFFENDER REGISTRY
49 You may obtain information about the sex offender registry and persons registered with the registry by contacting the
50 Wisconsin Department of Corrections on the Internet at http://www.doc.wi.gov or by telephone at 608-240-5830.
51 DEFINITIONS
52 A "Material Adverse Fact" is defined in Wis. Stat. § 452.01(5g) as an Adverse Fact that a party indicates is of such
53 significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party,
54 that it affects or would affect the party's decision to enter into a contract or agreement concerning a transaction or affects
55 or would affect the party's decision about the terms of such a contract or agreement.
56 An "Adverse Fact" is defined in Wis. Stat. § 452.01(1e) as a condition or occurrence that a competent licensee
57 generally recognizes will significantly and adversely affect the value of the property, significantly reduce the structural
58 integrity of improvements to real estate, or present a significant health risk to occupants of the property; or information
59 that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract
60 or agreement made concerning the transaction.
61 COMPENSATION
62 The Firm does not charge compensation to show homes to a customer under this disclosure.
63 Real estate commissions and compensation are not set by law and are fully negotiable. A firm may not represent
64 that the firm’s services are free or available at no cost to their clients, unless they receive no financial
65 compensation from any source for those services.
66 The Firm may receive compensation from the listing firm as an agent working with a buyer as customer in the
67 purchase of a property.
68 ACKNOWLEDGMENT
69 Wisconsin law requires the Firm to request the customer’s signed acknowledgment that the customer has
70 received a copy of this written disclosure statement if the Firm will provide brokerage services related to real
71 estate primarily intended for use as a residential property containing one to 4 dwelling units.
72 SIGNING THIS FORM TO ACKNOWLEDGE RECEIPT DOES NOT CREATE ANY CONTRACTUAL OBLIGATIONS
73 FOR EITHER THE CUSTOMER OR THE FIRM.
74 By signing and dating below I /we acknowledge receipt of a copy of this disclosure.
75 (x) Acknowledged
76 Customer Signature Print Name: Per Registration  Date: per Registration
77 (x)
78 Customer Signature Print Name Date
79 (x)
80 Agent for Firm: Bob Tarantino; Firm Name; Redefined Realty and Auction Date: 08/11/2024

No representation is made as to the legal validity of any provision or the adequacy of any provision in any specific transaction.

Redefined Realty Advisors LLC, N51W24953 Lisbon Road Pewaukee WI 53072 Phone: (262) 732-5800 Fax: 888-861-9115