REXTAR INDIVIDUAL AUCTION BIDDER/BUYER TERMS OF SALE
The Rextar platform does NOT allow Bid Sniping which is the practice of bidders placing a bid in the last few seconds of an auction in order to win the auction while eliminating other bidders from the opportunity to bid again. On the Rextar platform if a bid is placed within the last 10 minutes of the auction, the auction time limit is extended for 10 minutes until no other bid is received for a period of 10 straight minutes. This will eliminate the practice of Bid Sniping and presents a fair opportunity to all bidders.
- Auction Registration - In order to register for an individual auction, bidder must supply a valid, current charge card and agrees to allow REXTAR to place a hold on that card in the amount of $2,500. This hold will be automatically released at the conclusion of the auction is said bidder is not the successful buyer. If bidder is the successful buyer, the hold will be released upon receipt of auction deposit.
- Due Diligence — Bidder acknowledges that Rextar Inc. provides a platform for buyers and sellers to transact purchases with each other. Neither Rextar Inc. nor any subsidiaries have nor will conduct any due diligence. Information about the property(ies) has been gathered from sources deemed reliable and from the seller; HOWEVER, REXTAR AND ANY SUBSIDIARIES DISCLAIM ANY INFORMATION PROVIDED. Bidders are advised to conduct their own due diligence and contact whatever sources they deem necessary. Neighborhood information is provided by Neighborhood Scout and Rextar disclaims any liability for said information. Property Inspection Report is provided by an independent accredited inspector and Rextar disclaims any liability for said information. Property Title Abstract is provided by REXTAR Title, LLC, an affiliated company, REXTAR, LLC disclaims any liability for said information. Photos and or video have been provided for informational purposes only – Bidders are advised to do their own inspections of the property or consult with their own experts.
- Agreement to Purchase — Agreement to Purchase has been provided on the landing page for every auction. This is a binding contract and IS NOT negotiable. Buyers must sign the contract in the form provided without change. This agreement will be completed and emailed to the purchaser at the end of the auction and must be signed (using DocuSign) and returned within 2 hours of receipt. The required deposit as outlined on the landing page must be wired to Rextar Title within 24 business hours of completion of the auction. Deposit to be held in a non-interest-bearing escrow account until settlement. Buyers pay a Buyer’s Premium (BP). The BP varies from property to property and is stipluated in the contract of sale. The buyer is responsible for all of the costs of closing including but not limited to transfer tax, title insurance (optionable to the buyer), recordation fees, etc.
- Bidding — The Rextar platform incorporates AutoBid in our bidding process. The bidder enters the maximum amount they wish to bid. Our program will place bids on the bidder’s behalf starting with the next highest increment up to the maximum bid entered. This automatically makes the bidder the highest bidder up to their maximum bid without having to continually monitor the bidding. If the bidder has been outbid immediately, it is because another bidder has an autobid maximum that is higher than the maximum the bidder has bid. You will receive email notifications of your bid and if you have been outbid, allowing you to decide if you want to place another bid.
- Up to $50,000, the bid increment is $250.
- From $50,000 to $100,000, the bid increment is $500
- Over $100,000, the bid increment is $1000.