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General Terms and Conditions of Sale Welcome
to UCbid™ and thank you for choosing to participate in this
exciting online bidding. This
value range Internet bidding format provides bidders and brokers with state of the art
security, ease of use and confirmation of property value.
Therefore, we have prepared the following terms and conditions
that apply to Bidders and Brokers (Agents) who participate in the online
real estate bidding process. If
you have registered as a Purchaser (or a broker who registered a Purchaser), these terms and conditions are
incorporated as part of your registration by reference. With
the enhancement of online technology capability, bidders
can participate in this leading edge, accelerated marketing innovation.
All properties are offered for sale to qualified bidders without
regard to the prospective Purchaser's race, age, sex, religion, national
origin, physical handicap or marital status. The UCbid™ Program is designed to offer you the utmost in
convenience and simplicity without the stress and anguish associated
with most negotiated or sealed bid sales.
The service is created to give you the greatest control, security
and ease in the purchase of a home. Purchasers and Brokers must be of legal age and capable of entering a legally binding contract under all applicable laws. By registering with this service, Purchasers and Brokers represent to UCbid™ and each other that they are in compliance with the foregoing. In
order to make an offer on the properties listed on this site, all bids
must be placed either by yourself or through a licensed real estate
agent or broker on the Bid Detail
Page for each property. All bidders must be registered on this site
by their respective broker. Registering
is an easy as 1, 2, 3: 1. The Broker must complete the online Bidder Registration Form for each Bidder the Broker plans to bid for. Complete the Bidder's name, address and telephone. Then complete the Broker's fax number, email address, License # and telephone # on the bottom portion of the Registration Form; 2.
Obtain a check or checks in the amounts as
follows: separate earnest money checks will be required for each
purchase in the amount of $1,000.00 for the first property the Bidder
intends to buy and $2,000.00 for each additional property the bidder
intends to buy. The earnest money deposit checks must be made payable to
the bidder's broker and delivered prior to
bidding; and 3.
Within 24 hours of registering, the Broker who registered a
Bidder will receive a "Customer ID Number" and password via email.
Only Brokers may place bids on behalf of Purchasers.
The Broker must complete a separate online Registration Form
for each
Bidder the Broker will place bids for.
After
registering to bid, determine which homes the Bidder will want to place
bids on by visiting the Property Listing Page of this website. If you do not receive an email message acknowledging your registration within 24 hours, this means that your email address and/or license # have been entered incorrectly. Please go back to the registration page and input the correct information. As a registered Bidder and Broker, you are responsible for any and all activities, which occur under your Customer ID # and Password. Bidder and/or
Broker agree to immediately notify UCbid™.com by email at ops@UCbid™.com
of any unauthorized use of the User's Customer ID # or any other breach
of security known to them. UCbid™ offers a variety of homes on an ongoing basis for inspection and bidding. The bidding will begin on the date and time stated on the
Property Information Page of each home.
Note: No bids will
be considered after 11:59 P.M. PST on the bid deadline date stated on
the Bid Detail Page of each home.
Since bidding is online, it is your responsibility to make
arrangements for Internet access. No
faxes or substitutions will be considered. UCbid™/Seller are not responsible for Bids not received,
processed, or accepted due to technical difficulties, whether related to
any party's or a third party's computer hardware, software, failure of
Internet connections, or otherwise, and without consideration to any
negligence by any party, including UCbid™, that may lead to the
difficulties. It is
strongly suggested that you use the Auto Bid feature described on the Bid
Detail Page to avoid loosing the property you intend to buy. Homes
are available for on-site inspection through real estate brokers.
Any licensed broker will have access to the homes through
lockboxes. Prospective bidders are required to inspect the homes prior
to submitting a bid. The
properties being offered through UCbid™ are selected for sale due to specific circumstances regarding the
property as follows: 1. (F) - Foreclosure - these homes have been acquired due to foreclosure. These properties have not been occupied by the Seller and Seller has no knowledge or history of the property. Any repairs indicated on a Home Inspection Report ordered by the Purchaser shall be the responsibility of the Purchaser. 2. (L) - Lender Owned Property - these homes are known as (REO) "Real Estate Owned" by lenders or government agencies. When
registering online at UCbid™.com with a licensed real estate broker, a separate
earnest money deposit will
be required for each purchase. Checks should be made payable to your broker and
delivered to your respective broker prior to bidding
together with the letter from
the purchaser's bank certifying sufficient funds are available to close each
sale. NOTE:
Failure to close may result in forfeiture of the bidder's
deposit. All
properties in this sale are subject to the terms and conditions outlined
herein.
The sale is further subject to the disclaimers in this
information.
Before, during and after the transfer of ownership of any
purchased property, the Purchaser, Agent and Broker shall indemnify, defend
and hold UCbid™/Seller and its officers, directors, employees
and agents, harmless for, from and against any and all liability,
claims, and suits, including, without limitation, reasonable attorney's
fees, for all loss or damage including, without limitation, all loss or
damage to property of any person or personal injury or death of any
person arising out of or incident to the ownership, transfer,
possession, control, use, or maintenance of said property.
UCbid™/Seller make no warranties, express or implied, and
specifically disclaim any warranties of title, habitability, value,
merchantability, non-infringement or fitness for a particular purpose. |
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Bid Deadlines / Current Bid / Bidding Increments BID DEADLINES - All bids must be placed on or before the Bid Ending Date and time which will be posted on each Property Bid Detail Page on this website. Each property is being offered through the exclusive UCbid™ "Value Range Internet Bidding" program (VRIB), patent applied for. Under the VRIB format, the bid ending date is not established until the bidding reaches the value range of the Seller's unpublished minimum acceptable price. As an example: if the Seller's minimum acceptable price were $150,000 and the corresponding value range was $135,000 to $150,000, the bid ending date would be posted upon any bid being placed which is $135,000 or greater. Any broker who has placed a bid on a particular property for a bidder would be emailed with a notification of the bid ending date and time for that property. Typically, the bid ending date is set three to five days after the value range has been reached. CURRENT BID - The minimum acceptable opening bid shall be reflected on the Bid Detail Page for each property on the date bidding begins. The current bid will change with each increased bid to reflect the up-to-date bid. BIDDING INCREMENTS - Bids are automatically calculated in incremental amounts. Increments are created to increase the efficiency of the bidding process and are set in amounts that reflect the price range of each property. The bid increment amount are subject to change without notice. The Bid Increment Amount is displayed on the Bid Detail Page based on the following formula: Current Bid ($) Bid Increment ($) $
5,000.00 -
$25,000.00
$ 250.00 Bids may be placed in the above amounts and whole number amounts thereafter (i.e. $60,500 followed by a bid in the amount of $61,001) to raise your bid. These straight forward amounts are necessary to keep the bid process simple, convenient and efficient. Potential Bidders are advised to review the Sales Contract thoroughly prior to submitting a bid (available by clicking "Sales Contract" at the top of the Property Information Page of the property you are interested in). Successful High Bidders will be notified through their respective brokers of Seller's acceptance of their bid via email. The Bidder must meet with their Broker within 24 hours of email notification of Seller acceptance of their bid to fully execute the Sales Contract and such other documentation as the Seller may require. No alteration to any sales document is allowed. Any change whatsoever may result in the bid being deemed nonconforming. Upon completing the sales contract online, it must be emailed within the stated 24 hour period to Seller. By registering and placing bids, each Broker represents to UCbid™/Seller that the Broker has in his/her possession the required deposit checks from each Bidder that the Broker is placing bids on behalf of. Note: All original executed sale documents must be sent via overnight delivery to Seller within 48 hours of email notification of Seller's acceptance of a bid. All required closing documents must be executed at closing as provided, without amendment. NOTE: Brokers who do not comply with the above 24 hour and 48 hour requirements may be banned from the UCbid™ Bidding program, in Seller's sole discretion as a non-responsive party. As a non-responsive party, the subject sale will be terminated and the party may be banned from placing future bids for UCbid™ homes. Bidders wishing to bid on more than one home must submit a separate deposit check to their Broker for each property they plan to bid on. Bidders may use the same broker for all of their transactions or may use a different broker for each of their transactions. |
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Properties may be inspected at bidder's convenience. Any and all inspection of properties will be conducted with a licensed real estate agent present at all times. Typically the utilities are turned on. All participants in the bidding by virtue of bidding are acknowledging they inspected the property and/or properties they are bidding on, have reviewed all sale documentation and terms and conditions of the bidding with their attorney. Bidder acknowledges the Seller is selling each home in "AS-IS" condition and any and all repairs indicated on a home inspection report shall be the responsibility of the Purchaser. |
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Non-Revocations of Bids / False Bids Internet
Bids must remain valid for three (3) business days after the bid
deadline. Bids may not be
revoked or withdrawn by the bidder during that time.
Any withdrawal of the Bid will result in a forfeiture of
the earnest money deposit. Once
bids are submitted on a property, they are non-cancelable for the first
three (3) business days after the Bid Ending Date.
This is to allow the seller to accept the next highest bid or
another backup bid if the winning bidder does not send the required
sales document and related documents within 48 hours of winning bid
notification. Accordingly,
the seller reserves the right but is under no obligation to accept the
next highest bid or another backup bid during this time. To
preserve the integrity of the bidding, UCbid™ will monitor the
bids to ensure a fair bidding process.
We may also reject a bid that we deem to be made in bad faith or
is not made in accordance with the bidding format or these terms and
conditions. UCbid™
may remove or add properties to the bidding so it is important to check
the listings on our website for the most current information.
We may also make certain announcements during the bidding event
that take precedence over all other advertising, marketing, or publicity
statements or other bidding materials and services.
All forms of bid manipulation and collusion between Bidders is strictly forbidden. Bidders may not make a bid under a false name or with invalid financial information. IT IS A VIOLATION OF THE LAW TO MAKE BIDS IN A FALSE NAME, even if the Bid is initially accepted. Be aware that each web browser transmits a unique Internet address, which can be used by FBI officials for identification purposes. Please note that submitting false Bids can result in substantial personal legal risk. |
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Prior
to placing bids, the Bidder's Broker represents to Seller that they have in
their possession the required deposit and/or deposits as listed below for
the specific property and/or properties the Bidder is interested in
purchasing. The earnest money deposit checks must be a check made payable to the Bidder’s licensed broker and delivered to the Broker prior to bidding. Separate earnest money checks will be required for each purchase in the amount of $1,000.00 for the first property the Bidder intends to buy and $2,000.00 for each additional property the Bidder intends to buy. Each property shall be sold free of encumbrances except prorated current taxes, assessments, easements, right of way, representations, restrictions, covenants and exemptions stated in the Title Report. The Seller shall pay for a standard CLTA or ALTA Title Insurance Policy, together with one-half of the escrow fees and prorated real estate taxes. |
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Evaluation and Acceptance of Bid / Auto Bid Seller immediately reviews all bids received by the Bid Ending date and time. The intention is to sell all properties offered. Seller will attempt to accept (or reject) bids within twenty-four hours (24 Hrs) of the Bid Ending Date and time. Auto Bid - the Auto Bid feature on the Bid Detail Page for each property is an optional feature which allows you to place a blanket bid on a property. This way you do not have to be present to raise your bid to the next acceptable bid level should someone else outbid you. If someone outbids you, the Auto Bid acts as your proxy and raises your bid to the next acceptable bid level (bid increment). This will continue until your Auto Bid limit is reached. In
the event of a tie bid, the bidders using the Auto Bid feature shall be
deemed the successful high bidder if the bid meets or exceeds the
Seller's
unpublished minimum acceptable price. In the event of a tie bid by two or more bidders using the Auto Bid feature, the first bid to reach the high bid amount shall be deemed the successful high bidder provided the bid meets or exceeds the Seller's unpublished minimum acceptable price. We encourage you to use the Auto Bid feature to avoid loosing the home you are interested in purchasing. |
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It is the broker's responsibility to make arrangements for overnight delivery. It is strongly recommended that the broker use a delivery service with a tracking system to provide the sender with a date/time receipt. If you do not have the following forms, they may be downloaded and printed free using Adobe Acrobat Reader. Brokers must send the following forms within 48 hours of email notification of a winning bid: 1. Sales Contract 2. Agency Disclosure Agreement 3. Pre-Qualification Letter from a Mortgage Lender or letter from bank stating prospective Purchaser's ability to provide sufficient funds to close the sale |
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Effective Date of Award of Bid / Accepted Bids Effective Date of Award of Bid - The Effective Date of the Sales Contract shall be the date that Seller executes the Sales Contract. Since time is of the essence, successful bidders and/or their Broker will be notified via Internet email of the Seller's acceptance of a bid. Accepted Bids - Accepted bids will be posted on the Bid Detail Page for each property. |
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Seller reserves the right to decline any or all bids, postpone, extend or cancel any bid deadline and in its sole discretion, to withdraw any property from the sale at any time. Seller/UCbid™ as their sole discretion, reserves the
right to reject or cancel bids deemed not to have been made in good
faith, which are restricted, prohibited, or taxed due to local law or
have not been made in accordance with these Terms and Conditions. As well, Seller reserves the right to to withdraw or sell assets prior to the end of the designated Bidding period, and/or that Bidding may be discontinued, either temporarily or permanently, all without notice to the Bidder. Seller further reserves the right, in its sole and absolute discretion and without notifying any other bidder, without giving any other bidder similar opportunity, or without re-offering the subject property, to negotiate with the bidder about the terms of the bid. In addition, Seller reserves the right to overlook minor inconsistencies or nonconformance in any bid, to extend deadlines for any property and to accept a bid which Seller deems in its best interest, whether or not it is the highest dollar amount.
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The
successful bidder and Seller shall consummate and close the purchase of the
Property within thirty (30) days of the Effective Date.
Failure by bidder to close as agreed in the Sales Contract may
result in cancellation of the Sales Contract and forfeiture of the Earnest
Money Deposit. All
properties will be conveyed by SPECIAL
WARRANTY DEED. All properties will be conveyed
"AS IS, WHERE IS" and "WITH ALL FAULTS," with
no representations or warranties, expressed or implied.
All information contained in the website is subject to inspection
and verification by all parties relying on it.
Seller/UCbid™ or their respective agents assume no
liability for inaccuracy, errors or omissions.
All square footage, dimensions, real estate taxes posted on this
website, if any, are approximations only, but actual sizes and square
footage may be different. On all-cash offers, Seller may require verification of funds available to close prior to announcing an accepted bid. The
terms and conditions are subject to such modifications as may be required
by the laws of the state where the Property is located. This is not a solicitation or offering to residents of any state where this offer is prohibited by law and may be withdrawn or modified without notice at any time. All homes will be sold with a one-year standard Home Warranty Plan paid by the Seller. |
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Broker
Participation
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Agency
Disclosure
UCbid™, at it's discretion, may assess a Purchaser Premium Fee on properties sold. Any such fee will be indicated on the Property Information Page for each property. The Purchaser Premium Fee shall be added to the Accepted Bid amount and inserted into the Sales Contract to determine the total Purchase Price. Financing will be based upon the total Purchase Price. Additionally, the payment by Purchaser of the Purchaser's Premium Fee does not constitute an agency relationship. |
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Seller reserves the absolute right in its sole discretion to amend in writing these Terms and Conditions of Sales, the Sales Contract and any other required sale documents or closing documents.
Financing will be provided by Indymac Mortgage (Indymac). Through Indymac, UCbid™ has arranged for excellent loan programs requiring as little as a 3% down payment. Indymac can discuss with you the availability of all types of available loan programs. All prospective bidders are required to obtain loan approval through Indymac prior to the bidding. Complete financing information is available by calling (877) 337-3863x4638. Additional information on Indymac mortgage programs is available at www.indymacmortgage.com. As an added value, Indymac is offering these special incentives to Purchasers of UCbid™ homes: 1) A credit towards non-recurring loan fees in the amount of $350; or, 2) If the escrow closes within 30 days of the Auction, the credit towards non-recurring loan fees will be increased by an additional $250. Financing will be available subject to buyer's credit approval and completion of all loan documents and property appraisal. For buyers who apply for financing provided by Indymac, the sale will be contingent upon the buyer's ability to qualify for financing. If the buyer does not qualify for financing through Indymac, his or her Earnest Money Deposit will be returned. For buyers who apply for financing other than through Indymac ("third party financing"), the sale will not be contingent upon obtaining financing and escrow will not be extended for that purpose. Buyers who fail to qualify for third party financing and subsequently fail to close escrow for that reason, may forfeit all or part of their Earnest Money Deposits as liquidated damages. |
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Neither Seller nor UCbid™ and their agents, service providers, subsidiaries or affiliates have any knowledge of the physical or economic characteristics of the properties being sold, herein known as "Property" or "Home." Accordingly (except as otherwise specifically issued in the Sales Contract), Seller hereby disclaims any warranty, guaranty or representation, expressed or implied, oral or written, past, present or future, of, as to, or concerning (a) the condition or state of repair of the Property, including, but not by way of limitation, any conditions arising in connection with the generation, use, transportation, storage, release or disposal of hazardous substances, on, under, above, upon, or in the vicinity of the Property, or any other aspect of the nature or condition of the Property such as water, soil and geology, and suitability thereof and of the Property for any and all activities and uses which the Purchasers may elect to conduct thereon; (b) the extent, if any, of any right-of-way, lease, possession, lien encumbrance, easements, license, reservations, or condition in connection with the Property; (c) the compliance of the Property or its operation with any applicable laws, ordinances, or requirements of any or other body, including without limitation, compliance with any land use, wetland, or zoning law or regulation, or applicable environmental or costal laws, rules, ordinances and regulations; (d) title to or the boundaries of the Property; and (e) the physical condition of the Property, including without limitation, the structural, mechanical and engineering characteristics of the improvements of the Property. The sale of the Property shall be on an 'AS IS, WHERE IS" basis, and Purchasers expressly agree that Seller, or their agents, service providers, subsidiaries or affiliates and make no warranty or representation, expressed or implied, or arising by operation of law, including but not limited to, any warranty of condition, habitability, merchantability or fitness with respect to the Property. Purchaser is buying the Property based on its own investigation, and, by accepting title to all or part of the Property, acknowledges that it has conducted such investigations as it deemed necessary or advisable and that Purchaser is not relying upon any representation of Seller or its agents, whatsoever. The photographs included on each Property Information Page of this website are obtained from the best source available, although Seller and UCbid™ hereby discloses that the photographs may not be the actual photograph of the property described on the Property Information Page. Each purchaser is relying on their own inspection in determining the exact property they are placing bids on or purchasing. No warranty or representation, expressed or implied, is made by either the owners of the properties, Seller, UCbid™ and their agents, as to the accuracy or completeness of any or all information, except as may be expressly stated in the applicable sales agreement. Links to Third Parties. The Services and the Website may provide links to the websites or services of others ("Third-Party Sites"). Links to such Third-Party Sites do not constitute an endorsement by UCBid of such Sites, or the products, content, materials or information presented or made available by such Sites. Customer acknowledges and agrees that UCBid is not responsible for any damages or losses caused or alleged to have been caused by the use of any Third-Party Sites, or from the products, content, material, services or information presented by or made available through such Sites. |
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General
Information
This Agreement shall be governed in all respects by the laws of the State of California and the County of San Diego as such laws are applied to agreements entered into and to be performed entirely within California between California residents. UCbid™/UCbid™.com is a service of United Commerce Co., a California corporation. We do not guarantee continuous, uninterrupted or secure access to our services, and operations of our site may be interfered with by numerous factors outside of our control. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced. Headings are for reference purposes only and in no way define, limit, construe or describe the scope or extent of such section. Our failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches. This Agreement sets forth the entire understanding and agreement between us with respect to the subject matter hereof. Dispute Resolution. Any controversy involving UCBid arising from or in any way related to this Agreement or Customer's use of the Services or the Website shall be submitted to binding arbitration to be conducted in accordance with the Rules of Commercial Arbitration of the American Arbitration Association ("AAA"). A single arbitrator with knowledge of the real estate business shall conduct the arbitration in San Diego County, California. The parties shall mutually agree upon such arbitrator. In the event that the parties have not agreed to a mutually acceptable arbitrator within thirty (30) days of the date of the notice of intention to arbitrate, the arbitrator shall be selected by the AAA from its regularly maintained list of commercial arbitrators. Within 60 days after the arbitrator has been selected, the arbitrator shall conduct a single hearing no longer than one day in duration for the purpose of receiving evidence and shall render a decision within ten days after the conclusion of the hearing. The Federal Rules of Evidence and the Federal Rules of Civil Procedure shall apply to any arbitration hearing, and aggregate deposition discovery conducted in connection with any such hearing shall not exceed ten hours for each party. The decision of the arbitrator shall be binding and final, and the arbitration award may be filed in a court of competent jurisdiction. In the event that a civil or administrative proceeding with respect to any disputes subject to arbitration under this provision is commenced, any other party to such proceeding shall be entitled to demand arbitration with respect to that dispute and shall be entitled to a permanent stay and injunction against any such civil or administrative proceeding. In the event that a party asserts multiple claims or causes of action, some but not all of which are subject to arbitration under law, any and all claims subject to arbitration shall be submitted to arbitration in accordance with this provision. Limitation of Liability. IN NO EVENT SHALL
UCBid BE LIABLE FOR ANY DAMAGES THAT ARE DIRECTLY OR INDIRECTLY RELATED TO THE USE OF, OR THE INABILITY TO USE, THE SERVICES, THE WEBSITE OR THE CONTENT, MATERIALS AND FUNCTIONS RELATED THERETO, INCLUDING WITHOUT LIMITATION, SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, LOSS OF REVENUE OR ANTICIPATED PROFITS OR LOST BUSINESS, LOST GOODWILL, OR LOST SALES. IN NO EVENT SHALL THE TOTAL LIABILITY OF
UCBid TO A CUSTOMER FOR ALL DAMAGES, LOSSES, CLAIMS AND CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE OR OTHERWISE) ARISING FROM THIS AGREEMENT OR THE USE OF THE SERVICES OR THE Website EXCEED, IN THE AGGREGATE, ONE HUNDRED DOLLARS ($100.00).
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