Information regarding Bidding and Auction Participation

BillyLand.com > Land for Sale > Auction Terms

Information regarding Bidding and Participating in our Auctions
All buyers must agree to our Terms of Sale!

Unless otherwise expressly stated in the Auction details, all Auctions are conducted under a “Bid Plus Finance” format, commonly referred to as a “Bid and Assume” auction. Under this format, the Seller permits the Winning Bidder to finance the remaining balance of the purchase price.

The amount of the Winning Bid shall be applied as a down payment and credited toward the total purchase price to be financed. The Winning Bidder shall be responsible for payment of the Winning Bid amount, together with all applicable financing terms, interest, and fees as set forth in the applicable Auction description. No buyer’s premium shall apply to any Auction.

Within three (3) business days following the close of the Auction, the Winning Bidder shall execute and return the Purchase Agreement and remit the required Processing Fee. Any Winning Bidder who fails to remit such payment may, at the Seller’s discretion, be prohibited from participating in future Auctions until such amounts are paid in full.

The Winning Bidder shall also be responsible for making monthly installment payments in accordance with the financing terms, including applicable interest rates and fees, as described in the Auction materials.

The Winning Bidder may prepay the outstanding balance of the financing, in whole, at any time without penalty. In certain instances, a prepayment discount may be available; prospective purchasers are encouraged to inquire regarding the availability and terms of any such discount.

An Auction may include a “minimum bid” or “reserve,” meaning the Seller may have established a confidential minimum acceptable bid. The stated opening or starting bid is not necessarily indicative of the minimum bid or reserve price. To be deemed the Winning Bidder, a participant must submit the highest bid that meets or exceeds the minimum bid or reserve. In some instances, the Auctioneer may place bids on behalf of the Seller up to the reserve amount. If the minimum bid or reserve is not met, the Seller shall have no obligation to complete the sale.

The Seller reserves the right to withdraw, modify, or cancel any Auction at any time, with or without notice.

RULES REGARDING MULTIPLE HIGH BIDS AND MULTIPLE PURCHASES
A Bidder may be designated as the current High Bidder in no more than one (1) Auction within any ten (10) day period. Established customers may request, subject to approval, an increase to this limitation.

A Bidder shall not be permitted to purchase more than one (1) parcel until all required payments associated with the initial purchase have been received and processed. The Seller and/or Auctioneer reserve the right, at any time and in their sole discretion, to limit the number of bids submitted or purchases made by any Bidder.

THE FOLLOWING INFORMATION IS FOR THE WINNING BIDDER: Within two (2) business days following our receipt of your down payment and the required initial purchase information, we will provide you with a “Purchaser’s Package” via SignNow for your review and execution.

This Purchaser’s Package consists of the following documents: the Purchaser’s Profile Form, the Purchase Agreement reflecting the selected financing terms, applicable Covenants and Agreements, and a Customer Installment Authorization Form. Please note that additional documents may be included or required depending on the specific property being purchased.

The Purchaser’s Profile Form may resemble a credit application; however, it is not intended as such. We do not obtain or review credit reports, nor do we contact references or evaluate prior credit history. The purpose of the Purchaser’s Profile Form is solely to collect supplemental contact information, which may be used in the event we are unable to reach you through your primary contact details. Accordingly, it is important that this form is completed in full and accurately.

The 12-Year and 20-Year Purchase Agreements are the most commonly utilized financing options offered to purchasers. You may select the plan that best aligns with your financial preferences from the available options. Additionally, you may designate your preferred payment due date, subject to approval and administrative processing.

Upon receipt of your fully executed SignNow Purchaser’s Package, along with any additional signed documents, your purchase will be formally processed. Thereafter, our office will provide you with a duly executed Purchase Acknowledgement and a receipt confirming your down payment.

MAKING PAYMENTS

Forms of Payment
We accept monthly installment payments via ACH (bank account), credit card, and debit card through our secure online payment system located at https://billyland.zimplemoney.com/. You will receive an email from accounts@billylandpayments.com containing detailed instructions on how to establish and access your payment account.

If you do not receive this email within three (3) business days, please contact our office promptly. Should you have any questions or require assistance in establishing your payment portal, you may contact our support team via email at accounts@billylandpayments.com (available 24/7) or by telephone at (949) 248-2512 during normal business hours, M–F, 8 AM to 5 PM PST.

PLEASE NOTE: A $6.00 Payment Processing Fee is required on each installment of Payment-Plan purchases. This fee is represented in the monthly quote provide and listed on the 2 nd page of the agreement.

PLEASE NOTE: Monthly statements are not issued via the United States Postal Service (USPS). Payment receipts are provided electronically via email upon processing and are accessible at any time through your online payment portal. Paper copies of receipts will be mailed via USPS upon request.

If a payment is not received within ten (10) days following the due date, a late notice will be issued via email, and our office may attempt to contact you by telephone to advise that payment has not been received. If payment has been inadvertently missed, you are encouraged to contact our office promptly to make a payment or provide the anticipated date of payment.

Please note that late fees may be assessed in the amount of ten percent (10%) of the minimum required payment, with a minimum charge of $10.00. To avoid such fees, all payments should be made on or before the due date.

PHOTOS, MAPS, AND SATELLITE IMAGERY

Maps and related property materials will be made available only after your Purchaser’s Package has been fully processed and your down payment has been received in full. In most instances, all available photographs and/or plat maps pertaining to the property are included within the auction materials. However, you may inquire as to the availability of additional photographs, as we may have supplemental images on file that were not included in the original listing.

PLEASE NOTE: Any additional photographs (if available), land maps, large-format maps, and satellite imagery are prepared on a case-by-case basis and may require up to two (2) weeks for processing and delivery specific to your property. Please allow adequate time for completion.

IMPORTANT - READ CAREFULLY

TERMS AND CONDITIONS

BIDDER'S ACKNOWLEDGMENT
Upon the successful close of each auction, the subject parcel shall be deemed “SOLD” to the highest bidder, and such purchaser shall be legally bound to complete the transaction. All sales are final.

All properties are conveyed in “AS IS, WHERE IS, WITH ALL FAULTS” condition, without any representations or warranties, whether express or implied, except that the Seller shall convey marketable title, free and clear of all liens and encumbrances, upon payment in full of the purchase price in accordance with the terms of the Purchase Agreement.

In the event a verifiable defect in title is identified, the Seller shall be afforded a reasonable period of time to cure such defect prior to the consideration of any alternative remedies. Should the Seller be unable to resolve the title defect within a reasonable timeframe, the Buyer(s) shall be entitled to a full refund of all monies paid. Additionally, as consideration for the inconvenience, the Seller shall extend a credit equal to ten percent (10%) of the purchase price, not to exceed $2,000, which may be applied toward the purchase of another available property offered by the Seller.

The Buyer acknowledges and agrees that it is the sole responsibility of the purchaser to conduct all due diligence deemed necessary or appropriate, including, without limitation, the independent verification of title and all information provided in connection with the property. The Buyer further agrees to make all purchasing decisions based upon their own investigation, research, and judgment.

By participating in the auction and submitting a bid, each Bidder represents and warrants that they have either conducted such due diligence to their satisfaction or have knowingly and voluntarily waived the right to do so. The Bidder further acknowledges and agrees to be bound by all Terms and Conditions set forth herein.

All information contained in each auction is believed to be reliable; however, it is not guaranteed and may be subject to errors, omissions, or changes without notice, notwithstanding reasonable efforts made to ensure accuracy. The Seller and Auctioneer expressly disclaim any liability for inaccuracies, errors, or omissions in such information.

Any references to property taxes, association dues, or other recurring costs are provided as estimates based on prior billing periods and are subject to change. Such amounts may vary and may be assessed at different rates in future years. Buyers are advised to independently verify all current and anticipated costs, including by contacting the applicable property owners’ association, if any, and relevant taxing authorities.

Each Buyer is responsible for conducting a thorough inspection of the property and verifying all material facts prior to bidding, and agrees to bid accordingly based upon their own due diligence and investigation.

PROPERTY INSPECTION
All Bidders are required to complete all due diligence with respect to the property prior to participating in the auction. By submitting a bid, and in the case of the Winning Bidder, by entering into the Purchase Agreement, such Bidder represents, covenants, and warrants that they are purchasing the Property in reliance solely upon their own independent inspection and investigation of the Property in its existing condition. This includes, without limitation, investigation into the suitability of the parcel and the availability of utilities, water, sewage, and legal and physical access. Neither the Seller nor the Auctioneer shall be liable for any adjustment, allowance, or modification based upon the Property’s failure to meet any particular expectations or standards.

All properties are offered and sold by the Seller and Auctioneer on an “AS IS, WHERE IS, WITH ALL FAULTS” basis. By participating in the auction, all prospective purchasers acknowledge and agree that they are acquiring the Property in its present condition as of the date of the auction, with all defects and faults, whether known or unknown, existing now or arising in the future. Purchasers further acknowledge that neither the Seller nor the Auctioneer has made, and expressly disclaims, any representations, warranties, promises, or guarantees of any kind, whether express or implied, concerning the Property.

Prospective purchasers are strongly encouraged to personally inspect any property of interest prior to bidding. Such inspection should include a complete, in-person evaluation of the Property. It is the sole responsibility of each Bidder to inspect the Property and to satisfy themselves as to its condition prior to submitting a bid. Bidders may, at their discretion, consult with a licensed real estate broker or other professional advisors in connection with any prospective purchase.

The Winning Bidder/Buyer shall be solely responsible for locating and identifying the Property. The Seller assumes no responsibility or liability for a Buyer’s inability to locate or properly identify the Property. Notwithstanding any prior surveys, maps, or physical markers, the Seller strongly recommends that the Buyer obtain a professional survey of the Property prior to commencing any improvements, development, or construction.

TITLE BY DEED
Unless otherwise expressly provided in the Buyer’s Real Estate Purchase Agreement, any deed conveying title from Seller to Buyer shall be recorded without the use of an independent escrow or title insurance. The use of an independent escrow and the procurement of title insurance may be arranged at the Buyer’s sole option and expense.

CANCELLATION/LIQUIDATED DAMAGES
If the Winning Bidder fails to comply with any of the foregoing terms or subsequently defaults under the Purchase Agreement, the Seller may, at its sole discretion, cancel the sale, and the Buyer shall be liable for damages as set forth in the Purchase Agreement.

Offers made at this Auction are void where prohibited by law. Any information contained on any website, brochure, email, postcard, or other materials, and any and all information made available regarding the Properties, is provided for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy any of the Properties referenced herein. Without limiting the foregoing, no website, brochure, or other material shall constitute an offer to sell or a solicitation of an offer to buy, nor shall any sale of the Properties occur in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to compliance with applicable laws, including, without limitation, any required registration or qualification.

No federal or state agency has passed upon or endorsed the merits or value of the Property.

ALL TERMS AND CONDITIONS ARE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE.