1. What types of property does SageListings auction?
SageListings specializes in all types of commercial property and land. This includes raw land, development land, entitled land, apartments, office, industrial, retail, shopping centers, hospitality and specialty purpose property. Our only exclusion is single family residential and personal property.

2. Where will the auction be held?
All of our auctions are conducted online on SageListings.com (the "Website"). For purposes of applicable law, each auction is deemed to take place in the state where the auctioned property is located.

3. What are the different types of online auctions offered by SageListings?
All auctions on SageListings.com (the "Website") begin in a "Sealed Bid" format. This means that the initial bids submitted are undisclosed to the public and not displayed on the Website. However, if there are at least one or more bids that are within 2% to 5% (depending on property size, demand and type) of the highest bid received, SageListings will initiate a new bidding round. At the end of each round, the highest bid will be published on the Website. Additional bidding rounds will continue to occur until no bids are received that are within 2% to 5% (depending on property size, demand and type) of the highest bid for the property. The identity of the highest bidder will not be disclosed and will be kept private. Bidders must submit their initial bid on a written Bid Form along with the required Bid Deposit. Subsequent bids in additional bidding rounds can be submitted electronically. Please see an auction listings' Property Profile page and the Auction Terms and Conditions of Sale available on that page for further details.

The Seller may elect to auction its property in a "Reserve" or "Absolute" auction. In a Reserve Auction, the Seller sets a minimum price at which it is willing to sell its property. If the auction bidding does not reach the minimum reserve price, then the Seller has no obligation to sell its property. In an Absolute Auction, Seller's property is sold to the highest bidder for the highest price. There is no minimum reserve price.

4. What do I need to do before the Auction End Date to prepare to place a bid?
The 30 to 45 days leading up to the Auction End Date is the time for you to download and review the available property information, disclosures and documents (collectively, the "Property Documents") from the Website. An auction listings' Property Profile page will also list times when you can visit the property. As you conduct your due diligence, we invite you to contact the "Property Contact" or "Representative" (whose contact information is posted on the Property Profile page) if you have any questions related to the Property Documents or, prior to the Auction End Date, need to arrange for additional tours/inspections of the property. You will be required to execute an Access Agreement before conducting any on-site physical inspections.

5. Can I buy more than one property?
Yes. Please note, however, that a Bid Form and Bid Deposit must be submitted for each property on which you desire to bid. One Bid Form and/or one Bid Deposit may not be used and/or attributed to multiple properties. Your Bid Deposit will be returned to you, less a small administrative fee, for any property you do not purchase.

6. Can I visit and inspect the property?
Yes, prior to the Auction End Date. An auction listings' Property Profile page will list times when you can visit the property. As you conduct your due diligence, we invite you to contact the "Property Contact" or "Representative" (whose contact information is posted on the Property Profile page) if you have any questions related to the Property Documents or, prior to the Auction End Date, need to arrange for additional tours/inspections of the property. You may be required to execute an Access Agreement before conducting any additional inspections.

7. How can I be assured that the property that I am purchasing is in sound condition?
The Property Documents for each auction listing are available to download from said listings' Property Profile page. You are encouraged to carefully review each Property Disclosure prior to submitting a bid for a property. We make no representation or warranty whatsoever, whether express, implied or statutory, with respect to any property, including, without limitation, any property's condition, fitness for any particular purpose, merchantability or any other warranty, the legal description or matters affecting title, the availability of utilities, or access of a property for your or any other bidder's purposes. It is your sole responsibility to review the Property Documents and personally inspect the property you are interested in buying prior to the submission of bid(s) and satisfy yourself as to the property's physical and environmental condition, zoning, value, adequacy or suitability for your purposes and extent of needed repairs, if any.

8. Does Every Auction Require a Buyer's Premium?
Not every auction requires a buyer's premium. To find out if a certain auction requires a buyer's premium refer to the auction listings' Property Profile page or the Auction Bid Form/Terms and Condition of Sale.

9. What is a Buyer's Premium?
If you are the winning bidder in an auction, you may be required to pay to SageListings a buyer's premium equal to a certain percentage (2% to 10%) of the purchase price of the property. For example, on a property which sold for a high bid of $100,000, a 10% buyer's premium would equal $10,000. SageListings uses this buyer's premium to cover broker commissions and all or a portion of our costs of doing business. As a bidder, you need to consider the buyer's premium, and factor it into the total amount you are willing to pay for a property at auction. Please see an auction listings' Property Profile page and the Auction Bid Form/Terms and Conditions of Sale available on that page for further details.

10. Can I place a bid on a property subject to a contingency?
Yes, you can bid on a property with a contingency. However, bidders must understand that most Sellers choose the auction format because they are looking for a non-contingent sale. Therefore, the Seller reserves the right to evaluate all submitted bids and declare a winning bidder based on a number of factors including, but not limited to, the amount of the bid, contingencies, if any, and the capability of the bidder to close the sale. Therefore, the Seller may choose to reject a bid with a contingency, even if it is the highest bid.

11. How is the "highest bid" or "winning bid" determined?
Generally, the "highest bid" is the bid at the highest, all cash, dollar amount, without any contingencies, such as a financing contingency. In other words a high bid of $100,000, subject to a financing contingency, or subject to certain post closing obligations of the seller may not be as attractive as a $90,000 all cash, no contingency, bid. The highest bid or the "winning bid" is selected by you and SageListings taking into account all contingencies.

12. Will the Seller accept an offer before the Auction End Date?
No. While the Seller reserves the right to change the Auction Start Date or Auction End Date, and/or, at any time prior to the Auction End Date, to cancel or postpone the Auction and elect not to sell its property, no property will be sold prior to the Auction End Date that is published on its Property Profile page.

13. Can I make an offer directly to the Property Contact to purchase a property?
No. The only way to purchase a property listed by SageListings on the Website is through the auction process. Please see an auction listings' Property Profile page and the Auction Bid Form/Terms and Conditions of Sale available on that page for further details.

14. If my bid is accepted by the Seller, may I then change it or cancel the transaction?
No. Your submission of the Bid Form constitutes your irrevocable offer to purchase the property specified thereon pursuant to the Bid Form, the applicable Auction Terms and Conditions of Sale attached thereto and the Purchase and Sale Agreement for the property (available to download from the applicable Property Profile Page). If you are determined to be the winning bidder and you withdraw your bid/offer to purchase, then the Seller will be entitled to retain your Bid Deposit. Please consult your legal counsel for any rights and obligations that you may incur as the winning bidder. Please see an auction listings' Property Profile page and the Auction Bid Form/Terms and Conditions of Sale available on that page for further details. Do not place a bid on a property unless you have the firm intention and means to purchase said property.

15. What is the Closing procedure?
The time between the Auction End Date and the closing of the sale of the property (called the "Closing") is typically 30 days. If you have been selected as the winning bidder, you and the Seller will typically have 3-5 days to deposit a fully-executed Purchase and Sale Agreement with the escrow agent assigned to the auction. At that time, the Buyer will also be required to make an additional deposit. On the Closing Date, you may be required to execute several other documents confirming the transfer of title to the property. The actual Closing will be conducted through an escrow, and a title company will issue an owner policy of title insurance to Buyer insuring title to the property, subject to permitted encumbrances that were approved by you prior to the Auction End Date. Please see an auction listings' Property Profile page and the Auction Bid Form/Terms and Conditions of Sale and Purchase and Sale Agreement available on that page for further details on the transfer of title to the property and closing costs. SageListings generally follows local custom and practice as to the allocation of closing costs.

16. I am a licensed real estate professional. How can I earn a commission?
Buyer's broker participation is welcome. Real estate agents and/or brokers must first Sign up as a Broker/Agent on the Website and submit an executed Broker's Registration Form. Your name must be on the Bid Form when submitting an initial bid. You may not earn a commission if you are the Buyer of the property. Please see the Broker Registration Form located on the Property Profile page of the particular listing you are interested in for further details.