Bid Submission Form: “Real Estate Auction”

1.                Date: _____________________ 

2.                Subject Property:        102 2^nd Ave.                                        PIN# 02-33-128-007

  City:    Forreston    State: IL   Zip: 61030

3.               Bidder(s) Name: ________________________________________

Address:__________________________________________________________

City:  ___________________________ State:_______ Zip:_______

4.                The above named Bidder(s) agrees to bid and pay the sum of $______________________, for the subject property: with an Opening Bid Price set at $150,000.00 (one hundred fifty thousand dollars) in the following manner; $5,000.00 (five thousand dollars) as a security deposit to be tendered within 48 hours of an accepted bid; which shall be held in escrow and distributed according to the Terms & Conditions of the Bid Submission Form and the balance payable as follows:

A.           Cash at the time of Closing

5.                The time of closing shall be on or before August 1, 2025; at which time the seller (s) of the subject property shall deliver possession.

6.                The Seller(s) warrants that the Seller(s) owns and agrees to transfer to the following personal property as part of the Subject Real Property: ____________________________________________________________________.

7.                The Seller(s) warrant that there are no rented/leased/rent-to-own fixtures or equipment, except: NONE.

8.                The Seller(s) reserves the right to accept and/or reject any or all bids.

9.                The Seller(s) agree to deliver possession of the subject property in the same condition as it is at the time of this bid submission; normal wear and tear excepted until closing.

10.             The Bidder(s) acknowledge that the opportunity has been given to inspect the subject property and accepts the premises in “AS IS” condition.

11.             All prorations of real estate taxes will be made on a 365-day basis using the latest available recorded tax information; all prorations are final with no other adjustments.

12.             Bidder(s) agree to waive the 10 day right of inspection offered on the lead paint disclosure (if applicable).

13.             The Seller(s) agree to provide Standard Title Insurance in the amount of the final agreed upon selling price.

14.             The Seller(s) shall not be required to provide a survey.

15.             By submitting this bid, the Bidder(s) agree to hereby waive, release acquit, and forever discharge the seller, its employees, agent, or trustee or any other person(s) acting on behalf of the seller or trustee, of and from any and all claims, actions, causes of action, demands, rights, damages, costs, expenses, or compensation whatsoever, direct or indirect, known and unknown, foreseen and unforeseen.

16.             Bidder(s) agree that by submitting this bid, no Bidder(s) shall hold the Auctioneer, Auction Company, Real Estate Broker, Real Estate Company and or any related parties responsible for lack of due diligence on the Bidder(s) behalf, in determining the condition of the subject property or any items listed in paragraph 6.

17.             By Signing this Bid Submission Form, you are entering into a binding legal offer to purchase; and agree to all Terms & Conditions contained herein. If you do not understand all the terms of this Bid Submission Form, seek legal counsel from your attorney prior to signing.

Bidder(s) Signature: ______________________________________  Date: ________________

Bid (Accepted)(Rejected) this ________ day of ___________________________________

Seller(s) Signature:________________________________________  Date: _______________