Get Your Checkbook, Remaining Aqua Condos Going to Auction *UPDATED

Aqua Midtown

No surprise here. Atlanta-based Tivoli Properties will use Boston’s Accelerated Marketing Partners to conduct an auction to sell the remaining 20 developer units at Aqua Midtown. A minimum bid of $179,000 for a one- bedroom approximately 1,000 square-foot unit will be the lowest priced available unit. Complete auction information is in included in this post. Accelerated Marketing Partners has also conducted auctions at Tribute in the Old Fourth Ward, Element at Atlantic Station, Sterling of Dunwoody and Promenade at NorthPlace in Sandy Springs.

AUCTION INFORMATION:

Auction Day: Saturday, May 16

at the W Atlanta-Midtown
188 14th Street, NE
Atlanta, GA 30361
404-892-6000

• Registration is required for each bidder to attend the auction and to become eligible to bid.

• Bidders should arrive for check-in at 12:00 pm.

• The Auction will begin promptly at 1:00 pm and will last approximately 1 hours

• On auction day, all approved registered bidders are required to bring $2,500 certified check (made payable to yourself) as well as a blank personal check.  If you win the bid you will use that personal check to write the differance for the 3% earnest money deposit. 

Below are the required minimum bids for the units available for purchase. 

Aqua Midtown Chart

TERMS AND CONDITIONS

Minimum Selling Price

This sale includes 20 condominium residences with minimum selling prices as low as $179,000.

A published minimum selling price has been established for all the residences. This means that the Seller has agreed to accept from registered bidders all bids equal to or greater than the published minimum selling price for each of these residences. No bid below these minimums will be recognized.

Condominium Association

Buyers become members of the Aqua Condominium Association and are assessed a monthly fee. This fee is used towards customary condominium operating expenses except for separately metered utilities for each residence. For details contact me.

1. REGISTRATION

Registration is required to attend the auction and to become eligible to bid. Complete and return the Auction Registration Form prior to auction day.

If you are planning to purchase more than one residence, your completed Auction Registration Form must be received no later than May, 12th, 2009. Registrants will be notified of the number of homes they have been approved to purchase.

On auction day, all approved registered bidders must present a separate Cashier’s Check, Traveler’s Check, Certified Check or Money Order (“Cash Equivalent”) in the amount of $2,500 for each residence that they have been approved to purchase. Each bidder is also required to bring a blank personal check. The blank check will then be added to the $2,500 to equal 3% of the winning bid price. Cash Equivalent(s) should be made payable to yourself.

Those who register on auction day will be required to complete the Auction Registration Form and present a $2,500 Cash Equivalent as well as a blank personal check. Auction day registrants will be limited to the purchase of one residence only.

2. ON-SITE INSPECTION AND SALE DOCUMENTS

You should physically inspect all residences you are interested in purchasing.

The Condominium Documents will be available for viewing at the Auction Information Center onsite at Aqua and should be thoroughly reviewed for details of the offering. Electronic copies of these documents will be made available to Registrants upon request. Please familiarize yourself with the Condominium Purchase Agreement. Winning bidders will be expected to fully execute the Condominium Purchase Agreement immediately after becoming the winning bidder in the auction room. Please note that Buyers will not have time to review the Condominium Purchase Agreement at the closing table on auction day. Auction staff will fill in the blanks within the agreement and Buyers will simply review for accuracy and sign the document. If you have any questions, please contact the Auction Information Center or your attorney.

3. PROCEDURE

Once you become a successful bidder, you will be required to sign a Bid Confirmation Sheet immediately upon acceptance of your bid and an auction escort will then accompany you to the contract area where you will complete the Condominium Purchase Agreement. All parties intending to be listed as a Buyer under the Condominium Purchase Agreement must be present at the auction or represented via a “specific” power of attorney. Bidders approved to purchase multiple residences will be allowed to remain in the auction hall until the end of the auction and will complete the Condominium Purchase Agreement(s) immediately following the auction.

4. FINANCING

Financing is available for qualified Buyers. In the event a successful bidder wants a mortgage financing contingency in the Condominium Purchase Agreement, successful bidder must use financing arranged by the Seller’s preferred lender(s) and Title Company, and must be pre-qualified in writing for a specific dollar amount prior to auction day. Additionally, if the auction day bidder purchases a unit at Aqua, the buyer will receive UP TO $2,000 towards closing costs if such buyer received a financing contingency through Developer’s preferred lender(s) and uses the Developer’s preferred title company. If Seller’s preferred lender(s) should then fail to fund that amount, the Buyer may elect to terminate the Condominium Purchase Agreement and Seller, in such event, shall refund the deposit to Buyer in full. No other financing contingency will be accepted.

A mortgage representative from the Seller’s preferred lender(s) will be present on site during open house dates to meet with bidders by appointment to assist with financing.

5. CLOSING

All sales must close on or before Monday, June 15, 2009 (30 days after the auction).

A $1,500 incentive will be offered to any winning bidder who closes within the first 15 days. This incentive can only be applied towards closing costs.

If the winning bidder does not elect to use financing and instead pay cash, the “Cash Buyer” will receive UP TO $3,500 towards closing costs should the winning cash buyer close within the first 15 days following the auction. No other incentive mentioned prior in the terms and conditions will apply.

6. EXTENSIONS

In certain cases, the Seller may grant a fifteen-day extension of the closing date for a non-refundable extension fee of one percent of the purchase price. This fee will not be credited towards the purchase price. Requests for extensions must be made in writing and delivered to the Seller at least five days prior to the scheduled closing date.

All extension requests are evaluated by the Seller on a case-by-case basis and are solely at the Seller’s discretion.

7. ADDITIONAL CONDITIONS

(A) No claim will be considered for allowance, adjustment or rescission based upon failure of the condominium to correspond to any particular expectation or standard (except the specimen Title Insurance Policy).

(B) No bidder shall offer an advance upon the previous bid of less than such amount as the Auctioneer in his sole discretion directs. In the event of a dispute between bidders, the Auctioneer shall make the sole and final decision to either accept the final bid or rebid the property in dispute. The auction will be recorded and if any dispute arises following the auction, the Auctioneer’s record shall be conclusive in all respects.

(C) On auction day, the residences will not necessarily be auctioned in the order in which they appear in the catalogue. The order of the bidding will be announced prior to the auction

(D) Sizes and square footage set forth for the units are approximate, and only based on the best information available, but actual sizes and square footage may vary.

(E) Seller reserves the right to refuse admittance to or expel anyone from the auction premises for any reason especially for interference with auction activities, nuisance, canvassing, unauthorized video recording or any other reasons.

(F) Seller has the right to postpone or cancel the auction in whole or in part, in its discretion, and to modify or add any terms and conditions of sale and to announce such modifications or additional terms and conditions either prior to or at the auction.

(G) No real estate broker or salesperson commission will be honored unless such real estate broker is present at the time of registration and executes a Broker Registration Form at the time of first visit to the Auction Information Center. If a broker has met the demands above, broker will receive a 3% commission.

(H) Bidders should examine the residences and all supporting documentation carefully as each bidder is responsible for evaluating the residences and shall not rely on the Seller or sales agents. All sales are “where is, as is” without warranties or guaranties of any kind, expressed or implied, except for those warranties stipulated in The Aqua Condominium and Sale Documents. All residences will be sold unfurnished.

(I) Offer void where prohibited. Brochures will not be mailed to residents of any state in which this offering is not in compliance with the real estate laws or other laws of that state.

(J) Accelerated Marketing Partners is the marketing consulting firm of choice for Aqua and Tivoli Properties, Inc. We make no direct representation about the real property with regard to condition or pricing nor will we be instrumental in the negotiation of your purchase at auction. All aspects of this real estate transaction are being directly managed by Tivoli Realty Services, Inc, the broker of record for Aqua and Tivoli Properties, Inc. All contracts will be written directly by the broker and all deposit funds will be escrowed by the broker of record.

There are a total of 7 units currently on the re-sale market at Aqua. You can check them out on my luxury condo site below.

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4 Comments

  • I just wanted to give you correct info about the auction. You only need $2500 certified funds made payable to your self as well as a personal check the day of the aution. If you win the bid you will use that personal check to write the differance for the 3% earnest money deposit. You do not need the $10,000….that was a typo. Thanks Kevin

  • What’s up?, just browsing around and dropping you a note to say that I enjoyed your Blog. Keep up with the good work!