Internet Venue
http://www.csassets.com and http://www.ebay.com or other Internet auction venues depending on the type of asset.
Sale Period
The actual auction sales will be run on the Internet auction venue of choice for a period of 7 or 10 days. Links will be provided at www.csassets.com and at the selected auction venue for bidders to participate in the internet bidding process.
Closing Procedure
The highest final bid received (assuming the minimum/reserve price is met) at the closing of the bidding on the internet auction venue will be considered the final bid accepted by CSassets. CSassets will proceed to close the sale with the final bidder. The highest bidder will be required to send CSassets certified funds within 7 days of the close of the auction. CSassets will then ship the item within 5 days after receiving certified funds from the highest bidder. If the item is a document (Deed, Bill of Sale etc.), CSassets may have 14 to 21 days to obtain relevant signatures before sending the documents to the Buyer. For Bankruptcy Assets, after closing the sale, CSassets will provide a report of sale to the Trustee indicating the results of the sale.
Default bidders
If the highest bidder does not close the sale within 14 days from the close of the auction, CSassets reserves the right to proceed to the next highest bid received and close with that bidder. For Bankruptcy Assets, the default bidder may be held responsible for the difference in the bids or the entire amount of the bid should the second highest bidder decline the option to purchase the item. This is enforceable by the U.S. Bankruptcy Court.
Real Estate Sales
For Bankruptcy Assets, all real estate/property sales (including timeshares) are subject to U.S. Bankruptcy Court Laws, which fall under federal jurisdiction and pre-empt any policy held by eBay or other Internet venues and are enforceable by a federal judge. If a buyer does not complete a real estate/property transaction, said buyer will be held responsible for all fees and costs to re-list the property and will be subject to the same terms and conditions as “Default Bidders”. A bid submitted is an agreement to these Terms. Buyers should not bid unless they fully intend to complete the sale in order to avoid the potential penalties listed in these Terms. All sales are Final.
Other Terms & Conditions
For Bankruptcy Assets, all properties will be sold “as is, where is”, with no warranties implied or stated, (unless otherwise noted in the court documents), subject to any existing liens and encumbrances known or unknown by the Trustee or CSassets.
Due Diligence Information
The Trustees and the Owners provide all available due diligence information relating to the subject properties. This information is available for all potential purchasers, to view at www.csassets.com. Buyers are encouraged to perform their own due diligence prior to bidding.
Disclosures for Bankruptcy Assets
CSassets will disclose to all potential bidders on www.csassets.com and on the Internet Auction Venue that these sales are subject to a bankruptcy Court Proceeding. The case number and case name will be provided as well as CSassets’ contact information.
To participate in a Bankruptcy asset auction, a party should first go to the www.csassets.com website to view the asset being held pending a sale date (waiting for the bar date notice to expire). Once the bar date notice has expired plus any additional days required per District, the sale will commence on the Internet Auction Venue. Potential purchasers may obtain the location of the Internet on-line bidding link through www.csassets.com. The sale information will also be available in the various categories listed by the Internet Auction Venue.
All auction sales are subject to the document preparation fees as stated in the ads, in addition to the winning bid amount and Shipping and Handling charges.
