• Abide by the Terms and Conditions for FMV Auctions Sellers and any special terms required for a specific property.
• Agree to pay the Auction Posting Fee for each property they list on FMV Auctions.
• Not claim any exceptions to the procedures outlined in this document unless made in writing and signed by a FMV Auctions Leadership Team member.
• Adhere to the Terms of Sale for each individual property listed on the site.
• Acknowledge that FMV Auctions may suspend my account and seek legal remedies if the site's staff at any time suspects that a Seller has committed or engaged in fraud or fraudulent activities relating to transactions on the site. Any Sellers making fraudulent bids shall be banned from the site indefinitely without any recourse from the Seller.
• Acknowledge that they will only list properties on FMV Auctions by which ALL Owners listed on the Deed agree to showcase their property on the FMV Auctions Website.
• Agree that the property shall be sold subject to an undisclosed minimum reserve price. Seller or their authorized Agent may choose to enter a lower Opening Bid Price to begin the auction, but must enter a Reserve Price into the FMV Auctions online bidding system. Seller agrees that if the bid price equals or surpasses the Reserve Price, then the property shall be sold to the high bidder at the conclusion of the online event – provided the Buyer confirms their bid and submits a non-contingent standard purchase contract within the End of Auction Winning Bidder Time Period.
• Agree to protect the integrity of the auction by ensuring that ALL OFFERS they receive during the auction Duration shall be placed through the website. NO offer shall be considered “outside” the online auction process. All offers are to be presented in a timely fashion. If Sellers is found to be working against FMV Auctions or holding offers during the online auction process, FMV Auctions shall pursue all legal remedies afforded it by law. If a sale is negotiated by the Seller or the Seller's listing agent, separate from the online auction event, but during the auction or post auction period, Seller agrees to pay FMV Auctions a withdrawal fee that equals the full amount of the FMV Auctions Internet Transaction Fee. This clause applies even if the property's reserve price was not be met during the auction timeframe, but a FMV Auction’s registered bidder contracts to purchase the property within 30 days after the end of the auction -- Seller and Agent agree that FMV will still be due its full Internet Transaction Fee. Seller agrees to pay this fee from his proceeds if no Internet Transaction Fee is collected from the Buyer.
• Acknowledge that for the duration of the FMV Auctions auction, they will not list the same property on any other auction website.
• Acknowledge that any purchaser of a property on this site shall be required to pay an Internet Transaction Fee in the amount listed on the property's bid page. This fee can be disbursed at the closing by the closing agent. Sellers agree that if anyone purchases the property during the online auction process, FMV Auctions shall be due its fee. In addition, Sellers agree that if someone who bid on the property during the FMV Auctions auction purchases the property within 30 days of the conclusion of the auction duration, FMV Auctions shall be due its fee. This is a non-negotiable fee.
• Acknowledge that they will not bid on or artificially influence bidding on any property they have posted for auction on FMV Auctions.
• Acknowledge that by listing a property on FMV Auctions they agree to act with honesty and integrity. Sellers also agree to deal with all Bidders provided by FMV Auctions in a fair and courteous manner and understand that rude or arrogant behavior toward a Bidder is unacceptable.
• Acknowledge that FMV Auctions gives no warranties as to its abilities to obtain a bid or an acceptable price for a property.
• Acknowledge that FMV Auctions reserves the right to reject any Seller, property owner, real estate agent, business entity, builder/developer or any property in its sole and absolute discretion.
• Acknowledge that all events are public in nature, unless otherwise denoted by the property information.
• Agree to release and hold harmless FMV Auctions from any claims that may arise from actions related to any transaction on the site.
• Agree that if FMV Auctions finds that Sellers is acting in a manner that is unacceptable to FMV Auction standards defined herein, FMV Auctions, in its sole and absolute discretion, may revoke any and all existing listing privileges including removing the property from the site.

• Abide by the Terms and Conditions for FMV Auctions Buyers and any special terms required for a specific property.
• Agree to pay the Auction Internet Transaction Fee (aka Buyers Premium) for each property they purchase on FMV Auctions.
• Not claim any exceptions to the procedures outlined in this document unless made in writing and signed by a FMV Auctions Leadership Team member.
• Adhere to the Terms of Sale for each individual property listed on the site.

In addition, Buyers acknowledge that they understand the following:

• FMV Auctions Concierge Bidder Service: As explained in the Bidder Tips page, this FREE feature is “highly” recommended to help you maximize your bidding effectiveness. This automatic bid feature allows the computer to bid for you, up to your maximum bid. Your maximum bid is always kept private from other bidders. It is protection against a last minute bid preventing you from winning a property. Also, because different computers have different connection speeds, waiting until the last 5 or 10 seconds to place your bid is not recommended. In a Reserve Auction, because the seller is unlikely to accept a winning bid which is less than the (hidden) Reserve Amount, if your max bid is less than or equal to the Seller's (hidden) Reserve Amount, then your bid will be automatically increased to your maximum bid. This is done automatically as a service to help bidders know immediately if their max bid is going to reach the Seller's Reserve, and thus gain the expected approval of Seller upon end of auction. Once the Reserve has been met, then the Concierge Bidder Service will only adjust your bid up to the next bidding increment to protect you against the bidding activity of another bidder (up to your max bid).
• Property Bidding: If you elect to bid on a property, you must be registered to do so; however, you do not have to be registered in order to simply VIEW bids for a property. All bids are open and displayed for public viewing unless otherwise noted. However bidder's “maximum bids” are always private. You can bid on properties from a property's Bid Page. Bidding on this site is a very simple but sophisticated process. If you intend to bid on a property, in most cases, registration is all that is required. In some cases, you will need to follow the additional Specific Bid Instructions to bid on that property. Bidder information and password information is confidential and may not be shared or transferred to another party. If you intend to bid on a property, it is highly recommended that you register at least 72 hours prior to the close of the bidding, just as a precaution against any potential registration problems. There are no fees required to bid.
• Winning Bidder: Unless otherwise specified, if you are the Winning Bidder, you will receive an automatic Winning Bidder Email from FMV at the end of the auction. That email will include a "Request to Confirm Your Bid" and a link to a "Winning Bidder Page." There are Three (3) Steps involved in the Winning Bidder Process.
  • Step 1) During the Winning Bidder Acknowledgement Process, you will be required to place your FMV Auctions Internet Transaction Fee into escrow by using the FMV Auctions Payments Page as part of the Winning Bidder Process (or, if pre-authorized by FMV, payment can be made at closing in the form of certified funds or a bank check as part of the closing process). Not only does this "confirm" and hold your bid, but is also allows our sellers to know you are a real person and of legal age to bid. Payments made in advance of closing will be held in FMV’s escrow account until closing. Upon successful closing all funds will be released to FMV. Should contract or closing fail to occur due to Seller Default, all funds will be returned to the Buyer. Should you confirm you bid but fail to submit a contract within three (3) business days, your funds will be returned to you less a $300 Processing Fee. Should you confirm your bid, submit a contract, but fail to close due to Buyer Default, your Internet Transaction Fee amount will be forfeited to FMV Auctions.
  • Step 2) You’ll need to make your Bid Deposit. The Bid Deposit will be applied and credited towards the purchase price at closing. Arrangements for making your bid deposit will depend on the Seller.
    • a) If you are purchasing a property from ReNu Investments, the deposit amount is 10% and is payable as part of the Winning Bidder Process – which means you have 24 hours to escrow it with ReNu in order to confirm your bid and hold the property.
    • b) If you are purchasing a non-ReNu properties, then the deposit amount is simply 1% and this is required to be escrowed with the submission of your contract – which is required within three (3) business days of the end of auction.
    • c) In all cases, if you confirm you bid and make your bid deposit, but fail to close on the contract for any reason considered Buyer Default, the earnest deposit money shall be forfeited by Buyer to Seller as liquidated damages.
  • Step 3). If you do confirm your bid and move forward, you'll be expected to work with your real estate agent (if you have one) to submit your Purchase Contract + Addenda (if applicable) to the Seller/Seller’s Agent (if applicable) and FMV Auctions. This must be completed with 3 business days from the end of auction. Once Buyers and Sellers have completed all the paperwork, you'll then set a date for a closing appointment. The balance of the purchase price and any fees will be due in full at closing along with the closing costs (closing costs will include the full Internet Transaction Fee if not already escrowed).
  • NOTES:  If you fail to respond to the Request to Confirm Your Bid within 24 hours of the end of auction, then FMV will consider your bid void and move to the next highest bidder  If you are the winning bidder but fail to comply with the Terms for that auction (including contract submission and escrow deposits), then FMV Auctions will no longer allow you to bid on other properties on this site.
• Discrepancies in Advertisements: If there are any discrepancies between the terms and conditions outlined on this site and the terms outlined in the Purchase Agreement, the terms in the Purchase Agreement shall prevail, so read the Purchase Agreement carefully. All dates and times listed on this site supercede any advertisements or printed statements.
• Negotiations & Post Event Activities: Once an online bidding event concludes, neither the Seller nor FMV is under any obligation to negotiate with any bidder. All properties will be sold on a “first come, first served” basis by the Seller.
• Final Approval by Seller: Each Seller on this site reserves the right to have final approval and acceptance of any and all Purchase Agreements submitted by any broker or bidder, regardless of information provided by this site, any broker, or any FMV Auctions employee or affiliate to the contrary.
• Online Transaction Venue: FMV provides an online real estate transaction venue that allows for the bidding and transfer of properties via a public forum. If a disruption of Internet bidding service (such as a power outage) occurs at the end of an event, FMV reserves the right to extend that particular event for a 24-hour period in order to provide bidders a fair chance to compete for the purchase of a property.
• Buyers agree that if FMV Auctions finds that Buyer is acting in a manner that is unacceptable to FMV Auction standards defined herein, FMV Auctions, in its sole and absolute discretion, may revoke any and all existing privileges including removing their bids from the site.

• Be licensed in the state which the auction property is located in.
• Listing Agents must have Listing Agreement with the seller of the auction. We also recommend that Listing Agents get a Listing Addendum signed by the seller that states, "I agree to have my agent place this property up for competitive bidding online with FMV Auctions and I agree that I will accept any bid at or above my reserve price of $______." This step should provide additional protection for the Listing Agent.
• Not claim any exceptions to the procedures outlined in this document unless made in writing and signed by Seller AND a FMV Auctions Leadership Team member.
• Agree that Agent’s commission(s) will be payable only at closing of a successful sale and will be disbursed by the escrow agent. All Agents agree that FMV is not a real estate broker and does not pay real estate commissions. Agents therefore agree to hold harmless and indemnify FMV Auctions from any and all claims with regard to such commission.
• Act with honesty and integrity while on the site; otherwise, user privileges shall be revoked. Each agent shall review and adhere to the Terms of Sale for each individual property listed on the site on behalf of his or her client.
• Acknowledge that FMV Auctions may suspend my account and seek legal remedies if the site's staff at any time suspects that a Agent have committed or engaged in fraud or fraudulent activities relating to transactions on the site. Any agent making fraudulent bids shall be banned from the site indefinitely without any recourse from the agent.
• As Listing Agents, acknowledge that they will only list properties on FMV Auctions that are located in a state in which they are actively licensed. Agents acknowledge that they will be responsible for maintaining complete and accurate information about the properties that they list on FMV Auctions. Agents also agree that any amount they enter for a Buyer Agent commission will match any other advertised commission such as in their MLS or an equivalent public listing system. -Regarding MLS: Please make sure you place a comment in the MLS listing that reads, “Online Auction - Bid on this property online at www.FMVAuctions.com. Starting Bid is $(starting bid price).”
• As Listing Agents, acknowledge that once a property is placed on FMV Auctions, ALL OFFERS they receive during the auction Duration shall be placed through the website. NO offer shall be considered “outside” the online auction process. Agents acknowledge that all offers are to be presented in a timely fashion. If Agent is found to be working against FMV Auctions or holding offers during the online auction process, FMV Auctions shall pursue all legal remedies afforded it by law. FMV Auctions shall also pass this information to my broker of record and the appropriate licensing agency. Agents acknowledge that for the duration of their client's FMV Auctions auction, they will not list the same property on any other auction website. In addition, after listing a property on FMV Auctions Agent will leave it on the site for the full Duration of the auction or Agent will be charged a withdrawal penalty (unless Agent has made prior arrangements with FMV Auctions). The Withdrawal Penalty is calculated based on the reserve amount and the transaction fee amount. Example: If the reserve price is $100,000 and the transaction fee is $500 (posted on the property's bid page) then the penalty charged to the agent for early withdrawal is $500. This amount will be due in 30 days from the date the property is withdrawn from FMV Auctions.
• Acknowledge that any purchaser of a property on this site shall be required to pay an Internet Transaction Fee in the amount listed on the property's bid page. This fee can be disbursed at the closing by the closing agent. Agents agree that if anyone purchases the property during the online auction process, FMV Auctions shall be due its fee. If someone who bid on the property during the FMV Auctions auction purchases the property within 30 days of the conclusion of the auction duration, FMV Auctions shall be due its fee. It is Agent’s responsibility to make sure that this fee is paid to FMV Auctions. As a Listing Agent for a conventional market property being marketed on FMV Auctions, Agents acknowledge that it is Agent’s responsibility to ensure that a FMV Auctions Addendum, which outlines the appropriate Internet Transaction fee to be paid to FMV Auctions by the buyer, is made part of the purchase contract. This is a non-negotiable fee, and Listing Agent agrees that they will pay the required fee to FMV Auctions if the fee is not collected from the buyer.
• As Listing Agents, acknowledge that they will maintain control over their listings on FMV Auctions and shall encourage each potential buyer that they come in contact with to place bids through the website. In addition, agents acknowledge that they will not bid on or artificially influence bidding on any property they have posted for auction on FMV Auctions. Agent will also make certain the Property Owner understands and agrees not to bid on or artificially influence bidding. If either Agents or Property Owner are found to be bidding on or attempting to influence bidding on a property that Agent has posted on the site, FMV Auctions, in its sole and absolute discretion, may revoke any and all existing listing privileges, including removing the property from the site.
• Acknowledge that by using FMV Auctions they agree to act with honesty and integrity. Agents also agree to deal with all other users the encounter through FMV Auctions in a fair and courteous manner and understand that rude or arrogant behavior toward another party is unacceptable. If FMV Auctions finds that Agent is acting in a manner that is unacceptable to their standards, FMV Auctions, in its sole and absolute discretion, may revoke any and all existing listing privileges including removing the property from the site.
• Agents acknowledge that FMV Auctions gives no warranties as to its abilities to obtain a bid or an acceptable price for a property.
• Agents agree to release and hold harmless FMV Auctions from any claims that may arise from the Seller's or Bidder's actions related to any transaction on the site.