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Auction Addendum

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Auction Item No.

Property Address

AUCTION ADDENDUM TO CONTRACT FOR SALE

This Auction Addendum to Contract for Sale (this "Auction Addendum") concerning the above-referenced Property is entered into by and between Seller(s) and Buyer(s) as of the later date set forth below, who are parties to that certain Contract for Sale (the "Contract"). This Auction Addendum amends and supplements the Contract and, if applicable, any and all escrow instructions provided by Seller(s) and Buyer(s). In the event there is any conflict between this Auction Addendum and the Contract, or any escrow instructions or other documents attached and made a part of the Contract, the terms of this Auction Addendum take precedence and shall prevail, except as otherwise provided by applicable law.

Seller(s) and Buyer(s) amend and supplement the Contract as follows:

  1. AUCTIONEER. The Auctioneer conducting the auction of the above-referenced Property is Xome Inc. (Xome CT LLC for Connecticut properties).
  2. TOTAL PURCHASE PRICE. The Total Purchase Price shall be calculated as follows:

    Winning Bid Amount: $

    plus 5% Buyer’s Commission: $

    equals TOTAL PURCHASE PRICE: $

  3. PAYMENT OF BUYER’S COMMISSION. At closing, the escrow/closing agent is hereby irrevocably instructed to pay the 5% Buyer’s Commission as follows:

    2% - Seller’s broker

    2% - Buyer’s broker

    1% - Xome Inc. (Xome CT LLC for Connecticut properties) (in its capacity as a real estate broker)

  4. AUCTION PARTICIPATION AGREEMENT AND TERMS OF USE. Buyer(s) represents and warrants that Buyer(s) has received, read and accepts the Auction Participation Agreement and the Terms of Use of the auction pertaining to the sale of the Property which were received, acknowledged and accepted by Buyer(s) when registering for the auction event, having been available on the auction website, www.xome.com/auctions.
  5. ELECTRONIC SIGNATURES. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures shall be deemed original signatures for purposes of the Contract and Auction Addendum and all matters related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. Seller(s) and Buyer(s) agree that the Contract, Auction Addendum, any other addenda thereto or any other document necessary for the consummation of the transaction contemplated herein may be accepted, executed or agreed to through the use of an electronic signature in accordance with the Electronic Signatures in Global and National Commerce Act ("E-Sign Act"), Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act ("UETA") and any applicable state law. Any document accepted, executed or agreed to in conformity with such laws will be binding on both Seller(s) and Buyer(s), the same as if it were physically executed, and Buyer(s) and Seller(s) hereby consents to the use of any third party electronic signature capture service providers as may be chosen by Auctioneer.
  6. INVALID PROVISION/SEVERABILITY. If any provision of this Auction Addendum is held to be illegal, invalid or unenforceable under present or future laws, such provisions shall be fully severable, this Auction Addendum shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Auction Addendum; and, the remaining provisions of this Auction Addendum shall remain in full force and effect and shall not be affected by such illegal, invalid or unenforceable provision or by its severance from this Auction Addendum.
  7. ENTIRE AGREEMENT. The Contract, this Auction Addendum and any addenda thereto contain the final and entire agreement between the parties, and neither they nor their agents shall be bound by any terms, conditions, statements, warranties or representations, oral or written, not herein contained. NO ORAL STATEMENT, REPRESENTATION, PROMISE OR INDUCEMENT SHALL HAVE ANY VALIDITY NOR SHALL BE A PART OF THE CONTRACT, AUCTION ADDENDUM OR ANY OTHER ADDENDA. All covenants, promises, and understandings written herein survive the closing. The parties to this Auction Addendum mutually agree that it is binding upon them, their heirs, executors, administrators, personal representatives, successors and assigns, if permitted as interpreted and construed in accordance with the laws of the state where the Property is located. It is further agreed that this Auction Addendum may be executed in counterparts, each of which when considered together shall constitute the original Auction Addendum.
  8. CONSULT YOUR ATTORNEY. Neither brokers nor auctioneers can give legal advice. This is intended to be a legally binding contract. READ IT CAREFULLY. If you do not understand the effect of this Auction Addendum, consult your attorney BEFORE signing.
  9. REQUIREMENT OF COMMUNICATION. Buyer(s) and Seller(s) hereby authorize the escrow/closing agent to report to Auctioneer the status of the closing and respond to all inquiries of the Auctioneer including, but not limited to, current loan status of the Buyer(s) and closing status upon request of Auctioneer.

[Remainder of Page Intentionally Left Blank. Signature Page Follows.]

IN WITNESS WHEREOF, each of the parties hereto have caused this Auction Addendum to be executed as of the date below written.

Dated:

SELLERS(S):

Dated:

BUYER(S):

SIGNATURE

PRINTED NAME

SIGNATURE

PRINTED NAME

SIGNATURE

PRINTED NAME

SIGNATURE

PRINTED NAME

DISCLOSURE AND CONFIRMATION OF AGENCY RELATIONSHIP

Buyer(s) and Seller(s) acknowledge that Auctioneer is not an agent to any party in this transaction, and Auctioneer is acting as a marketing firm and auctioneer only. Buyer(s) acknowledge(s) the listing broker/agent of Seller(s), if any, is the agent of Seller(s) in this transaction, and the broker/agent of Buyer(s), if any, is the agent of Buyer(s) in this transaction. Auctioneer is a licensed real estate broker; however, Auctioneer does not take an agent position in this transaction, and if it were to be determined that Auctioneer was an agent in this transaction, Auctioneer would be a transaction broker only and not a representative of Buyer(s) or Seller(s).

SELLER’S INITIALS______ / ______ BUYER’S INITIALS______ / ______