ALL BIDS AT AUCTION ARE BASED ON MONTHLY PRINCIPLE AND INTEREST PAYMENTS (P&I)  TAXES AND INSURANCE ARE EXTRA.

The sales price of each property is pre-determined (established by the real estate Agent/Broker of the initial seller).  Example: on a house for sale for $100,000.00, if the winning bid is $500.00 monthly, the length off the loan in this example would be 200 months or 16.67 years. 

Official Bid 

A bid is only considered received and official after a confirming email is sent to the bidder. The same rules apply to the bidder’s fee. No-Qualifying Financing Upon the successful completion of a specific auction, the winning bidder has two options: (1) Pay cash within seven days of the auction’s close for a 5% discount off of the winning auction price or (2) agree to a non-qualifying fixed amortized loan @ 0% interest. 

This loan has no prepayment penalty, can never increase in interest charges and only requires that the person signing the loan can make a legally binding agreement in the state in which the property is located. 

Number of Bidders 

On any specific property and ensuing auction, the number of bidders is determined by the stated value of the property x 110% divided by 35. (i.e. $200,000 stated value x 1.1% ; $220,000 / 35 = 6286 maximum bidders).  At the discretion of RE Champ, the number of bidders to open a specific auction may be less than the above calculation, but never more. 
 

Authorized Bidder 

Any person or entity of legal age able to perform a binding real estate agreement in the state in which the property is located, who successfully pays the non-refundable bidders fee through PayPal and has been notified by email that they are an authorized bidder for a specific property, and is not an employee, contracted employee or partial owner of RE Champ, shall have the right to bid in the specific auction on that specific property. The authorization email shall contain an authorized bidder’s number to be used in the auction. RE Champ is not responsible for any bidders not notified with an authorized bidders number or for any and all mishaps whether technical or otherwise. 

Auction Winner 

For each specific property that is available to auction, there is only one auction winner. 

Initial Seller 

The owner of a specific property who contracts with Champ Funding, Inc. to sell property for a specific price utilizing www.rechamp.com (Initial Seller). 

Closing Fees 

Closing fees are to be paid in full to the title company at the close of escrow by the Initial Seller. These fees include, escrow fees, title insurance fees, prepaid fees for taxes, insurance, and any other prepaid fees required. There are no loan fees.   Initial seller to pay all closing fees for both transactions; Initial seller to Champ Funding AND, Champ Funding (via auction) to auction winner.

Official Notifications 

All participants must have a valid email address. ALL notifications will be delivered via email. RE Champ will not be held liable for any communication issues UNDER ANY circumstances, as long as communication is sent correctly to the email address indicated during buyer account setup.

“AS IS” 

Seller and Buyer agree that the premises is being sold in its existing condition (“AS IS”) and the seller provides no warranty to Buyer, either expressed or implied, as to the (1) condition of the premises (2) zoning of the premises (3) fitness of the premises for any particular use or purpose. Buyer is advised to conduct independent inspection(s) and investigations regarding the Premises BEFORE bidding on a specific property at auction. 

Buyer acknowledges that the buyer has been advised to seek appropriate legal counsel regarding the risks of buying a property in “AS IS” condition. Seller and Buyer hereby expressly release, hold harmless and indemnify RE Champ for any and all liability and responsibility regarding said property.

Selling an undivided interest in a land real estate property is not permitted. An undivided interest is defined as a partial interest by two or more people in the same property. This prohibition shall not apply to mineral rights. 

Privacy of Information 

Sellers must treat buyers’ contact information in full compliance with RE Champ’s Privacy Policy. This policy prohibits sharing the buyer's information with third parties as well as use of the buyer's information for any purpose other than communicating with the buyer about a property, unless expressly permitted to do so by the buyer. 

Real Estate Licensees 

Sellers who are licensed as an agent, broker, or other licensed real estate professional must ensure that their item description conforms to all laws and regulations applicable to online advertising of properties by such licensees. These requirements may include, among other things, disclosure of the licensee's name, any firm with which the licensee is affiliated, office location, and the jurisdiction(s) where the licensee is licensed. 

Trading Assistants 

A user may not list real estate for a third-party unless the user is a licensed real estate professional. 

Professional Assistance 

The purchase and sale of real estate is a complicated matter that is governed by laws, practices and customs that vary significantly from locality to locality. Sellers are advised that many jurisdictions require that you provide a disclosure statement to all prospective buyers regarding the condition of your property. 

In addition, under federal law, sellers have an obligation to disclose information on lead-based paint hazards. Members are strongly advised to seek the help of a licensed real estate professional and/or a real estate attorney to help in the negotiation and sale of any real estate. 

RE Champ Real Estate's Role as a Venue Provider / Brokerage Relationship (Agency) Disclosure

The role of RE Champ in the sale of properties is limited to publishing advertising provided by sellers and providing a venue for communications about a property. RE Champ is not responsible for, and does not engage in, brokering, selling, purchasing, exchanging, or leasing posted properties or providing a "multiple listing service" as that term is traditionally used. RE Champ does not counsel sellers or buyers, show properties, negotiate sales contracts, or hold a position of trust and confidence, whether or not in connection with the RE Champ website.

Accordingly, no brokerage relationship or any agency or fiduciary relationship is intended to be or shall be deemed to have been created between RE Champ and any seller or buyer of real estate.

RE Champ makes no representations about properties on RE Champ, about the sellers of such properties, about the accuracy of information provided by such sellers, or about the financial capabilities of prospective buyers. Prospective buyers are advised to perform all due diligence before entering into a contract to purchase property, and, as emphasized above, all parties are encouraged to seek the help of a licensed real estate professional and real estate attorney.