Auction Details
“R” Open auction with reserve set by seller. Bids may start BELOW the reserve. At termination of auction (if below reserve) seller may accept below reserve bid.
“No R” Open auction NO RESERVE. The high bidder wins.
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All auction high bidders have a 7 + 21 day inspection/rejection close process for the buyer. Buyer agrees to an 8% buyer’s premium added to hid high bid price. The high bidder will have 7 days from auction close to inspect the vessel and fully fund at a 4% discount (50% of the buyer’s premium) OR fund the difference of a refundable 10% purchase deposit and enter into a 21 day inspection (with marine survey) to accept or decline a fully funded purchase.
Should inspection and survey NOT satisfy buyer ALL deposit funds are returned. (Surveys, haul-outs and authorized expenses to Mayer Yacht Service, Inc are not refundable).
Should a buyer NOT inspect vessel and formally decline purchase or enter into a 21 day close process, the buyer forfeits $750.00 entry fee and the next highest bidder is contacted.
Unsucessful bidders and non bidders may receive the $750.00 back with written request anytime.
This is NOT an AS-IS, WHERE-IS auction.
For more information, call Michael Mayer at 504.251.656 or Ryan Mayer at 917.807.2586.