Absolute - Real Estate Onsite and online
PLEASE DO NOT BID UNTIL YOU HAVE READ THESE TERMS AND CONDITIONS OF SALE.
Real Estate is subject to sale prior to the auction.
Requirements for online bidder approval:
All bidder registrations are subject to approval by the auction firm. For first time online bidders for real estate a $5,000 deposit by cashier’s check or wire transfer is required 24 hours prior to the start of the live auction. The deposit will be a minimum deposit for properties selling less than $25,000. In the event the purchase price is greater than $25,000 the buyer must send the balance of a 10% deposit to the auction firm within 24 hours of the close of the live auction. Deposits paid by buyers will be credited to the purchase price at closing. If you fail to close for any reason the deposit will be forfeited. In the event you bid and do not become a purchaser at the online auction your $5,000 deposit will be mailed to you in not more than 5 days after the auction.
Onsite and Online Bidders must provide proof of funds for closing prior to being approved to bid.
GENERAL: The real property will be offered at public auction with live and online bidding. The auction company will offer the property as a whole. The deed will be a special warranty deed, limited warranty deed or quit claim deed, paid for by the sellers, the deed stamps paid by the sellers, and recording fees to be paid by the buyers. All improvements, buildings, sheds, structures, etc. sell with the property.
AS IS: The real property will be offered at public auction with live bidding onsite. All improvements, buildings, sheds, structures, etc., sell with the property. The property and all improvements, if any, will be sold on an AS-IS, WHERE IS, WITH ALL FAULTS, conditions, defects, or flaws. The buyer agrees to take the property in the condition existing. No representations or warranties, expressed or implied, concerning the property are made by neither the sellers nor the seller's agents. Descriptions of the improvements and property are believed to be correct but are not guaranteed. You are encouraged to conduct your inspections and due diligence prior to bidding and buying at the auction. Bidders are encouraged to review the home inspection prior to bidding.
EASEMENTS and RIGHT OF WAYS: The real estate is being sold subject to any and all easements or right of ways. Lease payments or rents, if any, will be pro-rated at closing.
ALLOTMENTS and MINERAL RIGHTS: Crop allotments, mineral rights, timber rights, water rights, if any, will transfer with the deed or title.
HOA, POA, and RESTRICTIVE COVENANTS: The real property is being sold subject to restrictive covenants and homeowner's association rules, regulations and dues and county zoning, if any.
METHOD OF SALE: The auction company has the sole discretion to determine the combinations of lots and tracts and bidding increments. The property will be sold by the legal description as a whole in a single parcel by public auction.
SURVEY: The property will be sold subject to an existing survey, if any or the existing legal description.
PERK TEST: Perk test are the responsibility of the buyer and the contract is not contingent upon the soil having a satisfactory perk.
FINANCING: The sale is not subject to financing. Failure to close for ANY REASON WHAT SO EVER will result in the forfeiture of the deposit. NO EXCEPTIONS.
DEPOSIT REQUIRED AT AUCTION: Terms are for a deposit of 10% of the purchase price on site at the auction in cash, cashier's check or a check with a bank letter guaranteeing funds.
PURCHASE CONTRACT: Buyer will be required to execute a Real Property Auction Purchase and Sale Contract on site and submit their deposit.
NO CONTINGENCIES: The purchase and sale contract is not subject to any buyer contingencies for financing, appraisal, surveys, inspection or any other contingencies.
AGENCY: Buyer will be asked to sign an agency disclosure form stating that buyer is aware that Rogers’ agents represent the seller. Rogers' agents represent the seller and the seller's interest in the transaction.
ENVIRONMENTAL: There are not any environmental studies, phase 1, phase 2, or phase 3 studies for review. There are not any soil or water studies for review.
PERSONAL PROPERTY: There is no personal property or merchandise being transferred with the real property of value.
CLOSING: Closing is to take place in not more than 30 days from the date of the auction. TIME IS OF THE ESSENCE. All closing costs for the benefit of the buyer such as appraisals, surveys, loan applications, inspections, title searches, title insurance, etc. are the responsibility of the buyer. The seller is not paying for any of the buyers closing costs. . The deed paid for by the sellers, the deed stamps paid by the sellers, and recording fees to be paid by the buyers. Real estate taxes are pro-rated at closing.
BUYER'S PREMIUM: A buyer's premium of 10% is added to the last and highest bid to determine the contract purchase price. For example, if the high bid is $100,000.00, a buyer's premium of $10,000.00 is added and the purchase price would be $110,000.00
POSSESSION: Possession will be given at closing, subject to existing leases, if any.
ABSOLUTE/RESERVE: This auction is conducted as an absolute auction without reserve.
BID RIGGING: Bid rigging is a felony. Any attempt by bidders to chill the bid, agree with other bidders not to bid to attempt to lower the price is bid rigging. Anyone suspected of bid rigging will be asked to leave the auction site.
DISPUTED BIDS AND INCREMENTS: In case of a dispute over who is the high bidder, the auctioneer has the sole discretion to determine the high bidder. The auctioneer has the sole discretion to determine the live auction bidding increments.
It is the duty of the bidder to present their bid to the auctioneer and not that of auction support staff, auction ringmen, auction bid assistants, or the auctioneer.
Auctioneer reserves the right to refuse to register any prospective bidder for any reason, or to require a cash deposit from a prospective bidder of an amount designated by Auctioneer and paid in advance by the prospective bidder to Auctioneer. Such deposit will be applied to any purchases made at the auction by the prospective bidder. At the end of the auction, Auctioneer will refund any portion of this deposit that has not been applied to purchases. Furthermore, Auctioneer will require the removal of any person from the auction site for any reason including, but not limited to: (1) tampering with auction lots; (2) any illegal conduct including collusive bidding or stealing; (3) disruptive behavior; (4) failure to abide by these terms; and (5) intoxication. Bidder agrees to leave the auction site immediately and quietly upon request by Auctioneer. Any act of theft, vandalism or disruption will be prosecuted to the fullest extent of the laws.
DEFAULT BY HIGH BIDDER/BUYER: In the event of a default by the bidder/buyer the seller may resale the property to another bidder/buyer and in the event the property sells for less money than the original price the seller may seek the difference from the original bidder/buyer. The seller may have other rights to pursue damages or costs from the defaulted bidder/buyer as allowed by law.
ONLINE BIDDING: You must register in advance by clicking on Register to Bid and agreeing to terms for online bidding including submitting a $2,500 deposit. The balance of a 10% deposit can be submitted by cash, cashier's check or wire transfer, within 24 hours of the close of the auction. You must be pre-approved by the auction firm before you receive a bidder number. The auction company may refuse to register anyone at its sole discretion.
TECHNICAL PROBLEMS: The auction company provides online bidding as a convenience for those that cannot attend the live auction. The auction company will not be liable for any faulty equipment, failure of equipment, faulty software, failure of software, lack of internet service connections or signals, or failure for any online bids that are not relayed on time to the auction company. The auction company reserves the right to extend bidding, delay bidding, continue with live bidding, or cancel bidding, without any notice to online bidders.
DEFAULT OR DELAY: If the buyer delays closing for any reason the buyer may be declared in breach of contract and will forfeit all deposits made. The buyer may be responsible for all cost to the seller or the auction company for subsequent resale.
The auction company reserves the right to reclaim and resale any assets not paid for by the online buyer. Should the resale price be lower than the defaulted buyer's price, Seller and/or Auction Company reserves the right to seek the difference from the initial online buyer. All fees for collection, court fees, or attorney fees will be the responsibility of the original buyer that caused the default. All sales are final. No refunds are given.
PURCHASE CONTRACT: Online bidders are required to submit an executed Real Property Auction Purchase and Sale Contract along with the deposit within 24 hours of the close of the auction.
DISPUTES: Any disputes that arise between the auction company, the seller, the seller's agents and the buyer will be dealt with by arbitration in Surry County, North Carolina.
DISCLAIMER: The auction company provides data, advertising, maps, that is believed to be correct but it is not guaranteed. Bidder's should rely on their own inspections and due diligence prior to bidding. Everything sells strictly AS IS. The auction company makes every effort to describe assets to the best of its ability but there are no guarantees as to the condition, quantity, condition, age, color, or value of the merchandise or real property sold online. Buyer agrees that buyer may not cancel purchase for any reason.
The bidder agrees to all terms and conditions of the auction and should read the detailed terms.
LICENSES: NC Firm #685, VA Firm #2, SC Firm # 1874