PLEASE DO NOT BID UNTIL YOU HAVE READ THESE TERMS AND CONDITIONS OF SALE.
TYPE OF AUCTION: The real property will be for sale by foreclosure auction.
AS IS: 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 purchase the property in the existing condition. 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.
EASEMENTS and RIGHT OF WAYS: The real estate is being sold subject to all easements or right of ways.
METHOD OF SALE: The auction company will offer the property in two parcels and will offer it as a combination. The combination requires a minimum increase bid of 5%. The trustee and auction firm have the sole discretion to determine the method of sale, the number of parcels, and who are the highest bidders in the best interest of the Trustee.
SURVEY: The property will be sold subject to an existing survey, if any, or the existing legal description.
FINANCING: The sale is not subject to financing. Failure to close for ANY REASON WHATSOEVER will result in the forfeiture of the deposit. NO EXCEPTIONS.
BUYER'S PREMIUM: No buyer's premium will be charged.
DEPOSIT REQUIRED AT AUCTION: Terms are for a deposit of 5% of the purchase price.
PURCHASE CONTRACT: Buyer will be required to execute a Real Property Auction Purchase and Sale Contract on site and submit their deposit immediately upon becoming the high bidder.
NO CONTINGENCIES: The purchase and sale contract are not subject to any buyer contingencies for financing, appraisal, surveys, inspection, or any other contingencies.
AGENCY: Buyer(s) will be asked to sign an agency disclosure form stating that 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 not any personal property, merchandise, or furniture, fixtures, and equipment being transferred with the real property of value. The kitchen equipment will remain in place. Personal property, furniture, fixtures, equipment, vans, and buses will be sold in a separate online only auction.
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.
POSSESSION: Possession will be given at closing.
DEED: Deed will be a Trustees deed.
ABSOLUTE OR RESERVE: This auction is conducted subject to a reserve or minimum bid by the Trustee.
UPSET BIDS: The sale is subject to upset bids for 10 days.
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 Ringman, auction bid assistants, or the auctioneer.
ONLINE BIDDING: Online bids may be received by internet bidding in conjunction with the live auction. There will not be pre-auction or post-auction online bidding on the real property. Bidders MUST be pre-approved to bid online.
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 fully prosecuted by law.
BIDDERS ACKNOWLEDGEMENT: All bidders acknowledge they are subject to the terms and conditions of foreclosure auction and will abide by the terms and conditions of sale.
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.
NC Auction Firm #685