Auction Terms & Conditions ONLINE REAL ESTATE AUCTION
AUCTION SUBJECT TO PRIOR SALE
THE PROPERTY BEING SOLD AS IS.
NOTE: There will be a 10% Buyer's Premium added to the winning bid to determine the final sale price.
PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED. PLEASE READ AND REVIEW THE TERMS THOROUGHLY PRIOR TO BIDDING ON THE PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE TERMS AND CONDITIONS, PLEASE DO NOT BID.
Conditions of Sale: This online only auction is being sold "Subject to the Confirmation of the Seller(s) meaning the Seller(s) have the right to accept or reject the high bid at the conclusion of the Auction, however the seller's are extremely motivated and have every intent to sell if possible. This Auction is a cash sale not contingent on or subject to financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Agreement to Purchase Real Estate. Seller and Buyer(s) shall pay their share of the costs of closing. Buyer acknowledges they are buying property "as-is", "where-is", without inspections or contingencies. Buyer(s) will rely on his/her own judgment and inspection.
All The Logsdon Group Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes from the time the bid is placed. Example: If an auction scheduled to end at 7:00 p.m. receives a bid at 6:59 p.m., the close time of the auction automatically extends to 7:05 p.m. The auto-extend feature remains active until no further bids are received within the 5 minute time frame.
REFRESH YOUR SCREEN CONSTANTLY DURING THE CLOSING MINUTES OF THE BIDDING
PAYMENT TERMS: $15,000 down as a Non-Refundable earnest money in the form of a certified check, cash or wire transfer within 48 hours of close of auction. We do not accept a credit card for down payment. The balance of purchase price is due at closing, said closing to be on or before WEDNESDAY, NOVEMBER 24, 2021. Purchaser shall be responsible for all wire transfer fees.
This online only auction is a non contingent purchase. Not subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Contract for Sale of Real Estate.
GENERAL WARRANTY DEED WILL BE GIVEN AT CLOSING.
POSSESSION WILL BE GIVEN AT CLOSING.
BUYER'S PREMIUM: There will be a buyer's premium of 10% added to the bid price to arrive at final purchase price. Example: Bid Price $100,000 plus $10,000 (10% buyer's premium) equals purchase price of $110,000. AUCTION BIDDER DEFAULT: Successful bidder not executing and returning the contract with earnest money deposit within 48 hours of conclusion of the auction may be considered in default at the discretion of The Logsdon Group. In the event a winning bidder fails to submit the signed Contract for Sale of Real Estate and 10% earnest money deposit, the winning bidder will be charged a penalty fee of $5,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by The Logsdon Group and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. The Logsdon Group reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.
Breach or Negligence by Either Party: Any dispute between The Logsdon Group its Agents or Representatives and the Buyer(s) or Seller(s), agrees to participate in a Dispute Settelement Program of the Better Business Bureau ("BBB") known as "BBB CARE" and, upon request of either party, the parties hereto agree to binding arbitration of claims arising out of this Agreement, provided they meet the requirements of the BBB CARE program. Information on the limits of what may be arbitrated, or on any aspect of the BBB CARE program is available from the BBB at 844 S. Fourth Street in Louisville, Kentucky 40203, (502) 583-6546 or (800) 388-2222. By bidding on the property, buyer agrees to all terms and conditions set forth.
Acceptance of Bid Prices: For Real Estate purchases, Successful bidder(s) will be required to enter into a purchase agreement immediately following close of the auction. The Logsdon Group will e-mail documents to be executed, and said documents should be faxed or e-mailed back to The Logsdon Group within 48 hours of the end of the auction. Successful bidders not executing and returning contracts with earnest money deposit within 48 hours will be considered in default. Any and all inspections that a buyer may want must be done at buyer's expense prior to the close of the online bidding.
The Logsdon Group, Agents, Representatives and staff reserve the right to bid for themselves and buy. In addition, The Logsdon Group reserves the right to bid on the behalf of absentee bidders and for any other bidder in accordance with their authorization and to enter ANY bidding on the seller's behalf except in the case of Absolute offerings.
Real Estate Taxes and Closing Cost: All real estate taxes will be prorated for (year). The purchaser will pay all other closing costs associated with the purchaser's side of the sale, including local and state recording fees and any cost associated with the purchaser's loan. The seller will pay for deed preparation and deed tax.
Easements: Subject to any and all easements of record, including road easements and utility easements
Zoning: This property is subject to all state and local zoning ordinances.
Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, The Logsdon Group will reject the registration, and bidding activity will be terminated. The Seller and The Logsdon Group reserve the right to preclude any person from bidding if there is any question as to the person's credentials, fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. When using the web-site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.
Agency: The Logsdon Group Agents and Representatives are agents of the Seller(s). We do not represent the buyer(s) in any manner and we must be completely loyal and faithful to our client. Buyer and or Bidder agrees to hold harmless and indemnify The Logsdon Group and its Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc. The Logsdon Group has an exclusive right to sell listing for this transaction. All negotiations must be conducted through The Logsdon Group.
NEW DATA, CORRECTIONS, AND CHANGES: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
Disclaimer & Absence of Warranties: All information contained in this information packet and all related materials are subject to the terms and conditions outlined in the Contract for Sale of Real Estate agreement. The property is being sold on an "AS IS, WHERE IS" basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or The Logsdon Group Agents or Representatives. Any and all sketches and dimensions in the brochure if provided are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure and on the website is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller, The Logsdon Group, Agents or Representatives.
Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of The Logsdon Group are final.
The Logsdon Group Involvement in this Contract: The seller and buyer hereby agree that The Logsdon Group is a part of this contract and shall receive compensation as stated in the agreement hereto or as stated in the Auction Listing Agreement hereby made a part of.
Auctioneer/Broker/Seller Disclaimer: The information contained herein is believed to be correct to the best of the auctioneer's knowledge. The information is being provided for the bidder's convenience and it is the bidder's responsibility to determine the information contained herein is accurate and complete. The property is selling in its 'as-is' condition with no warranties expressed or implied.
SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, The Logsdon Group, reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE, SELLER or THE LOGSDON GROUP SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON.
Email notifications will be sent to registered bidders with updated information as deemed necessary by The Logsdon Group.
As previously noted by bidding on the property, buyer agrees to all terms and conditions set forth.
For additional information, contact The Logsdon Group. Shaun Logsdon, Principal Auctioneer/Broker at 502-657-9534 or via email at email@example.com.
© 2021 The Logsdon Group (Revised 10.6.2021)
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