Auction Terms & Conditions All terms are as listed on mcginnisauctions.com
Auction Terms & Information
1. There will be a $15,000 non-refundable down payment on each parcel purchased or $30,000 if bought in its entirety and made payable to the auction company within 24 hours of the conclusion of the internet auction and this must be delivered to 911 E. Court Avenue at which time signing of the purchase contracts will take place.
2. A 10% buyer's premium will be used to determine the final contract purchase price.
3. A valid Visa or MasterCard is required to register & bid during the auction.
4. The non-refundable down-payment must be paid with a cashier's check from a local area servicing bank or financial institution and must be presented to the auction company at 911 E. Court Avenue, Jeffersonville, Indiana 47130 within 24 hours of the conclusion of the auction. Any usage of an out of area bank must be approved & verified by the auction company prior to bidding.
5. Failure to deliver certified funds for the down payment as specified in the online auction terms will result in a credit card transaction or other appropriate legal actions for the non-refundable down payment.
6. Balance of the final purchase price must be presented to the sellers at closing NO LATER THAN, 11 September 2017. All real estate closing must take place with Pitt & Frank Real Estate Closing Attorneys, New Albany, Indiana,since Pitt & Frank has already performed the preliminary title work on the property prior to the auction.
7. All property taxes due on 12613 HWY 62 properties shall be prorated between the buyer/sellers to the day of closing. Any back taxes due shall be paid by the seller. The farm land usage lease fees shall be prorated between the buyer & seller to the month of closing.
8. This property is being offered to the public at absolute auction and will be sold subject to no contingencies in regards to inspections or the policies and procedures of any lending institution, once there has been a final purchase agreement between the buyers & sellers.
9. All terms and conditions posted online shall take precedence over all previous announcements oral or written.
10. The property will be sold as-is without warranty, refunds or exchanges. The sellers and the auctioneer are in agreement whereas the property will be offered per parcel with the right to make combinations of all parcels. There will be 2 possible variations of sale. Tract 1 as a single offering of 19.04 acres and Tract 2, 116.63 acres, plus a small .25 acre lot adjoin in Tunnel Mill, all together as a single tract; then parcels 1 & 2 will be offered together. Whichever variation yields the highest possible results for the sellers will be the final method of sale.
11. It shall be the bidder's responsibility to perform all due diligence and determine suitability of the property prior to the close of the bidding process.
12. The 3BR, 2.5BA home is part of Parcel 1 and is in need of repair & updates. This home was built in the 50 's with an addition in the 80's so lead based inspections may be required, the LBP inspection periods begins July 17. The real estate will be available for inspections or preview on July 16 & July 23 between 2 & 4PM or by appointment only.
13. Any showings outside the open inspection periods must be by appointment. All real estate related inspections are welcome at buyers expense prior to the close of the auction,but property is being sold as-is.
14. The online auction shall begin on or about July 16, 2017 and close on or about July 27, 2017, specific time of the auction close will be posted on the bidding website. This is a soft close auction whereas the bidding may continue until there are no additional bids; the auction company reserves the right to delay the bidding, extend the bidding or close all bids due to any technical difficulties or failures of the online auction service provider. Personal or Individual errors or computer equipment malfunctions are not the responsibility of the auction company.
15. There will be a cooperating broker's fee of 1% offered for this auction to the agent representing the successful bidder who closes on the property. Agents must register with the auction company prior to the auction and accompany their buyer to all previews & closing.
16. The property is being offered subject to prior sale, all outside offers will be presented to the sellers through Real Estate Unlimited and if accepted by the seller all online bidding will be terminated and this auction will be cancelled. Any outside offer must adhere to the same terms and conditions of the auction with no contingencies.
17. The Auctioneer and Real Estate Broker are acting as agents only for the seller; the auction company & real estate company staff reserve the right to bid.
18. The initial structure of the home was built in 50's and the addition and brick were added in 80's, therefore a lead based paint inspection period is July 18 - July 27.
19. For additional information or to schedule inspection appointments please call: John McGinnis, CAI, CES, CAGA, at 812-282-7253 concerning auction procedures, all other matters may be directed to Ken Capps, Realtor, 812-786-5400, Real Estate Unlimited, Fran Evola, Broker, at 812-288-6080. Sellers: Gary & Brenda Dean, Owners. John McGinnis, Indiana Auctioneer's License AU19600081. McGinnis Auction & Appraisal Service, Jeffersonville, Indiana AC30900136
20. Auctioneer's Note: There will be a recorded easement from HWY 62 on the western edge of Parcel 1 back to Parcel 2 if there are multiple buyers. In order to gain access for this easement the existing unfinished garage may need to be demolished, removed or reconfigured by the new owners of parcel 1. The house is in need of repairs & updates but is currently occupied by the seller and possession shall be given at closing but no later than 11 September, 2017. No other tracts or easements will be offered, during this auction, no personal property will be offered during this auction. Photos and drawings are for illustration only and are not to scale.
Gary & Brenda Dean, Sellers
Ken Capps, Realtor, Real Estate Unlimited, 812-786-5400
John McGinnis, CAI AU19600081 812-282-7253
Seller User Terms
Bidder User Terms