Auction Terms & Conditions All terms are as listed on mcginnisauctions.com
Auction Terms & Information: This is a Stated Reserve Auction. Opening Bid is $40,000.
1. There will be a $5,000 non-refundable down payment on each parcel purchased, the non-refundable down payment shall be made payable to the auction company 12 Noon, August 15, 2019 at 412 E. Court Avenue, Jeffersonville. At that 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. ($1 bid = $1.10 paid)
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 412 E. Court Avenue, Jeffersonville, Indiana 47130 by 12 Noon on August 15, 2019.
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, September 30, 2019. 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 216 N. Third Street shall be prorated between the buyer/sellers to the day of closing. Any back taxes due shall be paid by the seller.
8. This property is being offered to the public at a Stated Revserve, once the minimum opening bid has been exceeded the auction will become an absolute auction and will be sold to the highest bidder and will be sold subject to no contingencies in regards to inspections or the policies and procedures of any lending institution.
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.
11. It shall be the bidder's responsibility to perform all due diligence and determine suitability of the property, easements, property boundries, & utilitiy access prior to the close of the bidding process. Property is being sold by the descriptions of the existing recorded deeds and or descriptions as recorded with Clark County.
12. The home was built around 1942 so lead based may have been utilized and the buyer may elect to have inspections. The LBP inspection periods begins August 4. The real estate will be available for inspections or preview on August 10 between 9 & 12 Noon 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 29, 2019 and close at or about 6PM August 14, 2019 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 with the online auction service provider. Personal bidder's errors or the bidder's 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 close out and accompany their buyers to all previews, inspections, openings and the 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. Any buyer who is required to secure lending shall realize all sales are final and the policies of the lending institution will not release the buyer's obligation to close on the puchase.
18. 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.
19. The home was built in 40s therefore a lead based paint inspection period is August 8 - August 18
20. 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 Real Estate Unlimited, Fran Evola, Broker, at 812-288-6080. Sellers: Wolly Mammoth Solutions, LLC. John McGinnis, Indiana Auctioneer's License AU19600081. McGinnis Auction & Appraisal Service, Jeffersonville, Indiana AC30900136
John McGinnis, CAI AU19600081 812-282-7253