TERMS Minimum Acceptable Bid on this property is $3,333.00.
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 AND CONDITIONS PROVIDED IN THE AUCTION PURCHASE CONTRACT PROVIDED HEREWITH (“PURCHASE CONTRACT”). PLEASE READ AND REVIEW THE PURCHASE CONTRACT THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE PURCHASE CONTRACT , DO NOT BID. THE PURCHASE CONTRACT THAT THE SUCCESSFULL BIDDER IS REQUIRED TO SIGN IS POSTED UNDER DOCUMENTS.
THE BELOW INFORMATION IS PROVIDED FOR CONVENIENCE ONLY AND IS DOES NOT AMEND OR ALTER THE TERMS AND CONDITIONS CONTAINED IN THE PURCHASE CONTRACT IN ANYWAY.
AUCTION END TIME:.
Gooch Auction Group, LLC, Real Estate Online Auctions, is timed events and all bidding will close at specified time. Gooch Auction Group LLC, Real Estate Online Auctions, also has an auto extend feature. If a bid is placed in the final 5 minutes of an auction, the auction ending will be automatically extended 5 minutes from the time the bid was placed. Example: if an auction scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend to 6:05. The auto extends feature remains active until no further bids are received within a 5 minute time frame.
REFRESH YOUR SCREEN CONSTANTLY DURING THE CLOSING MINUTES OF THE BIDDING.
SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Gooch Auction Group LLC, reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor GOOCH AUCTION GROUP LLC 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 Gooch Auction Group LLC.
TERMS: Purchaser must deliver 20% of the total sale price 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 within 30 days of close of bidding. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Contract for Sale of Real Estate. PURCHASERS MAY, AND IT IS PREFERRED, THEY CLOSE ON OR BEFORE 45 DAYS OF CLOSE OF BIDDING.
This online only auction is a not 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 Purchase Contract.
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 will be considered in default. In the event a winning bidder fails to submit the signed Contract for Sale of Real Estate and 20% 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 Gooch Auction Group LLC and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Gooch Auction Group LLC 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.
Any dispute between Gooch Auction Group LLC, its Agents or Representatives and the Buyer(s) or Seller(s), agrees to go to Mediation Center of Kentucky 177 North Upper Street, Suite 102 Lexington, KY 40507-1100, for resolution before trying in a court of proper jurisdiction. 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 in the form that is posted along herewith (“Purchase Agreement”). Gooch Auction Group LLC will e-mail documents to be executed, and said documents should be faxed or e-mailed back to Gooch Auction Group LLC 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. Gooch Auction Group LLC its Agents, Representatives or Employees may bid and buy.
TITLE: As specified in the Purchase Contract, including without limitation the additional terms and conditions set forth in Paragraph 13 thereof (copy attached).
DEED: Special Warranty Deed, subject to the matters specified in the Purchase Contract.
POSSESSION: At Closing.
REAL ESTATE TAXES AND CLOSING COSTS: All real estate taxes will be prorated as of the date of Closing. The Purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees, title searches and insuranceand any cost associated with the purchaser’s loan.The Seller will pay for deed preparation and deed tax.