BURGESS AUCTIONS
TERMS AND CONDITIONS OF SALE
11005 Cornell Street, Carmel, Indiana 46280
Real Estate Auction – Caroline Sommer, Owner
Friday, November 14, 2025 at 12:00 PM (Noon)
11005 Cornell Street, Carmel, IN 46280
"Trusted Auctions, Timeless Results"
1. PROPERTY DESCRIPTION
Legal Description: Acreage .00, Section 1, Township 17, Range 3, Baby Tracts, Lot Pt 31
Common Address: 11005 Cornell Street, Carmel, IN 46280
Parcel ID: 29-13-01-30-20-15.000-018
Property Type: Single Family Residential
Square Footage: 2,076 sq ft living area, 2,916 sq ft total
Lot Size: 1 acre | Bedrooms: 3 | Bathrooms: 2 Full
Year Built: 1940 | School District: Carmel Clay Schools
2. BIDDER REGISTRATION
All bidders must register before auction begins by providing:
- Valid government-issued photo ID
- Proof of funds (bank statement) OR pre-approval letter from qualified lender
- Completed bidder registration form
- Contact information
Minimum Financial Capability: $25,000 down payment required. Financed buyers must provide pre-approval letter. Cash buyers preferred.
3. AUCTION PROCEDURES
- Opening Bid: $150,000
- Date/Time: Friday, November 14, 2025 at 12:00 PM
- Location: On-site at 11005 Cornell Street, Carmel, IN 46280
- Auctioneer determines bid increments and has final decision on all bid disputes
- Online bidding may be available
- SUBJECT TO SELLER'S CONFIRMATION: Seller will confirm or reject winning bid within 24 hours
4. PURCHASE TERMS
Earnest Money Deposit
Total Required: $25,000
- $500 due immediately upon seller's acceptance (personal check, cashier's check, or cash)
- $24,500 due within 24 hours to Fidelity National Title (wire transfer, cashier's check, or certified check only)
- Earnest money is NON-REFUNDABLE except for title defects or seller non-confirmation
Buyer's Premium
10% buyer's premium added to winning bid. This premium compensates auction company, buyer's agent (if applicable), and listing broker. Seller receives full hammer price.
Example:
Winning Bid: $300,000
Buyer's Premium (10%): + $30,000
TOTAL PURCHASE PRICE: = $330,000
Balance Due
Balance due at closing within 30 days of seller's acceptance (on or before December 14, 2025).
5. PROPERTY CONDITION
"AS-IS, WHERE-IS" SALE
- Property sold with NO WARRANTIES OR GUARANTEES
- Buyer accepts all defects, known or unknown
- No repairs will be made by seller
- ALL INSPECTIONS MUST BE COMPLETED BEFORE AUCTION DAY
- No post-auction inspections or contingencies
- Lead-based paint disclosure provided (property built 1940)
Property Showings: Contact Jason Snider at (317) 507-1692
6. CLOSING REQUIREMENTS
Closing Timeline: Within 30 days of seller's acceptance. Time is of the essence.
Closing Location: Fidelity National Title (preliminary title work ordered and available for review)
Seller Pays:
- Owner's title insurance
- Transfer taxes
- Property taxes through November 2025
- Title defect resolution costs
Buyer Pays:
- 10% Buyer's Premium
- Lender's title insurance (if financing)
- All loan costs and fees
- Recording fees
- Survey (if required)
- Inspections
- Homeowner's insurance
- Attorney fees (if desired)
- Property taxes due after November 2025
Title: Conveyed by General Warranty Deed, free and clear of liens except standard easements.
7. TAXES AND ASSESSMENTS
2024 Annual Taxes: $3,002 ($1,501 semi-annual)
Seller has paid taxes through November 2025
Buyer assumes all taxes thereafter (beginning May 2026)
No delinquent taxes. No proration necessary.
8. FINANCING
NO FINANCING CONTINGENCIES
- Buyer must close regardless of financing approval or denial
- Pre-approval required before bidding
- Low appraisal does NOT excuse performance
- Cash sales preferred and may close earlier
9. DEFAULT PROVISIONS
Buyer Default
If buyer fails to provide deposits, execute purchase agreement, or close on time:
- All earnest money forfeited
- Property may be resold at buyer's expense
- Buyer liable for deficiency and costs
Seller Default
If seller cannot convey clear title or does not confirm sale: earnest money refunded, no further liability.
10. POSSESSION AND INCLUSIONS
Possession: At closing. Property currently vacant, delivered broom-clean.
Included: All fixtures, appliances (dishwasher, disposal, microwave hood, oven/range, refrigerator), deck, landscaping. All "AS-IS."
Excluded: All personal property not listed.
No HOA: Property not subject to homeowner association.
11. BROKER PARTICIPATION
- Buyer's broker commission: 3% of hammer price (paid from buyer's premium, not seller's proceeds)
- Must register by November 13, 2025 at 12:00 PM
- See separate Broker Participation Agreement
12. GENERAL PROVISIONS
- Entire Agreement: These terms plus purchase agreement constitute complete agreement
- Modifications: Must be in writing and signed by all parties
- Assignment: Not permitted without seller's written consent
- Disputes: Resolved by binding arbitration in Hamilton County, Indiana
- Announcements: Auction day announcements supersede all printed materials
- Governing Law: Indiana law, Hamilton County jurisdiction
13. BIDDER ACKNOWLEDGMENT
By registering to bid, bidder acknowledges:
- ☐ Read and understand all terms and conditions
- ☐ Had opportunity to inspect property
- ☐ Property sold "AS-IS" with no warranties
- ☐ Understand 10% buyer's premium applies
- ☐ Must provide $500 immediately and $24,500 within 24 hours
- ☐ Total earnest money $25,000 is non-refundable (except title defects/non-confirmation)
- ☐ No financing contingencies
- ☐ Must close within 30 days
- ☐ Sale subject to seller's confirmation within 24 hours
- ☐ Authority to bid and purchase property
14. CONTACT INFORMATION
Auctioneer:
Burgess Auctions | Zack Burgess, CAI
AU19600029 | (317) 508-5973 | [email protected]
Real Estate Agent:
Jason Snider | J. Snider Real Estate
RB14045952 | (317) 507-1692 | [email protected]
Title Company:
Fidelity National Title
Wire instructions provided upon seller's acceptance
THESE TERMS ARE BINDING UPON REGISTRATION TO BID
SALE SUBJECT TO SELLER'S CONFIRMATION WITHIN 24 HOURS
SUCCESSFUL BIDDER MUST EXECUTE PURCHASE AGREEMENT IMMEDIATELY
"Integrity in Every Lot. Care in Every Sale."
BURGESS AUCTIONS | www.burgessauctions.com
