SIMULCAST AUCTION TERMS & CONDITIONS
ONLINE “SIMULCAST” AUCTION INFORMATION:
Ford Brothers, Inc. Simulcast Auctions are live auctions with online bidding available in real time. All bidding will close as each lot is sold during the live auction event.
To participate in Simulcast bidding, bidders must access the auction catalog and click the “Enter Live Auction” option located at the top of the catalog. This option will generally become available approximately fifteen (15) minutes prior to the start of the Live/Online Auction. Once entered, bidders will access the Simulcast Auction Bidding Platform.
There is NO countdown timer during Simulcast bidding. Bidders must pay close attention to the live auction activity, bidding interface, auctioneer announcements, and chat notifications throughout the auction. Due to the live nature of simulcast bidding, bidders are encouraged to bid promptly and monitor the auction continuously.
SIMULCAST BIDDING OPTIONS:
Lots will become available in sequential order during the live auction. Bidders may place bids by using the red “Bid” button to advance bidding to the next increment available.
The chat feature is available for general questions only and may not be used to place bids.
If you have any questions regarding simulcast bidding procedures, please contact Ford Brothers, Inc. Auctioneers at 606-679-2212 prior to the auction.
AUCTION PREMIUM:
There will be a 10% Auction Premium added to the winning bid. The sum of the winning bid plus the Auction Premium shall constitute the total purchase price. Example: Bid Price of $100,000 plus $10,000 (10% Buyer’s Premium) equals a total purchase price of $110,000.
REAL ESTATE TERMS:
A deposit equal to twenty percent (20%) of the total purchase price shall be due as non-refundable earnest money.
Successful in-person/live bidders shall be required to provide the earnest money deposit on the day of the auction immediately following the conclusion of the sale.
Successful online bidders shall be required to submit the earnest money deposit within forty-eight (48) business hours following the conclusion of the auction in the form of a certified check, cash, or wire transfer.
Credit cards will not be accepted for earnest money deposits.
The balance of the purchase price shall be due at closing, with closing to occur within thirty (30) days of the close of bidding unless otherwise specified in the Contract for Sale of Real Estate. Purchaser shall be responsible for all wire transfer fees.
This auction is a cash sale and is not contingent upon financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration and as specified in the Contract for Sale of Real Estate. Buyers may obtain financing if they choose; however, the buyer’s inability or failure to obtain financing shall not relieve the buyer of any contractual obligations or requirements of the sale.
The earnest money deposit is non-refundable except as otherwise specifically provided by Kentucky law or the Contract for Sale of Real Estate. In the event the purchaser fails to close due to financing denial, lender requirements, changes in financial condition, inability to obtain financing, or any other purchaser-related issue, the purchaser shall be considered in default and the earnest money deposit may be retained pursuant to the terms of the Contract for Sale of Real Estate and applicable Kentucky law.
REAL ESTATE TAXES & CLOSING COSTS:
All real estate taxes shall be prorated to the date of closing. Purchaser shall pay all closing costs associated with the purchaser’s side of the transaction, including but not limited to recording fees, lender fees, loan costs, inspections, and financing-related expenses. Seller shall pay for deed preparation and deed tax unless otherwise stated.
AS-IS / WHERE-IS CONDITION:
All property is sold in “AS IS, WHERE IS” condition with no warranties or guarantees, expressed or implied. ALL SALES ARE FINAL.
Property is available for inspection at designated preview times, and it is solely the bidder’s responsibility to determine condition, value, suitability, acreage, boundaries, easements, restrictions, access, and all other material characteristics prior to bidding.
Bidder’s failure to inspect the property shall not constitute grounds for any claim, refund, adjustment, rescission, chargeback, or cancellation of sale.
All descriptions, photographs, maps, surveys, dimensions, acreage amounts, and information provided are believed to be accurate but are not guaranteed. Auctioneer makes no warranty or guarantee of any kind regarding condition, authenticity, suitability, boundaries, zoning, utility availability, acreage, access, or fitness for a particular purpose.
Any acreage amounts, boundary lines, maps, survey references, dimensions, or advertised measurements are approximate and provided for informational purposes only. Final purchase price shall not be adjusted based upon surveyed acreage unless otherwise stated.
Ford Brothers, Inc. reserves the right to modify, change, remove, regroup, or withdraw any property, tract, lot, bidding increment, bidding format, or description prior to or during the auction process.
SERVER, SOFTWARE & INTERNET ISSUES:
In the event of technical difficulties related to the server, software, internet connectivity, mobile devices, computers, streaming delays, clerking errors, bidding latency, or any other online auction-related technologies, Ford Brothers, Inc. reserves the right to extend bidding, continue bidding, reopen bidding, close bidding, cancel bidding, or resell any property at its sole discretion.
Neither the company providing the software nor Ford Brothers, Inc. shall be held responsible for missed bids, delayed bids, failed bids, internet outages, software malfunctions, bidder device malfunctions, streaming interruptions, clerking errors, or loss of connectivity for any reason.
Email notifications and/or auction announcements may be issued with updated information as deemed necessary by Ford Brothers, Inc.
Ford Brothers, Inc. reserves the right to reject any bid, suspend bidding activity, revoke bidding privileges, remove any bidder, or deny access to the auction platform at its sole discretion.
In the event of a disputed bid, tie bid, bidding interruption, clerking issue, lotting issue, internet delay, or other auction-related dispute, Ford Brothers, Inc. reserves the right to determine the successful bidder, reopen bidding, continue bidding, cancel bidding, remove any property, or resell any property at its sole discretion. All decisions of the Auctioneer shall be final.
BIDDER VERIFICATION:
The identity of all bidders will be verified. Bidding rights are provisional, and Ford Brothers, Inc. reserves the right to reject any bidder registration if complete verification is not possible or if there are concerns regarding the bidder’s eligibility, conduct, financial ability, or bidding history.
Bidders agree to keep their username, password, and bidder information confidential and are responsible for all activity associated with their account.
By registering and placing bids, bidder acknowledges acceptance of all auction terms and conditions. Electronic records, electronic signatures, acknowledgements, and bidding activity shall be deemed valid and enforceable pursuant to applicable Kentucky law.
All bids are binding and irrevocable. Bid retractions are not permitted.
AUCTION BIDDER DEFAULT:
Default by Buyer: If the Buyer fails to comply with any of the terms and conditions of the auction, including but not limited to failure to pay the earnest money deposit, failure to execute the Contract for Sale of Real Estate, and/or failure to pay the balance of the purchase price on or before the closing date, the Buyer shall be deemed to be in default. Failure to complete the purchase shall constitute a material breach of the auction terms and the Contract for Sale of Real Estate.
Seller’s and Ford Brothers, Inc.’s Remedies: Upon default by the Buyer, the Seller and/or Ford Brothers, Inc. may elect, in their sole discretion, to pursue any one or more of the following remedies, in addition to any remedies otherwise available under Kentucky law:
- TERMINATION & FORFEITURE OF EARNEST MONEY
Seller may terminate the Contract for Sale of Real Estate immediately upon written notice to Buyer. In such event, the entire earnest money deposit, including any supplemental deposits, shall be forfeited by Buyer and retained pursuant to the terms of the Contract for Sale of Real Estate and applicable Kentucky law. Buyer acknowledges and agrees that actual damages may be difficult to ascertain and that forfeiture of the earnest money deposit is a reasonable remedy and not a penalty.
- RESALE OF PROPERTY
Seller and/or Ford Brothers, Inc. may resell the property by public auction, private sale, or any other method deemed appropriate. The defaulting Buyer shall be liable for any deficiency between the original purchase price, including the applicable buyer’s premium, and the resale price obtained, together with all costs, expenses, commissions, attorney fees, advertising expenses, employee labor expenses, and other damages incurred in connection with the resale and enforcement of the agreement.
- SPECIFIC PERFORMANCE
Seller may pursue specific performance and require Buyer to complete the purchase and pay the full purchase price pursuant to the Contract for Sale of Real Estate.
- AUCTION COMPANY DAMAGES & EXPENSES
Buyer shall remain liable to Ford Brothers, Inc. for all commissions, costs, and expenses incurred in connection with the auction and resale process, including but not limited to advertising costs, surveying costs, engineering costs, employee labor costs, administrative expenses, attorney fees, and any other auction-related expenses resulting from Buyer’s default.
- SURVIVAL OF OBLIGATIONS
Buyer’s obligations for damages, costs, expenses, attorney fees, and deficiencies shall survive termination of the Contract for Sale of Real Estate and closing cancellation.
- ATTORNEY FEES & COURT COSTS
In the event litigation or legal action is required due to Buyer’s default, Buyer shall be responsible for all court costs, attorney fees, litigation expenses, and collection costs incurred by Seller and/or Ford Brothers, Inc., to the extent permitted by Kentucky law.
- GOVERNING LAW & VENUE
All disputes, claims, and legal proceedings arising out of the auction, bidding process, or Contract for Sale of Real Estate shall be governed by the laws of the Commonwealth of Kentucky. Venue for any litigation shall be exclusively in the appropriate court of competent jurisdiction in the county where the property is located unless otherwise required by Kentucky law.
- LOSS OF BIDDING PRIVILEGES
Any Buyer determined to be in default may, at the sole discretion of Ford Brothers, Inc., lose all bidding privileges for future Ford Brothers, Inc. auctions and affiliated MarkNet Alliance auctions.
AGENCY:
Ford Brothers, Inc., its agents, and representatives are acting solely as agents of the Seller.
Buyer and/or Bidder agrees to indemnify and hold harmless Ford Brothers, Inc., its agents, representatives, officers, employees, and Seller(s) from any and all claims, damages, liabilities, lawsuits, judgments, costs, expenses, or fees arising out of or related to the auction, bidding process, purchase transaction, property condition, access to property, or use of purchased property, to the extent permitted by Kentucky law.
CHANGES TO TERMS & CONDITIONS:
Ford Brothers, Inc. reserves the right to alter, modify, update, or amend these terms and conditions at any time by posting updated terms on the auction website. Continued use of the auction platform constitutes acceptance of all current terms and conditions.
AUCTION COMPANY BIDDING:
Auction company employees, affiliates, owners, and/or the auction company may bid on and purchase auction items as permitted by Kentucky law.
TIME IS OF THE ESSENCE:
TIME IS OF THE ESSENCE regarding all auction terms, earnest money requirements, document execution requirements, and closing deadlines.
AUCTIONEER / BROKER / SELLER DISCLAIMER:
The information contained herein is believed to be correct to the best of the Auctioneer’s knowledge but is not guaranteed. All information is provided for the bidder’s convenience, and it is the bidder’s responsibility to determine that all information is accurate and complete prior to bidding.
The property is selling in “AS IS, WHERE IS” condition with no warranties expressed or implied.
All auction terms, conditions, announcements, procedures, bidding activity, contracts, and related transactions shall be governed by and interpreted in accordance with the laws of the Commonwealth of Kentucky.
For additional information, contact Ford Brothers, Inc. Auctioneers at 606-679-2212.
Announcements made on the day of the auction shall take precedence over all printed, online, or previously communicated material.
