TERMS:
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.
AUCTION TIMES:
Ford Brothers, Inc. Real Estate Online Auctions are timed events, and all bidding will close at the specified time. Ford Brothers, Inc. Real Estate Online Auctions feature an auto-extend function. If a bid is placed within the final five (5) minutes of an auction, the auction ending time will automatically extend five (5) minutes from the time the bid was placed. Example: If an auction scheduled to close at 6:00 PM receives a bid at 5:59 PM, the closing time will automatically extend to 6:05 PM. The auto-extend feature remains active until no further bids are received within a five (5) minute period.
SERVER, SOFTWARE & INTERNET ISSUES:
In the event of technical difficulties related to the server, software, internet connectivity, mobile devices, computers, or any other online auction-related technologies, Ford Brothers, Inc. reserves the right to extend bidding, continue bidding, reopen bidding, or close bidding. Neither the company providing the software nor Ford Brothers, Inc. shall be held responsible for missed bids, delayed bids, failed bids, internet outages, loss of connectivity, bidder device malfunctions, or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders 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, or remove any bidder at its sole discretion.
In the event of a disputed bid, tie bid, bidding interruption, or other auction-related dispute, Ford Brothers, Inc. reserves the right to determine the successful bidder, reopen bidding, continue bidding, cancel bidding, or resell the property at its sole discretion. All decisions of the Auctioneer shall be final.
REAL ESTATE TERMS:
A deposit equal to twenty percent (20%) of the total purchase price shall be due as non-refundable earnest money within forty-eight (48) hours of the close 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.
Time is of the essence regarding all auction terms, conditions, contractual obligations, earnest money requirements, document execution requirements, and closing deadlines.
Seller shall convey the property by General Warranty Deed with insurable title at closing.
Possession shall be given at closing unless otherwise stated.
The property shall be conveyed subject to any and all easements, restrictions, covenants, conditions, utility easements, road easements, rights-of-way, and matters of record.
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.
ACCEPTANCE OF BID PRICES:
Successful bidder(s) will be required to enter into a Contract for Sale of Real Estate immediately following the close of the auction. Ford Brothers, Inc. will email documents to be executed, and said documents must be returned to Ford Brothers, Inc. within forty-eight (48) hours following the conclusion of the auction.
Any inspections, investigations, financing arrangements, appraisals, surveys, or due diligence that a buyer may desire must be completed entirely at the buyer’s expense prior to the close of bidding.
Electronic signatures, emailed documents, electronically transmitted signatures, and digital acknowledgements shall be deemed valid and binding to the same extent as original signatures pursuant to applicable Kentucky law.
Ford Brothers, Inc., its agents, representatives, or employees may bid as permitted by Kentucky law.
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 Lincoln County Circuit Court, Lincoln County, Kentucky.
- 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.
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.
EASEMENTS:
Subject to any and all easements of record, including but not limited to utility easements, road easements, rights-of-way, and restrictions of record.
ZONING:
This property is subject to all applicable local, state, and federal zoning laws, ordinances, and regulations.
BIDDER VERIFICATION:
The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Ford Brothers, Inc. reserves the right to reject the registration and terminate bidding activity.
The Seller and Ford Brothers, Inc. reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, financial ability, or eligibility to bid.
Bidders agree to keep their username and password confidential and are responsible for any and all activity involving their account. When using the website, bidders must obey all local, state, and federal laws. Violations will result in termination of website use privileges.
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 the Seller from any and all claims, damages, liabilities, lawsuits, judgments, costs, expenses, or fees arising out of or related to the auction, bidding process, or sale of the property, to the extent permitted by Kentucky law.
NEW DATA, CORRECTIONS & CHANGES:
Please check for updated information prior to the scheduled auction closing time. Announcements, updates, corrections, or changes made by Ford Brothers, Inc. shall take precedence over previously distributed information.
DISCLAIMER & ABSENCE OF WARRANTIES:
All information contained in marketing materials, brochures, advertisements, online listings, surveys, maps, or other related materials is subject to the terms and conditions outlined in the Contract for Sale of Real Estate.
The property is being sold in “AS IS, WHERE IS” condition with no warranties or representations, expressed or implied, made by the Seller or Ford Brothers, Inc., its agents, or representatives.
Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property prior to bidding. No liability for accuracy, errors, omissions, estimates, measurements, or information provided is assumed by the Seller or Ford Brothers, Inc.
Conduct of the auction, bidding increments, bidding disputes, and all auction-related decisions shall be at the sole direction and discretion of the Auctioneer. All decisions of Ford Brothers, Inc. are final.
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.
FAIR HOUSING COMPLIANCE:
Ford Brothers, Inc. complies with all applicable federal and state fair housing laws.
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” condition with no warranties expressed or implied.
For additional information, contact Ford Brothers, Inc. Auctioneers at 606-256-4545.
