REAL ESTATE AUCTION TERMS & CONDITIONS
As Is, Non-contingent transaction. Buyer to complete all due diligence prior to the auction date. Buyer will execute a purchase and sale contract at completion of auction and make a $25,000 nonrefundable down payment no later than 48 hours following the auction. Sale is not contingent on appraisal, inspection, or financing. Buyer may have inspection and appraisal done prior to auction and may use financing but MUST close in 30 days. Use the time prior to the auction to complete all due diligence.
AUCTION FIRM: Accelerated Real Estate Solutions (ARES) is conducting this auction as the licensed auctioneer and Real Estate Brokerage firm. All announcements made on the day of sale take precedence over any previously advertised material. Welcome to our Auction — we hope you enjoy your experience. Please take a moment and read our terms and conditions carefully. If you have questions regarding these terms, please call our office at 615-995-5095 or 931-302-4717.
REGISTRATION: All bidders must register with Accelerated Real Estate Solutions prior to bidding. Online bidders must complete the online registration process. By registering, all bidders acknowledge and accept these Terms & Conditions and will be bound by them.
INSPECTION: The property is available for inspection by appointment. Real Estate Agents may show the property to prospective buyers by scheduling an appointment and completing buyer registration. Buyers are strongly encouraged to conduct all due diligence, including inspections, appraisals, and title review, prior to bidding.
AGENCY: Accelerated Real Estate Solutions and it's Auctioneers and Agents represent the Seller only in this transaction. Accelerated Real Estate Solutions gives notice that the Auctioneer or Agent can bid on behalf of the seller up to the reserve price. Any cooperation with Buyer Agents or Referring Brokers is as a courtesy and does not create an Agency Relationship with the Buyer.
BROKER PARTICIPATION: If you are being represented by an Agent, we are paying Broker participation IF your Agent registers using the Broker participation form available on the auction site. All Broker participation forms must be filled out completely and received no later than 48 hours prior to the close of the auction. Broker participation is 3% of the winning bid. Example: Winning bid of $100,000 = $3,000 Broker participation paid to Broker at closing. Referring Brokers must register their client in writing before any contact is made with Accelerated Real Estate Solutions, remain actively involved in the transaction through closing, and submit a copy of the Buyer Representation Agreement. Participating Agents are required to be readily available and accessible by phone and email throughout the entire auction and closing process. Failure of a registered Agent to remain actively engaged and reachable may result in forfeiture of Broker participation compensation.
AUCTIONEER AUTHORITY & BIDDER REQUIREMENTS: The Auctioneer represents the Seller as agent under Tennessee Auction Law and has the authority to bind the Seller upon execution of the Purchase and Sale Agreement. The Auctioneer reserves the right to deny bidder registration, require proof of funds, verify bidder identity, and require a bidder deposit at its sole discretion. The Auctioneer further reserves the right to refuse bids from any bidder at its sole discretion and without cause. All decisions of the Auctioneer regarding the conduct of the auction are final.
SELLER CONFIRMATION & PRE-AUCTION OFFERS: By registering in our auction today you agree to our terms & conditions and will be bound by those Terms and Conditions. The Seller reserves the right to accept a pre-auction offer and cancel or modify the auction at any time prior to the close of bidding.
BUYER'S PREMIUM, CONTRACT EXECUTION & DEFAULT: A ten percent (10%) buyer's premium will be added to the high bid to establish the total sales contract price. The successful high bidder will be required to execute a Real Estate Purchase and Sale Agreement, these Terms & Conditions, and any other required documents immediately upon conclusion of the auction. Failure to execute the Purchase and Sale Agreement shall constitute default. The nonrefundable down payment of $50,000 must be received by Accelerated Real Estate Solutions within 48 hours of the close of the auction. Payment may be made by personal check, cashier's check, wire transfer, or cash. The balance is to be paid in full at closing within 30 days. Buyer failure to close due to financing, appraisal, or inspection issues shall not release the Buyer from their obligations under the Purchase and Sale Agreement, and the nonrefundable down payment shall be forfeited.
FINANCING & LENDER INFORMATION: Buyer is to obtain their own financing, but the auction is not contingent upon it. If the Buyer intends to finance the purchase, Buyer is required to provide Accelerated Real Estate Solutions with the name and contact information of their lender within 24 hours of the close of the auction. Failure to provide lender information within this timeframe does not relieve the Buyer of their obligation to close within 30 days.
CLOSING, TITLE & POSSESSION: Current taxes will be prorated at the date of closing. The Seller is responsible for the title opinion and shall convey the property with clear and marketable title via deed at closing. Buyer is responsible for title insurance and recording fees. Customary closing costs will be paid by the Buyer. Possession is granted at closing.
CONTINGENCIES: No contingencies will be accepted for financing, amendatory clauses, or appraisals. The contract will not be contingent upon financing, inspections, or any other contingencies. Buyer failure to close due to financing, appraisal, or inspection issues shall not release the Buyer from their contract obligations.
CONDITION OF PROPERTY: All properties are sold "AS-IS, WHERE-IS and WITH ALL FAULTS," without any warranties expressed, implied, or guarantees of any kind. Agent represents the Seller only and does not inspect properties on bidder's behalf. All measurements, square footage, and age are approximate and not guaranteed. Seller and/or Agent makes no warranty as to the accuracy of information. All information is deemed reliable, but not guaranteed. Buyer to verify all information to their satisfaction prior to bidding. By placing a bid, the bidder acknowledges that they have had an opportunity to inspect the property and are purchasing it AS-IS, WHERE-IS, and AS-INSPECTED, with all faults.
DISCLOSURES: Tennessee Residential property exemption notification and lead-based paint disclosure will be a part of the sales contract.
