REAL ESTATE AUCTION TERMS & CONDITIONS
PLEASE READ ALL AUCTION TERMS & CONDITIONS BEFORE BIDDING. BY PLACING A BID, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTAND, AND AGREE TO BE BOUND BY THESE TERMS.
AUCTION INFORMATION
Bidding Starts: Thursday October 8th
Bidding Ends: Thursday, October 29th, 2026 at 6:00 PM CT
Property Location:
1886 Lewis RD, Crofton KY
Preview: Saturday October 24th,10am-12pm.
For questions concerning the property or to schedule a private showing, contact Pennyrile Auction Company LLC.
EXTENDED BIDDING
This auction utilizes an extended bidding (soft close) format. If a bid is placed during the final 5 minutes of the auction, the bidding period will automatically extend for an additional 5 minutes. Extensions will continue until no bids are received during the applicable extension period.
Bidders are encouraged to monitor the auction through closing and should not rely solely on being the high bidder when the original closing time is reached.
BUYER’S PREMIUM
A 10% Buyer’s Premium will be added to the final high bid to determine the total contract purchase price.
For example, a $100,000 final bid plus the 10% Buyer’s Premium of $10,000 results in a total contract purchase price of $110,000.
SUCCESSFUL BIDDER & PURCHASE CONTRACT
Following the conclusion of the auction, the successful bidder will be contacted by Pennyrile Auction Company LLC to execute a Real Estate Purchase Contract.
The Purchase Contract may be completed electronically or, by arrangement, signed in person.
The successful bidder must promptly execute the Purchase Contract and make the required deposit within the time specified in these terms.
Being the highest bidder does not, by itself, guarantee the purchase of the property. The successful purchaser must be able and willing to execute the Purchase Contract, make the required deposit, and close the transaction according to the terms of the contract. The sale is also subject to any Seller confirmation or approval requirements stated in the auction terms.
10% DEPOSIT
A deposit equal to 10% of the total contract purchase price is required and must be received no later than 12:00 Noon CT on Friday, October 30th, 2026.
The exact deposit amount will be stated in the Real Estate Purchase Contract.
Acceptable forms of deposit payment are:
- Cash
- Certified check
- Wire transfer
- Personal check with an acceptable bank letter of guarantee
Pennyrile Auction Company LLC reserves the right to require a bank letter of guarantee, proof of funds, wire transfer, or certified funds, particularly from buyers who are not previously known to the Auctioneer.
Checks should be made payable as directed by Pennyrile Auction Company LLC and must be received by the required deadline.
For wire transfers, contact Pennyrile Auction Company LLC directly for wiring instructions. The Buyer is responsible for any applicable bank or wire transfer fees.
BALANCE & CLOSING
The remaining balance of the total contract purchase price is due at closing, on or before November 30th following the auction, unless otherwise stated in the Real Estate Purchase Contract.
The Buyer should have all necessary funds and/or financing arrangements in place prior to bidding.
Unless specifically stated otherwise in writing, the purchase is not contingent upon the Buyer obtaining financing, an appraisal, inspection, or the sale of another property.
Failure to obtain financing does not relieve the Buyer of the obligations entered into under the Purchase Contract.
POSSESSION
Possession will be given with delivery of deed, unless otherwise stated in the Real Estate Purchase Contract or announced prior to the conclusion of the auction.
PROPERTY TAXES
2026 property taxes will be prorated between Buyer and Seller as of the date of closing, unless otherwise provided in the Purchase Contract.
PROPERTY CONDITION — “AS IS, WHERE IS”
The property is being sold “AS IS, WHERE IS” in its present condition, with no warranties or guarantees, expressed or implied, except as may be specifically provided in the Real Estate Purchase Contract.
Bidders are responsible for conducting their own inspections and due diligence before bidding.
Each bidder should satisfy themselves as to all matters concerning the property, including but not limited to its:
- Condition and quality
- Acreage and boundaries
- Improvements
- Utilities
- Access
- Zoning
- Restrictions
- Easements
- Suitability for the bidder’s intended use
All information, photographs, maps, measurements, acreage figures, descriptions, and other materials provided by the Seller or Pennyrile Auction Company LLC are believed to be accurate; however, no warranties or guarantees are made as to their accuracy or completeness.
Bidders should rely upon their own inspections, investigations, and judgment when deciding whether and how much to bid.
EASEMENTS & RESTRICTIONS
The real estate is selling subject to all existing easements, restrictions, rights-of-way, covenants, zoning requirements, and other matters affecting the property, whether recorded or unrecorded, to the extent applicable.
BIDDER RESPONSIBILITY
Registration and/or bidding constitutes the bidder’s acceptance of these Terms & Conditions.
Each bidder represents that they have conducted, or have had the opportunity to conduct, all inspections and due diligence they consider necessary and that they are financially capable of completing the transaction.
Bids are binding and should not be placed casually. Bidders should carefully review their bid before submitting it.
AUCTIONEER & SELLER RIGHTS
Pennyrile Auction Company LLC and the Seller reserve the right to reject any bid when permitted under the stated auction format and terms, resolve bidding disputes, correct clerical or technical errors, and make necessary changes or announcements concerning the auction.
Any announcements, corrections, or modifications made by the Auctioneer prior to or during the auction shall take precedence over previously published advertisements, descriptions, or promotional materials.
ONLINE BIDDING
Pennyrile Auction Company LLC is not responsible for a bidder’s inability to place a bid due to internet connection problems, device failure, browser issues, software problems, technical difficulties, or other circumstances outside the Auctioneer’s reasonable control.
Bidders are encouraged to register early, become familiar with the bidding platform, and place bids in sufficient time to avoid last-minute technical issues.
By registering, you agree to receive marketing communications from Pennyrile Auction Company through various channels, including email, phone calls, text messages, and mail. Venue for disputes shall be the county in which Pennyrile Auction Company operates. Upon Registration, the Buyer acknowledges he/she have read and agree to be bound by the terms and conditions set forth, signifying they are in full agreement with these terms.
SELLER
Seller Beachy
