REAL ESTATE AUCTION TERMS & CONDITIONS
Auction Conducted Jointly By: Huber Auction Group, LLC & Christy’s of Indiana, Inc.
BUYER’S PREMIUM
A 6% Buyer’s Premium will be added to the final successful bid to determine the Total Purchase Price.
Example: A final bid of $200,000 plus the 6% Buyer’s Premium ($12,000) results in a Total Purchase Price of $212,000.
RESERVE / SELLER CONFIRMATION
This property is being offered subject to a reserve or minimum acceptable final bid price.
The highest bid is subject to acceptance and confirmation by the Seller. Following the close of the auction, the Seller will accept or reject the high bid no later than 5:00 PM on the day of the auction.
The high bid does not constitute an accepted offer until the Seller has accepted the bid and the successful bidder has been notified of the Seller’s acceptance.
SALE PRIOR TO AUCTION
The property is subject to sale prior to the auction. The Seller reserves the right to consider, accept, counter, or reject an offer at any time prior to the auction. If the Seller accepts an offer prior to the auction, the auction may be canceled and the property withdrawn from the auction.
Any pre-auction offer is subject to Seller approval. The Seller is under no obligation to accept an offer prior to the auction.
EARNEST MONEY DEPOSIT – NON-REFUNDABLE
Upon Seller’s acceptance of the successful bid, the purchaser will be required to pay a 10% NON-REFUNDABLE earnest money deposit based on the Total Purchase Price.
The 10% non-refundable earnest money deposit must be received within 24 hours of the Seller’s acceptance of the bid and may be paid by certified funds or wire transfer, as directed by the Auction Company. The deposit will be held in a non-interest-bearing escrow account until closing and applied toward the Buyer’s Total Purchase Price at closing..
The earnest money deposit is NON-REFUNDABLE and will be applied toward the purchaser’s Total Purchase Price at closing.
PURCHASE AGREEMENT
Following Seller’s acceptance of the successful bid, the successful bidder will receive the Purchase Agreement and applicable transaction documents.
The successful bidder must execute and return the Purchase Agreement and provide the required 10% non-refundable earnest money deposit within 24 hours of Seller’s acceptance. The remaining balance of the Total Purchase Price will be due at closing.
FINANCING IS WELCOME
This is NOT a cash-only auction. Financing is welcomed, and all qualified bidders are welcome to participate.
Bidders intending to use financing must provide a financing approval letter as part of the bidder qualification process. Preapproval letters will not be accepted.
The use of financing does not create a financing contingency. Bidders using financing must have their financing arrangements sufficiently completed prior to bidding to meet all auction requirements, including the required earnest money deposit and closing deadline.
PROOF OF FUNDS / BIDDER QUALIFICATION
All bidders must be qualified and approved before bidding.
Cash buyers must provide acceptable Proof of Funds.
Bidders using financing must provide an acceptable financing approval letter. Preapproval letters will not be accepted.
Bidder registration may remain in a pending status until the required qualification documents have been received and reviewed.
PROPERTY CONDITION – AS-IS
The property is being sold AS-IS, WHERE-IS, with no warranties expressed or implied.
A current home inspection report will be provided and made available to prospective bidders as part of the auction documents. The inspection report is provided for informational purposes and does not create an inspection contingency or warranty by the Seller, Huber Auction Group, LLC, or Christy’s of Indiana, Inc.
Prospective bidders are responsible for reviewing the provided inspection report and completing any additional inspections, investigations, or due diligence they deem necessary prior to bidding.
The purchase is not contingent upon inspection, appraisal, survey, or financing. Any additional inspections, appraisals, surveys, testing, or other services desired or required by the Bidder/Buyer or their lender shall be the sole responsibility and expense of the Bidder/Buyer and must not delay or otherwise affect the required closing.
BID INCREMENTS
Internet bidding increments will be at the discretion of the auctioneer and determined during the live portion of the auction. Pre-bidding increments will be set to $1,000. Bidders will be required to bid according to the established increments.
CLOSING
Closing shall take place within 45 days of the Seller’s acceptance of the successful bid, unless otherwise agreed to in writing by the parties.
Closing will be conducted at:
ATA National Title
1298 N State St
Greenfield, IN 46140
Financing may be used to complete the purchase; however, closing is not contingent upon the purchaser obtaining or completing financing.
POSSESSION
Possession of the property will be given to the purchaser at closing, subject to the terms of the Purchase Agreement.
REAL ESTATE TAXES
Real estate taxes will be prorated at closing as provided in the Purchase Agreement and closing documents.
BUYER BROKER PARTICIPATION
Buyer broker participation is welcomed for this auction.
A Buyer Broker Participation Form will be provided with the auction documents. Any broker representing a prospective bidder must properly complete and submit the required form according to the deadlines and requirements stated in that document.
Any applicable buyer broker compensation and related terms will be handled in accordance with the completed Buyer Broker Participation Form and applicable agreements.
BUYER DEFAULT / ADMINISTRATIVE FEE
If the successful bidder fails to execute and return the required Purchase Agreement or fails to provide the required 10% non-refundable earnest money deposit within the required timeframe, the bidder will be considered in default.
In the event of such default, the successful bidder will be charged a $2,500 non-refundable Administrative Fee to the credit card provided at auction registration.
The 10% earnest money deposit is non-refundable. Failure of the purchaser to obtain or complete financing, obtain an appraisal, complete additional inspections, or otherwise complete the transaction does not entitle the purchaser to a refund of the earnest money deposit.
Payment of the Administrative Fee does not necessarily limit any additional rights or remedies available to the Seller under the Purchase Agreement or applicable law.
DUE DILIGENCE
All prospective bidders are encouraged to thoroughly review all available auction documents before bidding, including current home inspection report, title information, property tax information, seller disclosures, Buyer Broker Participation Form, and other documents provided in connection with the property.
All inspections, investigations, financing arrangements, and other due diligence should be completed prior to bidding. Any inspection report provided in the auction documents is furnished for REFERENCE ONLY and does not create or constitute any representation, guarantee, or warranty by the Seller or Auctioneers. Bidders are responsible for conducting their own due diligence and satisfying themselves as to the condition of the property prior to bidding. The property is being sold AS-IS, WHERE-IS.
BIDDING & AUCTION COMPANY AUTHORITY
All bids are considered binding and may not be withdrawn without the consent of the auction companies.
Huber Auction Group, LLC and Christy’s of Indiana, Inc. reserve the right to establish and enforce bidding procedures, resolve bidding disputes, reject or accept bids as permitted under the Auction Terms, and make reasonable adjustments necessary for the orderly conduct of the auction. The auction companies reserve the right to adjust the auto-extension period or bidding procedures if necessary due to technical issues or other circumstances affecting the auction.
INTERNET BIDDING DISCLAIMER
Huber Auction Group, LLC and Christy’s of Indiana, Inc. are not responsible for internet outages, connection failures, computer or device malfunctions, bidding platform interruptions, or other technical issues that may prevent a bidder from placing a bid. Bidders are strongly encouraged to place their bids early and not wait until the final moments of the auction.
ACKNOWLEDGMENT OF TERMS
By registering and/or placing a bid, each bidder acknowledges that they have read, understand, and agree to be bound by these Auction Terms & Conditions and the applicable Purchase Agreement. The successful bidder will be required to complete the transaction according to these terms and the executed Purchase Agreement.
