BURGESS AUCTIONS LLC
Trusted Auctions, Timeless Results.
704 E. Main Street, Greensburg, IN 47240
Terms & Conditions of Sale
1. Property
704 E. Main Street, Greensburg, IN 47240 (Decatur County, Washington Township), together with all improvements thereon, sold on behalf of Lori Foster and Michael T. Foster, husband and wife ("Seller").
2. Auction Date, Time & Format
Friday, October 23, 2026, at 12:00 Noon. The auction will be conducted live on-site at the property with simultaneous online bidding available through BurgessAuctions.com (powered by Marknet). Bidders may register to bid in person or online.
3. Type of Sale
This is a SELLER CONFIRMATION AUCTION. Bidding will proceed to the highest bid, but the sale is subject to acceptance and confirmation by the Seller immediately following the close of bidding at the auction. The Auctioneer will announce the Seller's decision to accept or decline the high bid before bidders are released. If the Seller confirms and accepts the high bid, the high bidder must immediately execute the Agreement to Purchase Real Estate at Auction and deposit the earnest money required herein. If the Seller does not accept the high bid, no sale occurs, no Agreement to Purchase shall be executed, and no earnest money is collected.
4. Opening Bid
Bidding will open at $150,000. This opening bid is set to generate interest and competitive bidding and does not represent an appraised value, reserve price, or reflection of the property's expected sale price.
5. Buyer's Premium
A 10% Buyer's Premium will be added to the final high bid to determine the total contract purchase price, regardless of bidding method (on-site or online).
6. Earnest Money Deposit
Once the Seller has confirmed and accepted the high bid, the high bidder must immediately execute the Agreement to Purchase Real Estate at Auction and deposit $5,000.00 in the form of cash, cashier's check, or certified funds made payable to and held in escrow by Fidelity National Title. This deposit is non-refundable. Online bidders will be contacted immediately following Seller's confirmation to remit the deposit and execute the purchase agreement. TIME IS OF THE ESSENCE with respect to this deadline.
7. Balance & Closing
The balance of the total contract purchase price is due in full at closing. Closing shall occur within 30 days of the auction date, at a title company designated by the Auctioneer/Seller. TIME IS OF THE ESSENCE with respect to the closing deadline. Buyer shall be responsible for their own closing costs and any lender-related fees, if applicable; Seller shall provide and pay for an owner's title insurance policy and shall pay Indiana transfer tax, if any. Seller shall pay real estate taxes due and payable Fall 2026. Buyer shall be responsible for all real estate taxes due and payable thereafter, including all subsequent installments; there shall be no proration of taxes between Seller and Buyer.
8. Financing
This sale is NOT contingent upon the Buyer obtaining financing, an appraisal, or a satisfactory inspection. Prospective bidders are strongly encouraged to arrange financing and complete all due diligence prior to auction day. Failure to close for any reason, including failure to obtain financing, will result in forfeiture of the earnest money deposit.
9. Condition of Property / As-Is Sale
The property is being sold AS-IS, WHERE-IS, with all faults and without any warranty, express or implied, as to condition, habitability, or fitness for a particular purpose. Prospective bidders are encouraged to inspect the property prior to auction day during scheduled preview times or by appointment. Information contained in marketing materials, the Property Information Packet, and online listings is believed accurate but is not guaranteed, and Bidders rely on their own inspection and due diligence.
10. Personal Property
All major appliances currently on the property (dishwasher, gas water heater, electric range/oven, refrigerator, and separate freezer) are included with the sale. Seller may remove other personal property prior to closing. Any personal property remaining on the premises at closing shall convey to Buyer AS-IS, WHERE-IS, with no obligation on Seller to remove it.
11. Title
Seller shall convey marketable title by the deed instrument determined appropriate by Fidelity National Title, subject to all easements, restrictions, reservations, and covenants of record, and subject to zoning and building ordinances, if any. Lori Foster and Michael T. Foster, husband and wife has full legal authority to confirm the sale and execute all documents necessary to convey title on Seller's behalf.
12. Broker Participation
A 3% broker co-op commission is offered to properly registered cooperating real estate brokers who represent a registered, winning bidder, per the terms of the separate Broker Participation Agreement. Brokers must register their buyer with Burgess Auctions LLC in advance of the auction and accompany their buyer to at least one property preview or to the auction itself to be eligible, per the Broker Participation Agreement.
13. Registration & Bidder Requirements
All bidders must register prior to bidding and provide valid government-issued photo identification. Online bidders must register through BurgessAuctions.com. Burgess Auctions LLC reserves the right to require any bidder, on-site or online, to submit a pre-approval or proof-of-funds letter and/or a refundable bidding deposit prior to being approved to bid. By registering to bid, all bidders consent to receive calls, texts, and email communications from Burgess Auctions LLC regarding this auction.
14. Bidding on Behalf of an Entity
Any person bidding or signing in the name of an LLC, corporation, trust, or other entity represents and certifies that they have full authority to bind that entity to the purchase. The individual signing remains personally responsible for performance of the purchase unless Seller expressly agrees otherwise in writing.
15. Electronic Signatures; Counterparts
Electronic signatures and execution in counterparts are expressly permitted for this Terms & Conditions of Sale, the Agreement to Purchase Real Estate at Auction, and all related auction documents, each of which shall be treated as an original and all of which together shall constitute one and the same instrument.
16. Auctioneer's Discretion
The Auctioneer reserves the right to group, regroup, add, or withdraw property, to reject any bid, to resolve any bidding dispute, and to establish bidding increments, all in the Auctioneer's sole discretion. Auction-day announcements by the Auctioneer are limited to material changes or newly discovered facts, such as casualty damage, title issues, or material corrections; otherwise, this document and the Agreement to Purchase Real Estate at Auction control.
17. Default
If the high bidder fails to execute the purchase agreement, fails to deliver the earnest money deposit, or fails to close as required herein, the earnest money deposit shall be forfeited to Seller as liquidated damages, and Seller reserves all other rights and remedies available at law or in equity, including reoffering the property at a subsequent sale.
18. Agency
Burgess Auctions LLC and its auctioneers represent the Seller in this transaction. J. Snider Real Estate is the listing broker representing the Seller. Cooperating brokers, if any, represent their own buyer-clients as set forth in the Broker Participation Agreement.
19. Governing Law
This sale and all related agreements shall be governed by the laws of the State of Indiana.
Burgess Auctions LLC | 45 W Carey Street, Knightstown, IN | 765-445-7814 | AU19600029
