SIMULCAST AUCTION TERMS:
Online "Simulcast" Auction Information:
Ford Brothers, Inc. Online Auctions are timed events and all bidding will close as each lot is sold. Ford Brothers, Inc. To bid in the Simulcast format, you must proceed to the catalog, click "Enter Live Auction" option at the top of the catalog that will be available approx. 15 minutes to the start of the Live/Online Auction and at the point you will be on the Simulcast Auction Bidding Platform. You will need to bid fast and pay attention to the chat window for warnings. There is NO countdown timer.
Simulcast Bidding Options:
Each lot will become available in sequential order and you will need to use the red "Bid" button to bid the next increment available. You can use the chat to ask any questions, but you cannot use it to bid. If you have any questions about bidding in the Simulcast format, be sure to give us a call at 606-679-2212.
REAL ESTAT 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.
EARNEST MONEY:
A deposit equal to ten percent (10%) of the total purchase price shall be due as non-refundable earnest money.
Successful in-person/live bidders shall be required to provide the earnest money deposit on the day of the auction immediately following the conclusion of the sale.
Successful online bidders shall be required to submit the earnest money deposit within forty-eight (48) business hours following the conclusion of the auction in the form of a certified check, cash, or wire transfer.
Business hours shall exclude weekends and federal holidays. Successful bidders are expected to communicate promptly with Ford Brothers, Inc. following the auction regarding contract execution and earnest money delivery. Failure to communicate or cooperate with Ford Brothers, Inc. regarding earnest money and contract requirements may be considered evidence of default.
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 forty five (45) days of the auction 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 prior to bidding 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.
Successful bidder(s) shall be required to execute a Contract for Sale of Real Estate immediately following the auction. Online bidders shall execute all required documents within forty-eight (48) business hours following the conclusion of the auction.
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.
Lead-Based Paint Disclosure (for pre-1978 homes):
Any home built prior to 1978 may contain lead-based paint. The purchaser will be required to sign a lead-based paint waiver at or before closing. The purchaser waives the right to any lead-based paint inspection after the auction.
ELECTRONIC COMMUNICATIONS:
Buyer agrees that email, text message, electronic notification, electronic document delivery, and electronic signature platforms may be utilized by Ford Brothers, Inc. and shall constitute valid methods of communication regarding the auction, contract execution, earnest money requirements, closing coordination, and related transaction matters.
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.
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.
SERVER, SOFTWARE & INTERNET ISSUES:
In the event of technical difficulties related to the server, software, internet connectivity, mobile devices, computers, streaming delays, clerking errors, bidding latency, or any other online auction-related technologies, Ford Brothers, Inc. reserves the right to extend bidding, continue bidding, reopen bidding, close bidding, cancel bidding, suspend combination bidding, alter bidding sequence, or otherwise modify the auction process as necessary.
Neither the company providing the software nor Ford Brothers, Inc. shall be held responsible for missed bids, delayed bids, failed bids, internet outages, software malfunctions, bidder device malfunctions, streaming interruptions, clerking errors, bidding latency, or loss of connectivity for any reason.
Ford Brothers, Inc. reserves the right to reject any bid, suspend bidding activity, revoke bidding privileges, remove any bidder, or deny access to the auction platform at its sole discretion.
In the event of a disputed bid, tie bid, bidding interruption, clerking issue, lotting issue, internet delay, software issue, or other auction-related dispute, Ford Brothers, Inc. reserves the right to determine the successful bidder, reopen bidding, continue bidding, cancel bidding, remove any property, alter combinations, or resell any property at its sole discretion. All decisions of the Auctioneer shall be final.
BIDDER RESPONSIBILITY:
It is the sole responsibility of each bidder to read, understand, and comply with all auction terms and conditions, announcements, contracts, bidding procedures, auction instructions, and bidding formats prior to bidding. Failure to understand or comply with auction procedures shall not relieve a bidder of any obligations resulting from bidding activity or the purchase of property.
BIDDER VERIFICATION:
The identity of all bidders may be verified. Bidding rights are provisional, and Ford Brothers, Inc. reserves the right to reject any bidder registration if complete verification is not possible or if there are concerns regarding the bidder's eligibility, conduct, financial ability, or bidding history.
All bids are binding and irrevocable. Bid retractions are not permitted.
AUCTION BIDDER DEFAULT:
Default by Buyer: If the Buyer fails to comply with any of the terms and conditions of this 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 full 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 Conditions 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 Pulaski Circuit Court, Pulaski 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.
GOVERNING LAW & VENUE:
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.
Any dispute between Ford Brothers, Inc., its agents, representatives, Seller(s), and/or Buyer(s) shall be brought exclusively in Pulaski Circuit Court, Pulaski County, Kentucky.
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 Seller(s) from any and all claims, damages, liabilities, lawsuits, judgments, costs, expenses, or fees arising out of or related to the auction, bidding process, purchase transaction, property condition, access to property, or use of purchased property, to the extent permitted by Kentucky law.
FAIR HOUSING COMPLIANCE:
Ford Brothers, Inc. complies with all applicable federal and state fair housing laws.
DISCLAIMER & ABSENCE OF WARRANTIES:
All information contained in brochures, advertisements, websites, surveys, maps, plats, aerial photographs, tax records, and other materials is believed to be accurate but is not guaranteed.
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.
Each bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence prior to bidding.
Announcements made on the day of the auction, whether orally, electronically, or in writing, shall take precedence over all previously printed, published, or distributed materials.
For additional information, contact Ford Brothers, Inc. Auctioneers at 606-679-2212.
Tammy Wells, Auctioneer
