THOMAS R. HUNT AUCTIONEERS
AUCTION TERMS AND CONDITIONS
THERE IS NO BUYER'S PREMIUM. THE HIGH BID WILL DETERMINE THE CONTRACT SALES PRICE OF THE REAL ESTATE.
At the time of sale, the purchaser has the option of either (1) paying the full price or (2) paying at least 10% of the purchase price with the right to pay the balance in thirty (30) days. If the purchaser elects to pay less than the full price, they must sign a bond and provide surety. In addition, the Master Commissioner is obligated to charge the purchaser interest at 12% per year on any unpaid balance until fully paid.
The Master Commissioner accepts cash and all varieties of checks (personal, certified, or cashier’s) for all payments due.
The law requires that any purchaser who, at the time of sale, pays less than the full amount of the successful bid must sign a “bond” (on a form prepared and supplied by the commissioner) to pay the balance and provide surety for that bond. A “surety” may either be a person, bank, or other entity who agrees unconditionally to pay the balance due should the purchaser, for whatever reason, fail to pay in full within thirty (30) days. If you intend to bid upon the property, your surety must be pre-approved by the Master Commissioner by 12:00 p.m. central time on the Wednesday before the scheduled sale. Failure to secure pre-approval will prevent you from bidding on the sale date. Prior to the Sale, most prospective bidders and purchasers will make arrangements with a bank for the issuance of an unconditional and irrevocable official Letter of Credit (which serves as “surety”) which is to be faxed to the Master Commissioner before the deadline mentioned above, with the original to follow. Please note that a loan commitment will not be sufficient, only a Letter of Credit from a bank will suffice.
Other person(s) or entities, who are Kentucky residents, may also act as sureties, but only if they are present at the time of sale and have furnished the Master Commissioner a sworn financial statement (on a form supplied by the commissioner) which shows a net worth of at least 2 ½ times the sale price before the deadline mentioned above. If a married individual intends to act as surety, their spouse must also sign. Despite the net worth shown, the Master Commissioner has the right and discretion to reject any proposed surety for any reason.
PROPERTY IS OFFERED SUBJECT TO THE SPECIFIC TERMS PROVIDED IN THE PURCHASE CONTRACT. PLEASE READ AND REVIEW THE CONTRACT THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE CONTRACT FOR SALE OF THE REAL ESATE, DO NOT BID.
PROPERTY SOLD "AS IS": The property is sold without contingencies of any type such as further inspections, usability, or the ability of the buyer to secure financing, and subject to any valid easements. All property is sold “as is”.
LEAD BASE PAINT NOTICE: The residence was built prior to 1978 and could contain lead base paint. The purchaser will be required to sign a lead base paint waiver, waiving any further inspections.
CLOSING: THE CLOSING OF THE REAL ESTATE IS TO BE WITHIN 30 DAYS OF THE DAY OF THE AUCTION PER THE PURCHASE CONTRACT OF THE REAL ESTATE.
TAXES: Real Estate Taxes will be paid by the buyer.
POSSESSION: Possession shall be given with the deed.
DEED: Master Commissioner's DEED
AUCTION BID INCREMENTS: The Auctioneer shall determine the bid increments, which may be changed during the auction at his/her discretion.
AGENCY: Thomas R. Hunt Auctioneers, Inc. Agents and Representatives are agents of the Seller. Buyer and/or Bidder agrees to hold harmless and indemnify Thomas R. Hunt Auctioneers, Inc and its Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
AUCTION END TIMES: Thomas R. Hunt Auctioneers, Inc., real estate online auctions are timed events and all bidding will close at a specified time. Thomas R. Hunt Auctioneers, Inc real estate online auctions also have an auto extend feature. Any bid placed in the final 10 minutes of an auction will automatically extend the end time for a period of 5 minutes from the time the bid was placed. Example: if an auction scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend to 6:04. The auto-extend feature remains active until no further bids are received within a 5 minute time frame.
AUCTION BIDDER DEFAULT: A successful bidder not executing and returning the contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed Contract for Sale of Real Estate and earnest money deposit within the allotted time, the winning bidder will be charged a penalty of no less than 5% of the winning bid. Any legal remedy available may be used to collect these charges. Additional default remedies are reserved by Thomas R. Hunt Auctioneers, Inc and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Thomas R. Hunt Auctioneers, Inc. reserves the right to sell to the second highest bidder in the event the successful high bidder does not comply with the terms of the sale
AUCTIONEER'S NOTE: All information contained on the website, advertising, and all related materials should be verified by all interested parties. All interested bidders are responsible for conducting their own independent inspections and tests.
DISCLAIMER: Information contained herein was obtained from sources deemed to be reliable. However, neither the auctioneers, agents, nor the Seller shall be responsible for any errors or omissions herein. Announcements made the day of the sale shall take precedence over any prior advertising or other information.
Any dispute between Thomas R. Hunt Auctioneers, Inc its Agents, or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Warren County, Kentucky. By bidding on the property, buyer agrees to all terms and conditions set forth.
FOR MORE INFORMATION AND QUESTIONS, YOU MAY CONTACT THOMAS R. HUNT AUCTIONEERS AT (270) 782-2299
