BIDDER AGREEMENT
AUCTION – REAL ESTATE
Wednesday, May 8, 2024, Real Estate Sells at 6 PM
ESTATE OF ELIZABETH ANN STACY
5880 Wynn Rd., Springfield, Ohio 45502
(Dayton-Springfield Rd. to north on Tecumseh Rd. to Wynn Rd.)
Clark County – Mad River Twp. – Greenon Schools
REAL ESTATE
Clark County – Mad River Twp.
Located on the Mad River, 1-story home, 2 bedrooms, 1 bath, living room, and kitchen, gas FA heat and CA. Large detached 4-car garage and storage shed. Private well and septic. Situated on 2.09 acre mature shaded lot.
TERMS: ($5,000) down day of Auction, balance within 45 days. Annual taxes ($1,509.30) prorated to date of closing. Possession upon closing.
PREVIEWS: Monday, April 29 & May 6 (5-6 pm)
Seller: Estate of Elizabeth Ann Stacy, Zachary M. Harvey, Attorney
TERMS AND CONDITIONS OF AUCTION :
1. General Terms of Auction: Auditor appraised at $108,450 and sells subject to confirmation. THIS IS A RESERVE AUCTION. Bidders shall be responsible for their own due diligence prior to bidding on the property and are advised to conduct, or have conducted on their behalf, any inspections of the property prior to placing a bid. All bids shall constitute a legal and binding offer to purchase the property. Upon close of bidding the high bid shall be presented to Seller. If Seller confirms and accepts the high bid then Seller shall execute a “Confirmation of Sale Agreement” and the high bidder shall then be the “Buyer” subject to the remaining terms of this Agreement. The Confirmation of Sale Agreement, together with the terms and conditions contained herein, shall collectively constitute the Sales Contract. All terms of the Sales Contract shall be binding on both Buyer and Seller. By signing this Agreement the Bidder acknowledges receipt of disclosure of the terms of the Confirmation of Sale Agreement.
2. The Confirmation of Sale Agreement: Upon the close of bidding and receipt of notification from the Auctioneer that Bidder is the high bidder the high Bidder shall execute the Confirmation of Sale Agreement. Thereafter, the Confirmation of Sale Agreement shall constitute the Bidder’s offer to Seller and shall be presented to Seller for confirmation and acceptance.
3. Buyer’s Deposit: Upon Seller accepting the high bid, Buyer shall deposit the sum of $5,000 made payable to Harvey Plus LLC (broker) upon acceptance of Buyer’s notification that Seller accepted the high bid. The deposit shall be applied as a credit to Buyer at closing towards the purchase price. Buyer’s deposit shall be non-refundable. In the event Buyer fails to close on the property then it is agreed Seller shall retain Buyer’s deposit as liquidated damages. If Seller fails to perform pursuant to the terms of this Agreement then the Buyer’s deposit shall be returned to the Buyer and both parties shall be released from their obligations under the Sales Contract and said contract shall thereafter be null and void.
4. Seller’s Disclosures: Bidder acknowledges receipt of Seller’s Residential Property Disclosure (if applicable), Lead-Based Paint Form (if applicable), the Ohio Residential Property Disclaimer Statement (if applicable), and all other disclosures that may be required under Ohio law. Bidder agrees, if Bidder is the high bidder, that he/she/it shall execute all necessary disclosures as the Buyer upon Seller’s confirmation and acceptance of the high bid.
5. Auctioneer’s Representation of the Property: The information listed in materials describing the property has been obtained from sources which are deemed by Auctioneer to be reliable, but shall not be guaranteed by the Auctioneer or its agents and employees. Bidder’s shall be responsible for his/her/its own due diligence as to the condition of the property and the property’s suitability for Bidder’s intended use. Bidder shall be responsible, at Bidder’s option, for verifying all property information prior to placing a bid. Bidder’s decision to bid shall be the deemed the independent decision of each Bidder. Auctioneer assumes no responsibility for the condition of the property or for the performance of the parties under this Agreement. By signing this Agreement Bidder hereby warrants and represents that Auctioneer has not made any statements, representations or warranties regarding the condition of the property and premises, fixtures thereto, zoning conditions, governmental requirements or environmental matters, guarantees or warranties of the like, upon which Bidder may rely and which are not contained in this Agreement. The Auctioneer, Harvey Plus LLC, shall not be responsible or liable in any way if the Seller fails to honor the terms of the Sales Contract.
6. Reservation of Right to Cancel Auction or Bid: Bidder agrees the Auctioneer, Harvey Plus LLC, on behalf of Seller, shall have the right to cancel any bid or withdraw any property from the auction at any time prior to Seller confirming and accepting a high bid.
7. Bid Structure: The opening bid and all bidding increments shall be determined solely by the Auctioneer. Auctioneer shall set, and have the right to adjust, the minimum bid increments as the auction progresses. Auctioneer may reject any bid if Auctioneer determines the bid is merely nominal or may negatively affect the auction process. The auction will either be “Absolute” or “Reserve.” If this is an Absolute auction, the high bidder shall be the Buyer and the high bid shall be deemed accepted by Seller upon close of bidding. If this is a “Reserve” auction the Seller reserves the right to either accept or reject the high bid. However, if a bid is placed which exceeds the predetermined Reserve Price the auction shall then be an Absolute auction and the property will be sold to the high bidder. The auction shall be a Reserve auction until stated otherwise by Auctioneer or until such time as the declared reserve price is met.
8. Purchase Price: Upon Buyer and Seller executing the Confirmation of Sale Agreement the high bid shall represent the purchase price.
9. Contingencies: By signing this Agreement and by placing any bid at auction the Bidder/Buyer acknowledges and represents the purchase and sale of the property SHALL NOT be contingent upon Buyer securing financing, performing inspections, or Buyer’s satisfaction with any appraisal of the property subject to this Agreement.
10. “AS-IS”: The property shall be auctioned and conveyed in an “AS-IS, WHERE-IS” condition as of the date and time of sale. Neither Harvey Plus LLC, nor the Seller(s), their agents, employees or representatives make any warranties, expressed or implied, of any kind whatsoever concerning the property and this sale.
11. Closing: The closing shall occur on or before forty-five (45) calendar days of Seller executing the Confirmation of Sale Agreement. Title insurance, if desired, shall be paid by the Buyer.
12. Closing Costs: Buyer shall be responsible for all closing costs, including but not limited to: settlement/closing fee, title search fee(s), the cost of all documentary stamps, wire fees, and other costs incident to settlement. The Seller shall be responsible for the deed preparation fee and conveyance fee.
13. Title Insurance: The cost of an owner’s policy of title insurance and any accompanying title insurance endorsements shall be paid by the Buyer if Buyer elects title insurance.
14. Real Estate Taxes: The property taxes shall be pro-rated through date of closing with Buyer receiving a credit at closing. (Long Proration Method). The annual property tax for the year 2023 is was $1,509.30, which be utilized for pro-ration.
14. Possession: Buyer shall be given possession of the property upon closing and delivery of deed.
16. Agency: It is acknowledged by Buyer that Harvey Plus, LLC., and its representatives, are the Exclusive Agents of the Seller.
17. Disclaimer & Absence of Warranties: All information provided and all related materials are subject to the terms and conditions outlined in the agreement to purchase. The property is sold on an “As Is, Where Is” basis and no warranty or representation, either expressed or implied, concerning the property is made by the seller or the auction company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries and due diligence concerning the property. The information provided is believed to be accurate but is subject to verification by all parties relying on it. No liability for its accuracy, errors or omissions is assumed by the seller, the broker or the auction company. All sketches and dimensions provided are approximate. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The seller, broker and auction company reserve the right to preclude any person from bidding if there is any questions to that person’s credentials, fitness, etc. All decisions of the Auctioneer are final.
