Auction Terms & Conditions
7087 W 500 N, McCordsville, IN 46055
Online Pre-Bidding Opens: Thursday, August 13, 2026, at 10:00 AM
Live / Simulcast Auction Date: Saturday, August 15, 2026, at 10:00 AM
Auction Location: On-Site & Online Simulcast via www.burgessauctions.com
1. PROPERTY DESCRIPTION
Legal Description: 7087 W 500 N, McCordsville, Hancock County, Indiana 46055
Brief Tax Description: NE 11-16-5 .59AC
Parcel ID: 30-05-11-100-007.001-006
Property Type: Single Family Residential — Unplatted (0 to 9.99 Acres)
Property Specifications:
3 Bedrooms, 2 Full Bathrooms (9 total finished rooms)
1,402± Square Feet of finished main level living space
480± Sq Ft 2-Car Attached Garage
Wood deck (180± sq ft), shed canopy (120± sq ft), and an 8x10 utility shed
Year Built: 1972
HOA Fee: NONE — This property features no subdivision restrictions or homeowners association fees.
2. SELLER & AUCTIONEER INFORMATION
Deeded Owner: Karen E. Armstrong
Auctioneer: Zack Burgess, CAI, AMM | Burgess Auctions LLC
Real Estate Agent: [Insert Agent Name, License #, Phone, Email if applicable]
3. OPENING BID
The opening bid for this property is $150,000. The Seller is motivated to sell.
4. BUYER'S PREMIUM
A 10% Buyer's Premium will be added to the final bid amount to determine the total contract purchase price.
Example: Final Winning Bid of $200,000 + 10% Buyer's Premium ($20,000) = Total Contract Purchase Price of $220,000.
The Buyer's Premium is non-negotiable and applies equally to all bidders, whether bidding online during pre-bidding or live via the simulcast.
5. EARNEST MONEY DEPOSIT
Amount: $5000.00
Due: BY THE CLOSE OF BUSINESS ON MONDAY AUGUST 16, 2026
Payable To: Fidelity National Title
Acceptable Forms: Wire transfer, cashier's check, or certified check.
IMPORTANT: The earnest money deposit is NON-REFUNDABLE except in the event of uncurable title defects discovered prior to closing, or non-confirmation of the sale by the Seller. Earnest money will be applied toward the total purchase price at closing.
6. PROPERTY CONDITION
This property is sold "AS-IS, WHERE-IS" with NO WARRANTIES OR GUARANTEES of any kind, express or implied, by the seller or auction company, including but not limited to the condition of improvements, structural integrity, crawl space, mechanical systems, appliances, environmental conditions, or fitness for any particular purpose.
7. INSPECTIONS
All inspections must be completed PRIOR to the live auction on Saturday, August 15, 2026. There are NO post-auction inspection contingencies. By placing a bid, you confirm that you have either inspected the property to your satisfaction or have knowingly waived your right to inspect.
8. NO CONTINGENCIES
This sale contains NO CONTINGENCIES of any kind. There is NO financing contingency, NO inspection contingency, and NO appraisal contingency. If you are obtaining financing, you must secure a firm loan commitment BEFORE bidding. Denial of financing or a low appraisal does NOT excuse you from your contractual obligation to close.
9. SUBJECT TO SELLER'S CONFIRMATION
This sale is subject to confirmation by the Seller, Karen E. Armstrong, within 24 hours of the live auction event. If the sale is not confirmed, the earnest money deposit will be returned in full to the high bidder.
10. CLOSING
Closing Timeline: The winning bidder must close within 30 days of Seller's confirmation.
Closing Deadline: On or before September 15, 30 days out from Aug 15].
Closing Location: Fidelity National Title
Time is of the Essence: Failure to close by the deadline constitutes a default.
Seller Responsibilities: Provide Owner's Policy of Title Insurance, resolve defects necessary to convey clear title, pay transfer taxes per local custom, and pay the spring real estate tax installment currently due.
Buyer Responsibilities: Pay balance of total contract price, pay all lender's title insurance and closing costs, pay recording fees, and assume all real estate taxes due and payable after closing.
11. REAL ESTATE TAXES
Tax Status: Verified under Parcel ID 30-05-11-100-007.001-006.
Tax Proration: Seller pays the real estate tax installments due up to the auction/closing cycle. Buyer assumes all real estate taxes due and payable after the closing date, including all subsequent tax assessments.
12. POSSESSION
Possession of the property shall transfer to the Buyer at closing. The property will be delivered vacant and broom-clean.
13. REGISTRATION REQUIREMENTS
All potential bidders must register prior to bidding. Registration requires a completed Bidder Registration Form, valid government-issued photo ID, and proof of financial capability (bank statement, proof of funds, or current lender pre-approval letter). Online bidders must register at www.burgessauctions.com prior to placing any pre-bids.
14. SIMULCAST BIDDING PROCEDURES
Online Pre-Bidding: Opens Thursday, August 13, 2026, at 10:00 AM. Pre-bids will carry directly into the live event.
Live Simulcast Bidding: Conducted live on-site and broadcasted via real-time internet stream on Saturday, August 15, 2026, at 10:00 AM. Online bids will compete simultaneously with live on-site bids.
Irrevocable Bids: All bids made online or in-person are binding and irrevocable. Internet connectivity issues or latency do not excuse bid obligations.
Increments: The auctioneer reserves the right to establish bid increments and accept or reject any bid.
15. DEFAULT
In the event the winning bidder fails to close the transaction by the closing deadline, the earnest money deposit is forfeited to the Seller as liquidated damages. The Seller retains the right to pursue specific performance, actual damages in excess of the deposit, and all legal or equitable remedies available under Indiana law. The defaulting buyer shall be responsible for all attorney fees and collection costs incurred.
16. BUYER BROKER COMPENSATION
Commission Offered: 3% of the final hammer price (winning bid amount, NOT including the Buyer's Premium).
Requirements: A completed Broker Participation Form must be received by the Auction Company no later than 5:00 PM on Friday, August 14, 2026 (24 hours prior to the live event). NO EXCEPTIONS TO THIS DEADLINE. Cooperating brokers must register their client, attend the live auction with their client (or actively manage their online bidding), and see the transaction through to a successful close.
17. ANNOUNCEMENTS & DISCLAIMERS
Announcements: Auctioneer's announcements made live on auction day (Saturday, August 15, 2026) supersede all printed materials, digital advertising, and prior online content.
Disclaimers: All property dimensions, acreage boundaries, and square footage figures are derived from county records in "7087 W 500 N.pdf" and are deemed reliable but not guaranteed. Buyers are responsible for independent verification.
Governing Law: This agreement shall be governed by the laws of the State of Indiana. Venue for any legal proceedings shall be Hancock County, Indiana.
Download Forms & Links
[ DOWNLOAD REAL ESTATE BIDDER PACKET ]
[ DOWNLOAD BROKER PARTICIPATION FORM ]
[ REGISTER TO BID ONLINE ]
