TERMS & CONDITIONS: Thank you for your interest in this property. Contact Lee Smyth if you need additional information (919-208-9417).
Overview: This online auction is a cash sale not contingent on or subject to financing, appraisal, survey, study period or inspections of any kind, as agreed to by bidders at registration prior to bidding, and specified in the Real Estate Contract of Purchase. Property is sold in as-is condition with no warranties or guarantees of any kind.
Per the contract, “TIME IS OF THE ESSENCE,” and you should proceed to closing immediately. You must close the transaction on or before 30-45 days from close of online auction and seller confirmation.If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve – you may be declared in breach of the contract, forfeit all deposits made, and could be additionally liable for any and all court costs, any price difference in a subsequent resale of the property, and all future auction costs incurred by the seller and Nicholls Auction Marketing Group, Inc. (Due to the current COVID-19 circumstances, we understand that the closing period may need to be extended. We are happy and willing to work within these new circumstances). The purchaser will pay for all of their closing costs associated with the transaction.
Bid with confidence, but please do not delay your closing!
Earnest Money Deposit: At the close of the auction, and seller confirmation, the successful bidder will be emailed the contract package to execute and return to Nicholls Auction Marketing Group, Inc. The successful bidder will deposit $2,500 in the form of cashier’s check (United States Bank) or wire transfer to Nicholls Auction Marketing Group, Inc. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.
Contract for Sale of Real Property: This property is offered under the specific terms provided in the contract. The Real Estate Contract of Purchase is available at www.nichollsauction.com in the property information packet package located from within the “DOCUMENTS” section. 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 Real Property, Do Not Bid!! Contract Packages will be sent by e-mail to the high bidder, who must execute and email or overnight mail back to Nicholls Auction Marketing Group, Inc., within 24 hours of receipt. If the successful bidder does not execute and return their contract with earnest money deposit within 24 hours of receipt they will be considered in default and subject to legal action. This is a legal binding contract. In the event a winning bidder fails to submit the signed ’Contract for Sale of Real Property’ and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500 on the credit card provided at auction registration. Additional default remedies are reserved by Nicholls Auction Marketing Group, Inc., and the Seller as provided in the Auction Terms & Conditions and the ‘Contract of Purchase’. All administrative fees are non refundable
Buyer’s Premium: A 10% buyer’s premium ($2,500 minimum) will be added to the final bid price to determine the total contract price. 10% Buyer’s Premium Example: Bid Price: $100,000 Plus 10% Buyer’s Premium: $10,000 Total Contract Price: $110,000.
Bidder Registration & Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Nicholls Auction Marketing Group, Inc. will reject the registration, and bidding activity will be terminated. Nicholls Auction Marketing Group, Inc. has the sole authority to resolve any bidding disputes as they may arise. For verification purposes, a credit card is required in order to register for this auction. Upon registering, an authorization charge of $1,000.00 will be charged against the credit card used for registration (your card will only be “Pinged” and not charged). This authorization is not a permanent charge placed on your card, it is only a pre-authorization used to verify identity of our bidders and the availability of funds on the credit card used for registration. Please be advised that Nicholls Auction Marketing Group, Inc. has no control over the length of time the verification charge remains on your card, that is at the sole discretion of your credit card company. Also, please be aware that registering for multiple auctions could incur multiple verification charges; and in some instances, multiple verification charges may result in a fraud alert being sent to the card holder. Nicholls Auction Marketing Group, Inc. reserves the right to reject or accept bidder registrations at its sole discretion.
Bidding: The auction software and our online bidding platform will notify bidders by email if they have been outbid. Please consider using the “Max Bid” feature as this will allow the software to bid on your behalf up to, but not exceeding, your Max Bid. If two or more bidders put in the same Max Bid, the auction software will recognize the earliest placed bid.
The real estate is offered for sale to all persons without regard to race, color, religion, sex, handicap, familial status or national origin.
Auction Ending: The online bidding will begin to close on Friday, May 22, 2020 @ 12pm Noon (Eastern Time). The Auction is scheduled to end at the published end time, subject to auto-extend bidding. Each time a bid is placed with the clock showing less than 3 minutes, the clock will reset to 3 minutes. If there are no bids within 3 minutes, the auction will end. This procedure prohibits any last second “sniping'"from taking place and making it fair for everyone. In the event the auto-extend time needs to be reduced, Nicholls Auction Marketing Group Inc. reserves the right to adjust the auto-extend, as needed.
Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as buyer’s agent. Nicholls Auction Marketing Group, Inc. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. At auctions with reserve, the seller and/or auctioneer reserves the right to bid.
Realtor Representation: Pre-approved (no later than 5 pm (Eastern) 5/21/2020) realtor representation is compensated. Real estate agent must fill out and submit realtor representation form by time stated above and adhere to all rules in order to be compensated.
Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold ’AS IS’ with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding.
Technical Issues: Neither the company providing the software nor the auction company shall be held responsible for a missed bid or the failure of the software to function properly for any reason. In the unfortunate event of a DDOS attack or server attack/shut down, the auction company reserves the right, but is not required, to change the bid closing deadline. Please contact Bid Wrangler @ 844-296-8727 if you need assistance with the online bidding platform.