AUCTION TERMS & CONDITIONS for ONLINE REAL ESTATE AUCTION in EASTERN NORTH CAROLINA – WATERFRONT RESIDENTIAL & COMMERCIAL PROPERTIES:
Bidding Ends Tuesday, AUGUST 4, 2020 at 4:00 PM *
Property # 1: 8412 Sound Drive, Emerald Isle, NC 28594 - Carteret County, PIN: 538420904402000
Property # 2: 263 US Hwy 70 W, Havelock, NC 28532 - Craven County, 0.55 +/- Acres, Parcel ID: 6-044-025-A
Property # 3: 261 US Hwy 70 W, Havelock, NC 28532 - Craven County, 0.46 +/- Acres, Parcel ID: 6-044-057
*OnLine Bidding ENDS Tuesday, AUGUST 4, 2020 beginning at 4:00 PM Eastern Daylight Time (subject to the Auto Extended Bidding Feature due to bidding activity at the closing).
Please read and review the following Auction Terms & Conditions for the Online Auction. When registering to bid in this Auction you are required to acknowledge that you have read and expressly agree to abide by the Auction Terms & Conditions.
BY BIDDING ON THIS AUCTION, BIDDER / BUYER EXPRESSLY AGREES TO ALL TERMS & CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE PROPERTY UNDER THE FOLLOWING TERMS AND CONDITIONS:
1. Purchase and Sale Contract: Each property is offered under the specific terms provided in the Contract for Sale of Real Property (aka Sale Contract). The Sale Contract is available at www.HouseAuctionCompany.com. Click on the “DOCUMENTS” Link located on the Auction Listing Page for each property. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and understand the Sale Contract then Do NOT Bid. A credit card, either Visa or MasterCard is required to register and bid.
2. AUCTION ENDING TIMES: All House Auction Company Online Auctions are timed events with a scheduled closing time, which is subject to extended bidding due to bidding activity at the closing of the Auction. NOTE: House Auction Company Online Auctions have AUTO EXTENDED BIDDING and EXTEND ALL BIDDING features which will become active in the last 5 minutes of the scheduled bidding period. Any bid placed on ANY Property within 5 minutes of the Auction ending time will automatically extend the ENTIRE Auction for ALL Properties for an additional 5 minutes. This process will continue until there are NO bids are received on ANY of the Properties in the Auction in the final 5 minutes. House Auction Company reserves the right to reduce and/or adjust the auto extension time period.
3. “EXTEND ALL BIDDING FEATURE Example: If the bidding is originally scheduled to end at 4:00 pm, and ANY property receives a bid at 3:57 pm, then the bidding period for ALL Properties in Auction will automatically extend to 4:05 pm. Once this begins, anytime a bid is placed on ANY Property in the Auction with under 5 minutes remaining, an additional 5 minutes is added to the bidding period for ALL Properties in the Auction. House Auction Company reserves the right to reduce and/or adjust the auto extension time period.
4. TERMS: At the close of the auction, the successful bidder(s) will be emailed the Contract Package (which includes Sale Contract and related sale documents) to be properly and completely executed without modification. Successful bidder(s) shall promptly return the complete executed Sale Contract and related documents to House Auction Company by email or fax within 24 hours of receipt. Successful bidders shall deposit 15% (fifteen percent) of the Contract Purchase Price with House Auction Company in the form of bank cashier check, wire transfer, or guaranteed personal funds within 24 hours of receipt of the contract package. The entirety of the remaining balance is due at closing as stipulated in the Contract for Sale of Real Property. Instructions for wire transfer and /or cashier check transmittal will be sent by e-mail to the successful bidders. Buyers shall be responsible for all wire transfer fees related to their deposit through the entire transaction.
5. Buyers Premium: A 10 % Buyers Premium will be added to the bid price to determine the contract purchase price. Buyers Premium Example: Bid Price: $100,000 - Plus 10% Buyers Premium: $10,000 for a Total Contract Purchase Price of $110,000.
6. CONTRACTS: Contract Documents will be sent by email to the successful high bidder(s) at the conclusion of the auction. Successful high bidders (Buyers) must properly execute and email or fax the executed contract and related sale documents to House Auction Company and submit the earnest money deposit within 24 hours of receipt. Contract documents are required to be fully and correctly executed without modifications. Successful high bidders not executing and returning their contract with earnest money deposit within 24 hours of receipt will be considered in default and subject to an Administrative Fee (as defined below). All Administrative Fees are nonrefundable.
7. Auction Administrative Fee: In the event a winning bidder fails to submit the properly signed Contract for Sale of Real Property and earnest money deposit as provided in the Terms & Conditions, the winning bidder will be charged an Administrative Fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by House Auction Company and the Seller as provided in the Auction Terms & Conditions and the Contract for Sale of Real Property. ALL Administrative Fees are nonrefundable.
8. Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, House Auction Company will reject the registration and bidding activity will be terminated for an unverified bidder. Bidder responsibilities include, but are not limited to: Bidders agree to keep their user name and password strictly confidential, as they are responsible for ANY and ALL activity involving their account.
9. Outbid Notification: Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual parcel / tract information. Due to varying internet connections and speed, sometimes email notifications can be delayed. Registered bidders expressly understand and agree that House Auction Company, MarkNet Alliance and the Seller are not responsible or liable for the failure of any part of the bidding process or internet bidding.
10. Property Information & Inspection: By registering and bidding in this auction, Bidder expressly acknowledges and warrants that they have personally inspected the property, or have arranged for their agent to conduct an inspection of the property, or have waived their right to inspect the property they are bidding on, and further agree to abide by the Terms and Conditions as set forth herein. House Auction Company (Auctioneer) is not responsible for any missing or incorrect information. Descriptions provided by Auctioneer are provided in good faith and are matters of opinion. It is the bidder’s sole responsibility to conduct any inspections to determine the condition of the property and feasibility of bidder’s intended use. By placing a bid, this creates a contractual agreement by the bidder to purchase the property at the high bid price plus Buyers Premium and any additional fees included in the closing of the real property transaction. All properties are subject to prior sale or removal from the auction.
11. INSPECTION / PREVIEW DATES:
For Property # 1 – 8412 Sound Drive, Emerald Isle, NC - At Buyer’s Leisure and Liability during daylight hours
For Properties # 2 & 3 – 263 & 261 US Hwy 70 W, Havelock, NC 28532 – At Buyer’s Leisure and Liability during daylight hours
Private showings are available if scheduled IN ADVANCE. Call 252-729-1162 to schedule private showing IN ADVANCE.
12. Title: Seller will convey to the successful Buyer(s) good and marketable title to said properties by Warranty Deed subject only to permitted encumbrances.
13. Bid Confirmation: Property is selling subject to Seller’s confirmation unless advertised as Absolute.
14. Ad Valorem Taxes: Current year Ad Valorem taxes (real property taxes) will be prorated between Seller and Buyer as of the date of closing.
15. Personal Property: This sale excludes ALL personal property located on each respective property, except as provided below:
16. Closings: Time being of the essence, these sales shall be closed on or before SEPTEMBER 3, 2020. Buyer’s closing attorney shall provide the settlement statement and closing package to the Seller’s Broker and Seller’s closing attorney NO LATER than four (4) business days prior to the scheduled closing date for Seller’s review and execution. Seller will not attend closing; however Seller will deliver closing documents to the Buyer’s closing attorney to hold in trust pending Buyer’s completion of the transaction. The Seller will pay for the preparation of the Deed, documentary deed stamps and Seller’s prorated share of the Ad Valorem (real property) taxes. The Buyer(s) will pay for all other closing costs associated with this sale, including but not limited to preparation of the closing/settlement statements (HUD), State and local recordation fees and taxes, receiving and disbursing the funds, any overnight or regular shipping of documents, all wire transfer fees associated with Buyer’s earnest money deposit and any title insurance or title search fees the Buyer desires. Real estate taxes will be prorated as of the date of closing. By registering and bidding in this auction, Buyer hereby authorizes the closing attorney, the parties’ real estate agent(s) and Buyer’s lender(s) to release and disclose any Buyer’s closing disclosure, settlement statement and/or disbursement summary, or any information therein, to the parties to this transaction, their real estate agent(s) and Buyer’s lender(s).
17. Possession: Possession of the property shall be gran