Review the terms of auction before registering to bid.
TERMS AND CONDITIONS – Real Estate Auctions – Effective 12/28/2018
- All sales are AS-IS with no financing contingency unless listed otherwise on the individual property listing.
- Technology fees or buyer’s premiums, if any, will be listed on the auction terms for the individual property listing.
- Winning bidder will be required to provide proof of funds upon final bid acceptance.
- All bids are deemed pending subject to approval and acceptance by the auctioneer. Until accepted by the auctioneer, no bids will be confirmed.
- Upon acceptance of the final bid by the auctioneer, all sales shall be deemed final and binding upon the bidder.
- The winning bidder agrees to pay the full amount of the winning bid plus any fees and premiums and all taxes and closing costs in accordance with the terms and conditions of the auction.
- Auction participants agree to hold harmless the auction company and the company providing the software for technical processes that may cause the software to lose functionality, miss bids or fail to place bids.
- The auctioneer reserves the right to add or remove items from the auction; split or combine lots; add minimum bids or reserve prices; cancel, suspend, extend or reschedule an individual item and/or auction event; make changes to the auction closing times or inspection or removal times.
- The auctioneer reserves the right to reject any and all bids that, in auctioneer’s sole discretion, jeopardize the advancement of the auction or are deemed injurious to the auction, including, but not limited to suspicious or nominal bid advances.
- In the event a dispute arises between bidders, the auctioneer shall have sole discretion to determine the successful bidder. The auctioneer’s determination of the successful bidder shall be final.
- Auction participants acknowledge and affirm that by placing a bid, you agree to all of the auction terms and conditions set forth for individual auctions in which you are bidding, as well as these general terms and conditions.
- By placing a bid, auction participants acknowledge that you have the legal and financial capacity to bid and that your bid is a legally binding offer to purchase the property being auctioned.
- Real estate closing shall take place no later than thirty (30) days from the effective date of the contract.
- If declared and confirmed as winning bidder and purchaser, auction participants agree to pay any all attorney’s fees and court costs incurred by the auctioneer and/or auction firm to defend any action arising from auction participant’s failure to complete the transaction, including all obligations hereunder.
- Any and all disputes which may arise by virtue of this auction or your participation in the auction shall be resolved in the jurisdiction of Lenoir County, North Carolina.
- The laws of the state of North Carolina shall govern the interpretation and resolution of any and all disputes and matters relating to the auction sale.
- Bidder acknowledges that no relationship of any nature exists between bidder and auctioneer or between bidder and auction firm, including by agency, employment or independent contractor.
- Auctioneer and auction firm are the agents of the seller only. See Working with Real Estate Agents Brochure – Auctions.
- Cooperating brokers are welcomed and compensated. Brokers must submit a Confirmation of Agency form signed by auction participant to auctions@househunters.org before auction participant places a bid.
- Any and all announcements made prior to or during the auction or notices posted on the online auction take precedence over prior printed materials, statements or advertising.
- Auction participants must register in order to bid. Once you submit your information, you will receive an email with your bidder number. You will use a password that you create to confirm your bids.
AGENCY REPRESENTATION
Although our real estate firm practices dual agency in standard real estate transactions, Fordham Brokers will represent the seller ONLY for properties at auction. Cooperating brokers are welcomed and compensated. Please see the Working with Real Estate Agents brochure in the attachments below.
AUCTION SALE SAMPLE FORMS
Working With Real Estate Agents – Auctions
Real Property Auction Purchase and Sale Contract
Fordham Brokers
NCAFL 10160
Michelle L. Fordham, Broker/Auctioneer
NCREB 189326/NCAL 10184