Bidding Procedures & Auction Terms and Conditions
This property may be purchased at the live auction via either online or onsite bidding.
Registration to Bid Online: Proper and complete online registration is required to bid online. A credit card is required to actually place a bid on the property. The credit card will be validated before bidding access is granted but is not a recognized form of payment of the earnest money (deposit) or purchase price. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.
Registration to Bid Live: Valid Driver’s License or State ID required.
Bidding online: To place a bid, bidders have the option to bid in one of three ways 1) bid the current asking price, 2) bid a specific amount or 3) create a maximum bid. The “max bid” or “New Max Bid” feature allows a bidder to enter their maximum bid. This authorizes the system to only bid the smallest acceptable bid increment on the bidder(s) behalf when they have been outbid and only up to their maximum bid. The benefit of this feature is to provide you, the bidder, with an easier way to bid by not having to login and manually bid each time you have been outbid. In the case of an auction with a reserve, if the maximum bid entered is less than the reserve, the system will place the bid at the bidder’s maximum bid. If the reserve has been met or it is an auction without reserve, the system will only bid the smallest acceptable bid increment on the bidder(s) behalf when they have been outbid and only up to their maximum bid. The highest online bid at the time the auction converts to a live format, becomes the opening bid in the live auction. The bidder(s) with a "maximum" bid, if applicable and not yet met, will also carry through to the live auction as described above. Any registered online bidders may continue to bid online in the live auction by logging in at the published auction time. An online bidder wishing to bid live onsite will need to properly register at the auction site and be assigned an onsite bidder number.
Buyer's premium: A buyer's premium of ten percent (10%) of the high bid shall be added to that bid and included in the total contract price to be paid by the successful bidder(s).
High bid on the property:
Add Buyer's Premium: (10% of 100,000)
Equals Total Contract Price:
Financing: Sale of the property is not contingent upon the buyer obtaining financing. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.
Inspection: THIS AUCTION IS NOT CONDITIONAL UPON ANY TYPE OF INSPECTION. If you or any concerned party to the transaction need any type of inspection done, you may do so prior to bidding. So long as NO damage is done to the property and it remains in the same condition prior to the inspection.
Contract Signing for Winning Online Bidder: At the conclusion of the auction the Winning Bidder will receive an email confirming his or her winning bid status. In this or a subsequent email the Winning Bidder will receive a link to sign all documents electronically along with wiring instructions for submitting the required earnest money deposit to the named title company. The Auctioneer or his representative will contact the Winning Bidder the day of the auction to address any questions concerning the required process. Should the electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and deposit payment process must be completed by close of business on the day following the auction conclusion. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Joe Ollis Real Estate & Auction, LLC auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller's reserve, unless advertised otherwise. Any property with a high bid exceeding the Seller's reserve will be declared "sold" by the Auctioneer. In instances where the seller's reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller's sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.
Earnest Money (Deposit): The Winning Bidder shall be required to make an earnest money down payment in the amount(s) of Tract 1: $5,000.00, Tract 2: $5,000.00, & Tracts 1 & 2 Combined $10,000.00. A Check (made payable to Joe Ollis Real Estate & Auction, LLC) or cash are acceptable forms of payment. The earnest money will be held in a non-interest-bearing escrow account until settlement. This becomes part payment of the property at closing.
Evidence Of Title: Seller shall furnish at seller's expense an Owner's Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s). Meaning, the buyer will receive a free & clear deed and title to the property. The buyer shall pay the title search on themselves, title insurance charges, and usual conveyance expenses.
Closing: The Winning Bidder shall close on or before September 26, 2023. The buyer(s) acknowledges and agrees that time is of the essence. Buyer(s) shall close using Franklin County Title Co., Inc. (618) 439-3193.
Closing Costs: The closing fee of the title company shall be split 50/50, between the seller and buyer. The deed shall be prepared and acknowledged by Seller at Seller’s expense and recorded at the expense of Buyer, including tax stamps.
Real Estate Taxes & Assessments: 2022 taxes are the responsibility of the seller. 2023 taxed will be given as a credit on the closing statement based upon the latest information from the courthouse records.
Possession: Possession will be given on the date of closing. Any personal property left on the real estate will become the property and responsibility of the new buyer.
Easements And Leases: Sale of said property is subject to any and all easements of record and any and all leases.
Agency: Joe Ollis Real Estate & Auction, LLC and its representatives are Exclusive Agents of the Seller.
Conditions of Default: If any conditions contained herein are not complied with by the buyer, Joe Ollis Real Estate & Auction, LLC may, in addition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either, a) cancel the sale, retaining as liquidated damages any payments made by such buyer, b) resell the property at public auction or privately on seven days notice to such buyer, or c) take such other action as it deems necessary or appropriated. If Joe Ollis Real Estate & Auction, LLC resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. In any event, the buyer’s earnest money deposit will be retained by Joe Ollis Real Estate & Auction, LLC as liquidated damages.
Disclaimers And Absence of Warranties: The information in the auction advertising was obtained from sources believed to be accurate but is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an "AS IS", "WHERE IS" basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement. This property is available for and subject to sale prior to auction.
Technical Issues: In the event there are technical difficulties related to the server, software, internet or any other auction-related technologies, Joe Ollis Real Estate & Auction, LLC reserves the right to extend bidding, continue the bidding or close the bidding. Neither the company providing the software, nor Joe Ollis Real Estate & Auction, LLC shall be held responsible for the failure of the software to function properly for any reason. To minimize the chance of being affected by internet or software issues, please use the “Max Bid” feature.
We hope you enjoy bidding in the live and online auction!