Terms and Conditions of the Auction Sale
Auction: 40+/- Acres, Randolph County, Alabama
Please carefully read these Terms and Conditions. This document describes the Bidder/Purchaser’s responsibility and many disclosures the Bidder should be aware of. Failure to read and understand these Terms and Conditions is a failure of the Bidder/Purchaser and not a cause to void a bid placed or a contract signed by the Bidder/Purchaser. All Sales are final.
Southern Auction Solutions, Ron Young Auctioneer, Al #5390, Southern Auction Solutions staff will hereby be known as “Auction Company”
throughout this document.
“As Is” “Where Is”
- Due Diligence – It is the Bidder/Purchaser’s responsibility to examine the property they are bidding on independently. We have disclosed any known defects. We believe the information provided is factual but not guaranteed. We strongly urge you to perform your own study of the property before placing a bid.
- The information provided in the property information package in regards to the size of the property, or any other factors are estimates only used for the convenience of the Bidder/Purchaser unless confirmed by recent survey. Auction Company is not responsible for exact size amounts.
- All information is believed to be either estimates or to be accurate, neither the descriptions nor any oral statements made by the Auction Company, shall be construed as a warranty, either expressed or implied. I the Bidder/Purchaser have inspected the property I am bidding on and accept it and any and all faults.
1. Purchase Contract: The property is offered under the specific terms provided in the Real Estate Sales Contract. A sample Real Estate Sales Contract is available under the document tab.
a. Bidders will be manually approved for registration to bid online.
b. Deposit is 10% of the high bid. The deposit is due to the Auction Company by 5:00 pm CST the day after the online auction is concluded via wire transfer or cashier’s check. Must provide Proof of Funds to be approved to bid. This can be a letter from your bank, a pre-approval letter or intent to loan from a lender, a screen shot of your bank account, anything to show you have the ability to cover the amount of your Bid.
Notice to Non-U.S. Citizens: All deposits must be arranged through wire transfers to Southern Auction Solutions. Non-U.S. Citizens’ Certified checks will not be accepted.
c. The winning Bidder(s) will be required to sign a binding, non-contingent Real Estate Sales Contract immediately following the auction sale.
d. Bidding Increments are a minimum of $10,000.00 for the property. However, this may change as the Auctioneer sees fit. Bidders may enter a higher amount but no bids below said amounts can be accepted for the property.
THE BID AMOUNT THAT IS SHOWN AS THE HIGH BID IS WITHOUT A BUYER’S PREMIUM. ALL BIDS WILL HAVE A 10% BUYER’S PREMIUM ADDED TO DETERMINE THE FINAL SALES PRICE PLUS THE COST OF CLOSING.
2. Terms of Sale: At the conclusion of the auction, the winning Bidder(s) will be emailed or faxed a Real Estate Sales Contract to be executed and returned to Ron@SouthernAuctionSolutions.com and or fax to: 256-357-2323. Successful Bidders will deposit Ten Percent (10%) of the High Bid Price by wire transfer or certified check to the Auction Company, Southern Auction Solutions trust account with the Real Estate Sales Contract by 5:00 pm CST the day after auction conclusion. The entirety of the remaining balance is due at closing on or before 30 DAYS. This must be completed by 5:00 pm CST the day following the close of the Auction, of receipt of the Contract documents or the purchaser shall be in default.
3. Bidder Verification: Bidder must register to participate in the auction. Southern Auction Solutions will verify all Bidder registrations. If the Auction Company is unable to verify the Bidder and/or the Bidder does not comply with the online terms the bidding rights shall be terminated or extinguished without notice. The Auctioneer may require a proof of funds letter be submitted prior to or during bidder participation. Deposit is 10% of the high bid. The deposit is due to the Auction Company by 5:00 pm CST the day after the online auction is concluded via wire transfer or cashier’s check. Must provide Proof of Funds to be approved to bid. This can be a letter from your bank, a pre-approval letter or intent to loan from a lender, a screen shot of your bank account, anything to show you have the ability to cover the amount of your Bid.
4. Buyer's Premium: A 10% Buyer’s Premium will be added to the bid price to determine the final sale price. Example:
Bid Price: $1,000,000
Plus 10% Buyers Premium: $100,000
Total Sale Price: $1,100,000
5. Bidding Format: BidWrangler and affiliated companies, utilize timed auction events in an online setting. You will need a continuous internet connection, high speed connection is recommended.
Our online only real estate auctions also include an auto-extend feature. Any bid placed within 2 minutes of the auction ending will automatically extend the auction for an additional 2 minutes from the time the bid is placed. A maximum bid can be placed on any property. For technical assistance please call Rita Young at 334-646-9627.
(Example:) If an auction scheduled to end at 4:00 p.m. receives a bid at 3:59 p.m., the conclusion of the auction automatically extends to 4:01 p.m. The auto-extend feature remains active until no further bids are received within the 2-minute time frame. The winning Bidder is the final Bidder whose bid has not been raised in the 2-minute time frame.
6. Auction Bid Default: In the event a winning Bidder fails to submit the executed Real Estate Sales Contract as well as the required non-refundable down payment as provided in the Auction Terms, there may be remedies for the seller as a result of default, including, legal action for seller’s loss.
7. Closing: Closing will occur within 30 days of the auction. The Seller shall convey the property by Warranty Deed. The Seller shall pay for their prorated share of property taxes. The Buyer shall be responsible for all other costs of closing and transfer. Buyer acknowledges that this sale is not contingent upon post sale inspections or financing approval. Any closing that is delayed beyond 30 days without the written authorization of Seller and Auction Company due to any actions or inactions of Buyer or anyone working on behalf of Buyer, including lenders, inspectors, appraisers, etc., will cause Buyer to be considered to be in breach of contract. Buyer will forfeit all down payment and will be held responsible for any costs incurred by either Auction Company or Seller from the resale of the properties, all legal claims will be properly filed in Randolph County, in the State of Alabama.
8. Agency Disclosure: Southern Auction Solutions, Ron Young and all affiliates and partners represent the SELLER in ALL transactions.
9.Disclaimer: All information contained herein is believed to be correct. Accepting the Terms & Conditions you acknowledge you have read and understand them. The information is being furnished to Bidders for the Bidder’s convenience, however 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. Each Bidder must conduct and rely solely upon their individual investigation and inspection. The property is being sold “AS IS, WHERE IS” with any and all faults. All properties are sold subject to any and all existing matters of record, all easements, and local zoning regulations. There are NO CONTINGENCIES for financing, appraisals, repairs, or inspections or any other requirements that may be required by a mortgage company. Please review all information supplied and seek appropriate assistance prior to bidding.
Bidder acknowledges that hardware malfunctions, software malfunctions, viruses and similar issues do occur and are beyond the knowledge, scope, and control of the Auctioneer. We are NOT responsible for your system malfunctions, connection to the Internet or your email stopping any of our emails to you in regard to bid confirmations and/or outbid notifications.
Read the descriptions and view photographs carefully. If you have any questions, please call the Auctioneer at 334-885-1787. Using YOUR knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, DO NOT BID. The property is SOLD AS-IS, WHERE IS; this is an AUCTION and all SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding. The starting bid is not the Reserve Price. Auctioneer reserves the right to reopen bidding. Auctioneer’s decisions will be final. Some auctions have a minimum selling price established by Seller (“Reserve Price”). Except where prohibited by law, Auctioneer may counter bid on behalf of Seller on any property up to the amount of the Reserve Price (and no such bid will result in a sale of the property). If the Reserve Price is not met, Seller is under no obligation to sell the property; however, Seller may accept a bid that is below the Reserve Price in its sole direction. Auctioneer’s decisions will be final.
10. Merchantable Title: The Seller shall convey good and merchantable title in fee simple to said property to the buyer by warranty or other appropriate deed, free of all encumbrances. Should the title chain have any issues both parties agree to extend the closing time for a reasonable length of time to correct the issue. In the event that the title is unmerchantable, then the non-refundable down payment shall be refunded to the buyer.
11. Changes, Alterations and Announcements: The Auctioneer reserves the right to deny any person admittance to the auction, to postpone or cancel the auction, to withdraw the property from Auction and to change or alter the terms of the Auction upon announcement prior to or during the course of the Auction sale, without prior notice.
12. Auction subject to Prior Sale: Auction subject to prior sale does not mean it is our intention or goal to sell the property before the auction OR that there is a listed price posted on the property. Southern Auction Solutions is legally bound to present any and all offers to the Seller at the time they are presented. Although we endeavor not to encourage pre-auction offers unless they are exceptional, we are obligated to present all of them, regardless of when, how or from whom they arrive. Although the intent is to auction the listed property, the ultimate goal is to sell the property for a price satisfactory to the Seller or Court, which has jurisdiction. If the property is sold prior to auction, the Auctioneer will do his best to give notice to all other interested parties.