Commercial Buildings Auction, Ashland Al

ONLINE ONLY   

Bidding Starts September 10, 2019 @ 10:00 am CST

Ends October 10, 2019 @ 1:00 pm CST 

Two Commercial Buildings in Ashland, Alabama 

Selling individually or together for one price

Paved Parking-Just off the Square in Ashland, Al 

See other important information in the Terms and Conditions 

Should you have any questions or to schedule preview viewing give us a call at 334-885-1787

Each Property is being Sold "As Is" "Where Is" 

10% Buyer's Premium added to High Bid

Buyer/Bidder be advised****** the current tenants of each building will have 90 days after the closing to vacate the property.***** 

By placing a bid you have agreed to the Terms and Conditions of this auction.  All info has been gained from the Clay County GIS among other sources and is believed to be accurate but not guaranteed. Interested parties should do their own due diligence. 

Terms and Conditions 

Commercial Properties Hwy 77 Ashland, Al 

Please carefully read these Terms and Conditions. This document describes the Bidder/Purchaser’s responsibility and many disclosures the Bidder should be aware of. 

All sales are final.  Failure to read and understand these terms and conditions is a failure of the Bidder/Purchaser and not an excuse 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 throughout this document “Auction Company”. 

“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 defect with the properties up for auction. We believe the information provided is factual but not guaranteed. We strongly urge you to perform your own inspection 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.  The 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. 

Agency Disclosure

• The Auction Company represents the Sellers only. 

Survey

• If no updated survey exists, we have gathered information provided from the tax records. These measurement tools are estimates only and not intended to be used as factual. If you have any question as to location of a property line, corner, or exact size, we suggest you have your own survey performed.

• The markings flagged on non-surveyed properties are thought to be correct as shown by Sellers. Neither the Auction Company nor the Sellers guarantee corners or other markings. If you would like a survey prior to closing you may do so at your expense. 

Bidding

• Bidding Increments are a minimum of $5,000.00. However, this may change as the Auctioneer sees fit.  Bidders may enter a higher amount through the max bid process.

• THE BID AMOUNT THAT IS SHOWN AS THE HIGH BID IS WITHOUT A BUYERS PREMIUM/ COMMISSION. ALL BIDS IN THE ONLINE BIDDING WILL HAVE A 10% BUYER’S PREMIUM/COMMISSION ADDED TO DETERMINE THE FINAL SALES PRICE.
  • Buyer's Premium/ Buyer’s Commission

• A 10% buyer’s premium/commission will be added to the bid price to determine the final sale price. Example:
• Bid Price: $100,000

• Plus 10% Buyer’s Premium/Commission: $10,000
• Total Sale Price: $110,000

Bidder Verification: 

• Bidder must register to participate in the auction. The Auction Company 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. 

 Bidding Format: 

• Auction Company, 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 4 minutes of the auction ending will automatically extend the auction for an additional 4 minutes from the time the bid is placed. A maximum bid can be placed on the property.  For technical assistance please call 334-885-1787.  

• (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 4:03 p.m. The auto-extend feature remains active until no further bids are received within the 4 minute time frame. The winning bidder is the final bidder whose bid has not been raised in the 4 minute time frame.

Auction Bid Default: 

• In the event a winning bidder fails to submit the executed Real Estate Sales Contract as well as the required earnest money deposit as provided in the Auction Terms, there may be remedies for the seller as a result of default, including, but not limited to legal ramifications. See the Real Estate Sales Contract for specifics.  The timeframe for submission of Real Estate Sales Contract is 48 hours after said auction closes. 

Purchase Contract: 

• The property is offered under the specific terms provided in the Real Estate Sales Contract.   A sample Real Estate Sales Contract for the property is available under the document tab. The entire property information package with the Real Estate Sales Contract is available under the document tab for each lot. Please download the Property Information Package to view.

• A Deposit is 10% of the High Bid. The deposit is due to the Auction Company within the specified time frame in the Real Estate Sales Contract after the online auction is concluded via wire transfer or cashier’s check. 

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 by wire transfer or cashier's check to the Auction Company, Southern Auction Solutions account with the Real Estate Sales Contract for sale within 24 hours of auction conclusion. The entirety of the remaining balance is due at closing on 30 days or before the contractual closing date stipulated in the Real Estate Sales Contract. This must be completed within 24 hours of receipt of the documents or the purchaser shall be in default.

 Disclaimer:  

• All information contained herein is believed to be correct. By accepting the Terms & Conditions you acknowledge you have read and understand these Terms & Conditions. 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. 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/the Auction Company.  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. We highly recommend you inspect the property personally or with your trusted expert. A representative of Southern Auction Solutions can arrange an inspection by appointment only. We will be on the premise to allow access only. We will not be there to provide any advice or information about the property. 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. 

• Both properties in this auction have a minimum selling price established by Seller (“Reserve Price”).  The reserve will NOT be disclosed. The starting bid is not the 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.  We suggest you be the high bidder even if the reserve is not met. Negotiations can result into a sell below the reserve amount. Auctioneer reserves the right to reopen bidding.  Auctioneer’s decisions will be final. 

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.

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.  The Auction Company 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.  If the property is sold prior to auction, the Auctioneer will do his best to give notice to all other interested parties. 

Closing:

• Closing Cost- The Bidder/Purchaser will be responsible for paying all the cost associated with the transfer of the property, including loan cost associated with borrowing the funds for purchase. We will provide our best estimate as to your closing cost. They do vary from attorney to attorney. 
• Property tax will be prorated to date of closing. 
• Rents will be prorated to the date of closing
• Closing shall be within 30 days of auction date. 
• Southern Auction Solutions guarantees clear title and the availability to purchase title insurance. If we cannot provide clear title we will refund your 10% deposit. We do reserve to right for a reasonable time period to clear any newly found clouds on the title. 
• Southern Auction Solutions does not recommend any particular closing attorney. 
• If you are unsure if you have the availably to procure the funding for your bid, please do not bid! You will lose your 10% down payment if you do not close the property.
• Any closing that is delayed beyond 30 days without the written authorization of Seller and the 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 the Auction Company or Seller from the resale of the property.  All legal claims shall be filed in Randolph County, in the State of Alabama as the proper venue chosen by all parties by virtue of bidding. 

Rental Tenants

• Both properties have tenants renting them. The current lease requires a 90 day notice to cancel the current lease agreement. The Buyer may wish to negotiate a new lease with the current tenants; however, this sell will be bound by the 90 day notice currently agreed to. 

• The rents collected or due beginning the first month after the closing will be paid to the new owner. The rent payments will be prorated to the closing date if appropriate.