Terms and Conditions of the Auction Sale
Auction: 23 Residential & Commercial Properties – Anniston, AL – Glenn Andrews Real
Estate Holdings absolute Auction
Multi – Parcel Bidding for Tracts 1 – 3
Tracts 1-3 are being SOLD through the Multi-Parcel Method. Meaning you may
choose how you would prefer to bid on these three tracts. These three tracts will be
sold in combination that brings the most money for the Seller. Just because you are
the high bidder for a single tract does not mean you will be the purchaser. The tracts
will be sold in COMBINATION, which Generates the highest bid. If you have any doubt
if you are the high bidder at any time you may contact the auction company or
Auctioneer at 334-885-1787.
Sale Order for Lots/Tracts 1, 2, and 3 as follows:
Lot 1 – Tract 1
Lot 1a – Combination of Tracts 1 & 2
Lot 2 – Tract 2
Lot 2a – Combination of Tracts 1, 2, & 3
Lot 3 – Tract 3
Lot 3a – Combination of Tracts 1 & 3
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 at
www.SouthernAuctionSolutions.com for the property. You may request a copy of the Real Estate
Sales Contract from the auction company by emailing Ron@SouthernAuctionSolutions.com or by
calling 334-885-1787. The entire property information package with the Real Estate Sales Contract is
available at www.SouthernAuctionSolutions.com. Please download the Property Information
Package to view.
See “”Online Auctions FACs” - Where can I find additional information on a property? For details on how to
a. Bidders will be required to provide a credit card for registration to bid online in order to be
qualified to bid. Also see section 4. “Bidder Verification” below.
b. 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
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 $500.00 for the property. However, this may change as the
Auctioneer sees fit. Bidders may enter a higher amount but no bids below $500.00 for the property.
THE BID AMOUNT THAT IS SHOWN AS THE HIGH BID IS WITHOUT A BUYER’S PREMIUM. ALL
BIDS IN THE ONLINE BIDDING WILL HAVE A 10% BUYER’S PREMIUM ADDED TO DETERMINE THE
FINAL SALES PRICE.
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 for sale within 24 hours of auction conclusion. The entirety of the
remaining balance is due at closing on 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.
3. Bidder Verification: Bidder must register to participate in the auction. Southern Auction
Solutions will verify all bidder registrations. If the auction firm 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. A credit card is required to register. No charges will be made to
your card unless you are determined to be the winning bidder and you fail to execute the Real Estate
Sales Contract and pay the required earnest money deposit. At the discretion of the Auctioneer, a
penalty of $2,500.00 will be charged to the credit card provided at registration if you fail to return
the signed Real Estate Sales Contract and pay the required earnest money deposit within the
required time period.
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: $100,000
Plus 10% Buyer’s Premium: $10,000
Total Sale Price: $110,000
5. Bidding Format: HIBID 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. A maximum bid is kept
confidential. 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.
6. 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, a debit to the credit card
provided, see Real Estate Sales Contract for specifics.
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 deed preparation and their prorated share of taxes. The
Buyer shall be responsible for all other costs of closing and transfer. All deposits of tenants shall be
transferred or credited to the buyer at closing to the buyer at closing, if applicable. All leases due and
payable shall be prorated to the date of the closing, as is standard and common practice to the area in
which the property is located. 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
property, 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. 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 the 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; 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.
Except for properties noted “Absolute Auction,” all properties in auctions have a minimum selling
price established by Seller (“Reserve Price”). 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. Auctioneer reserves the right to reopen bidding. Auctioneer’s
decisions will be final.
10. 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.
11. 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. If the property is sold prior to auction, the Auctioneer will do his
best to give notice to all other interested parties.