WE GUARANTEE A FREE AND CLEAR DEED TO THE PROPERTY
This property is being sold in AS-IS condition with no financing/appraisal/inspection contingencies. Bidders are strongly encouraged to inspect the property themselves and/or enlist the assistance of professional inspectors or contractors in evaluating the condition and value of the property. All inspections must be performed prior to the auction.
Buyers Premium: There will be a 10% Buyers Premium added to the high bid to determine total contract purchase price. (For example a 100,000 bid would have a buyers premium of $10,000 added for a total purchase price of $110,000).
Payment Terms: Payment will be in the form of Cash or Cash Equivalent with a $5,000 non-refundable deposit due the day of the auction (within 24 hours for online bidders at a distance) and the balance due at closing on or before 45 days. Deposit will be applied to the purchase price at closing. Please do not bid if you are not able to close within 45 days.
Financing can be obtained for the property, but the sale is not contingent upon obtaining financing.
All information provided by Gates Realty And Auction, LLC was obtained from sources believed to be reliable but are not guaranteed. Buyer shall rely on their own information, judgment, and inspection of the property and then bid accordingly.
View the sample purchase agreement and complete terms under the "Docs" menu at the top of this page
Note For Real Estate Agents: Preapproved (No later than 5:00 PM on April 29) buyers agent participation will be compensated. (See Documents Menu For Form)
Auction Terms And Conditions
2721 Lakeland Burke Trail, Nebo, NC 28761
Burke County NC Tax Parcel - 1734363553
All information and dimensions were derived from sources believed to be correct, but are not guaranteed. Buyers shall rely on their own information, judgment, and inspection of the property to their satisfaction and bid accordingly. All auction day announcements take precedence over any previously printed material or any other oral statements made. Gates Realty And Auction, LLC and Seller are not responsible for grammatical errors or omissions, buyer to verify all information and bring any comments, questions or concerns to the auctioneer in writing for clarification or updating prior to bidding.
This auction is conducted by Gates Realty And Auction, LLC (Auctioneer) on behalf of the owners of the property referred to as the (Seller). Auctioneer is not responsible for the acts of the Seller or statements made by the Seller before, during, or after the auction. The auction shall be governed by the terms set forth herein and any announcements made in the auction description. The act of submitting a bid shall constitute Bidder’s acceptance of each and every term and condition contained in these terms and conditions and shall form a binding contract of intent to purchase between the Bidder and the Auctioneer. All persons inspecting the property assume all risks whatsoever of damage or loss to person and property and specifically release the Auctioneer and Seller from all liability. Auctioneer is not liable by reason of any defect in, or condition of, the property or the premises on which the preview/sale is held. Auctioneer is released from any claims or actual damage to the property sold and/or consequential damages that may result from the sale of defective property.
BIDDER REGISTRATION
By registering and bidding, Bidder acknowledges that they have read and agree to the terms and conditions of this auction. Bidder agrees to sign the contract of sale and other documents related to the transaction, pay the earnest money deposit and close the transaction within 45 days if their winning bid is accepted. Bidder must be 18 years of age or older and is required to register for the auction. In registration, Bidder must submit information found to be current, complete and accurate for proper identification by Auctioneer. Bidder’s registration is not transferable or assignable. Auctioneer reserves the right to deny or restrict any bidders registration with or without cause. Bidder must register to participate in the auction. If you have any questions, please call the auctioneer at 866-735-1977.
BIDDER VERIFICATION & QUALIFICATION
The identity of all bidders will be verified prior to participation. The Auctioneer may require a proof of funds letter be submitted before bidder approval and participation. A credit card is required to register for online bidding registration and verification purposes in the amount of $500. However, no charges will be made to your card unless you are determined to be the winning bidder and you fail to execute the Contract of Sale and pay the required earnest money deposit. At the discretion of the Auctioneer, a penalty of $1,000.00 will be charged to the credit card provided at registration if you fail to return the signed Contract of Sale and pay the required earnest money deposit within the required time period. Payment of the penalty shall not affect other remedies available to the Seller for such failure.
OPEN HOUSE / INSPECTION
April 21st from 2-5PM or having your Realtor to schedule a tour through the MLS / Showingtime. Your Realtor may also schedule any inspections you may wish to conduct with notice to the auctioneer.
BIDDING:
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 in AS-IS condition; 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. A maximum bid can be placed on the property in the online bidding interface. A maximum bid is kept confidential. Except for properties noted “Absolute Auction,” Or “Sells To The Highest Bidder” all properties in auctions will be sold subject to seller confirmation or will have a pre-established minimum 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 discretion.
DISCLOSURES / NO CONDITION WARRANTIES OR CONTINGENCIES
There is no condition warranty offered, expressed, or implied, by Auctioneer or Seller for any property. All property is sold AS-IS, WHERE-IS, and with all faults and defects therein. ALL SALES ARE FINAL and are not contingent on any financing, appraisal, survey or inspections. All inspections of the property must be done before the close of the auction. All information provided is believed to be correct but NO warranty as such is implied, including but not limited to the warranty of merchantability or fitness for a particular purpose. Bidder is solely responsible to determine condition, value or any other determinative factors. The Auctioneer strongly encourages bidders to attend preview/property tours and retain the services of building inspectors or other professionals in order to determine the value and condition of the property.
PAYMENT TERMS
A signed contract and a nonrefundable deposit of $5,000 from the high bidder is required immediately after confirmation of final bid and the balance due at closing on or before 45 days (unless prior arrangements have been made with the auctioneer). Deposit must be in the form of a cashiers or certified check drawn on a US bank or a wire transfer. If an online bidder is the winning bidder, then a signed contract and nonrefundable deposit of $5,000 is due within 24 hours of the auction ending unless other arrangements have been made with Auctioneer prior to the close of the auction. Title to be delivered free of all liens or encumbrances as more specifically set forth in the Sale Contract. All settlement and closing costs will be the responsibility of the buyer and the property taxes will be prorated as of the day of settlement.
BUYER’S PREMIUM
A 10% buyer’s premium will be added to the final bid to become the total purchase price at settlement. Buyer agrees to these provisions and will pay the applicable buyer’s premium.
BROKER COMPENSATION AND AGENCY DISCLOSURE
Gates Realty And Auction are acting as agents of the sellers and representing the sellers best interest. Any North Carolina licensed broker in good standing with an active real estate license wishing to represent a buyer/client and receive compensation from the sale of this transaction shall email the Real Estate Agent Representation Form at time of client’s registration to bid on the property to robertgates@gatesauction.com. Pre-approved (No later than 5:00 PM the day before the auction ends) brokers participation will be compensated. Twenty percent (20%) of the buyer’s premium will be paid to a qualified licensed real estate agent whose registered buyer's offer is accepted by the seller and closes on the property. To qualify for a commission, the agent must first register his/her self and client with the Auctioneer by 5:00 PM the day prior to the close of auction. Brokers only receive commission when they represent a client, not if they themselves are the client. Commissions will be paid only at closing and auctioneer has been paid in full. Agents are not required to attend the closing but must attend the auction with their client and/or visit the property with their client during the marketing period. Agents must have client's permission to register him/her for the auction in writing and provided to auctioneer. Agents may not register people who are not actually their clients. If an agent has not met all of these requirements, no commission will be paid to the cooperating agent, even if the agent's client purchases the property. Under no circumstances whatsoever will any commission be paid if the sale does not close for any reason.
TECHNOLOGY
Gates Realty And Auction, LLC is not responsible for malfunctions or system errors which cause a bid or a bidder to fail to be recognized or registered. Neither the company providing the software nor the auction company shall be held
responsible for a missed bid or the failure of the software to function properly for any reason. In the unfortunate event of a DDOS attack or server attack/shut down, the auction company reserves the right, but is not required, to extend bidding time. To minimize the chance of being affected by internet or software issues, please use the “Max Bid” feature.
Disclosure: Gates Realty And Auction along with the seller/s reserve the right to add, delete, change or modify any information identified to be relevant or irrelevant reserving that any communications up until the time of final accepted bid takes precedence over all previous communications in any form.
