Auction Terms & Conditions Real Estate Terms: 10% Buyers Premium added to the final bid price to determine final selling price. 10% down required day after auction closes between business hours of 8am-5pm. and balance due at closing on or before 30 days after auction. Property information believed to be accurate but not guaranteed. Buyer should independently verify all information prior to bidding. Announcements made day of sale take precedence over any previous advertising.
1. Refresh Bidding:
Refresh your screen constantly during the closing minutes of the bidding, or View the "Live Catalog"
2. Bidding Increments:
Each Van Massey Auction and Realty auction may have different bidding increments. The software will calculate the next bid amount before submitting the bid.
Van Massey Auction and Realty, Agents and Representatives are agents of the Seller.
4. Buyer's Premium:
There will be a ten percent (10%) Buyer’s Premium added to final bid price to determine the final selling price of the auction lot.
5. Auction Ending:
Van Massey Auction and Realty Online Auctions are timed events and all bidding will close at a specified time. Van Massey Auction and Realty Online Auctions also have an auto-extend feature. Any bid placed in the final five (5) minutes of an auction, the auction ending will be automatically extended five (5) minutes from the time the bid was placed. Example: If an auction is scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend 6:04. The auto extend feature remains active until no further bids are received within a five (5) minute time frame.
6. Time Increase or Decrease:
Van Massey Auction and Realty may increase or decrease the extended time amount at any time during the auction until the close of bidding.
7. Outbid Notification:
Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections/speed, please place a max bid or constantly monitor the auction at close of bidding. Sometimes email notifications can be delayed.
8. Property Information & Inspection:
Van Massey Auction and Realty is not responsible for any missing or incorrect listing information. Van Massey Auction and Realty has attempted to provide accurate descriptions. However, it is the bidder's responsibility to conduct any inspections to determine the condition and feasibility of the bidder’s intended use. Descriptions that are provided by Van Massey Auction and Realty are provided in good faith and are matters of opinion.
9. Auctioneer's Discretion:
Van Massey Auction and Realty has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Van Massey Auction and Realty or the seller. Van Massey Auction and Realty reserves the right to modify, change, or remove usernames at any time.
10. Server & Software Technical Issues:
In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Van Massey Auction and Realty reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Van Massey Auction and Realty shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary by Van Massey Auction and Realty
10% OF THE FINAL BID PRICE REQUIRED as non-refundable earnest money in the form of a certified check, cash or wire transfer within 24 hour of the close of auction, with the balance of purchase price due at closing. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Contract for Sale of Real Estate. This online only auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by Bidder and or Buyers at registration.
12. Contract For Sale Of Real Estate:
The contract is required to be fully and correctly completed, WITHOUT any modifications and properly signed WEDNESDAY SEPTEMBER 23rd Between 8am- 5pm.
Property is to be closed within 30 days after the auction. NO EXTENTIONS. Be prepared to close.
14. Closing Costs:
Seller and Buyer shall pay a closing fee and document preparation fee. Seller shall also pay for any costs incurred by Van Massey Auction and Realty, as agreed upon in the AUCTION CONTRACT. Seller shall pay no closing costs for Buyer, including any lender's fees or recording fees unless otherwise agreed to in this Contract.
15. Property Condition:
Buyer specifically acknowledges herein that the property is being purchased 'AS IS' with all faults and that neither the Seller nor Van Massey Auction and Realty, makes any warranties or representations, expressed or implied, as to the habitability, condition, square footage, acreage or boundary lines of the real property conveyed herein. Seller is NOT responsible for any repairs.
16. Hold Harmless:
Buyer and or Bidder agrees to hold harmless and indemnify Van Massey Auction and Realty and its Agents, Owners, Employees and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
Any dispute between Van Massey Auction and Realty, its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Lincoln County, Tennessee. By bidding on any item, buyer agrees to all terms and conditions set forth. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.
18. Auction Bidder and/or Buyer Default:
Successful Bidder and or Buyer not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. In the event a winning Bidder and or Buyer fails to submit the signed Contract for Sale of Real Estate and earnest money deposit, the winning Bidder and or Buyer shall pay to Van Massey Auction and Realty, as damages, an amount equal to the Buyer's premium or commission percentage, as set forth in said Contract, and any and all expenses incurred by the said Van Massey Auction and Realty, for said auction. Should Buyer's earnest money check be returned for any reason whatsoever, this shall constitute an item of default, and in addition to the remedies previously stated hereinabove, Buyer shall also pay an additional penalty of five percent (5%) of the earnest money check to Van Massey Auction and Realty. Buyer shall also pay a reasonable attorney's fee and costs incurred in the collection of these monies owed by Buyer as a result of Buyer's default. Buyer shall also pay the Seller any damages caused by said breach of contract, including attorney's fees and costs. This shall not preclude the Seller from suing for specific performance of the Contract of Sale, in addition to said damages. It is specifically understood and agreed by and between the Seller and Van Massey Auction and Realty., that in the event the Buyer should default in the terms of this Contract in any manner whatsoever, that the earnest money, or sufficient sums therefore, shall be paid first to the agent for the Buyer's premium or commission percentage, and the balance, if any, to the Seller. Any disputes will be tried in a court of jurisdiction in Lincoln County, Tennessee. Van Massey Auction and Realty reserves the right to sell to the next highest qualified Bidder and or Buyer in the event the successful high Bidder and or Buyer does not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default.
19. Auction Cancellation – Bid Rejection:
Van Massey Auction and Realty reserves the right to reject any and all bids for any reason. Van Massey Auction and Realty reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed.
20. Acceptance of Bid Prices:
ALL BIDS ARE SUBJECT TO SELLER CONFIRMATION UNLESS NOTED AS ABSOLUTE. Successful Bidder and or Buyer(s) will be required to enter into a purchase agreement immediately following the close of the auction. Successful bidders are required to come to Van Massey Realty and Auction's office the next business day during normal business hours of 8am - 5pm to sign the sales contract documents. Successful Bidder and or Buyers not executing and returning contracts with earnest money deposit within 24 hours will be considered in default. Any and all inspections that a buyer may want must be completed at buyer’s expense prior to the close of the online bidding. Van Massey Auction and Realty, Agents, Representatives or Employees may bid. Van Massey Auction and Realty reserves the right to sell to the next highest qualified Bidder and or Buyer if the winning Bidder and or Buyer is in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modification, additions or deletion.
21. Title: Purchaser is resposible for purchasing title insurance if desired.
22. Deed: Seller will provide a free and clear deed to the property
23. Possession: Possession will be given at closing.
24. Real Estate Taxes and Closing Cost:
UNLESS OTHERWISE STATED IN THE CONTRACT FOR SALE OF REAL ESTATE, all taxes will be prorated to day of closing using the most current available year’s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees and any cost associated with the purchaser’s loan.
Subject to any and all easements of record whether recorded or not recorded.
This property is subject to all state and local zoning ordinances.
27. Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
28. Bidder Verification:
The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Van Massey Auction and Realty will reject the registration, and bidding activity will be terminated. The Seller and Van Massey Auction and Realty reserve the right to preclude any person from bidding.
29. Bidder Responsibilities:
Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or auction company may bid on auction. We gather aggregate information from the web site which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence.
30. Guaranty Agreement:
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Van Massey Auction and Realty