Auction Terms & Conditions Terms on the Real estate Auction will require payment of 20% of the final sales price within 48 hours of the auction close and the balance of sales price is paid on or before 30 days at closing with transfer of deed.
Terms on Real Estate require a 20% down payment in US Dollars by Certified or Cashier's Check or verifiable funds with proper identification acceptable to the Sellers and Auctioneer due within 48 hours of the auction close and upon signing of the Auction Purchase Contract. The down payment, check made payable to McConnell Real Estate, Inc. or cash, will be deposited in McConnell Real Estate, Inc. Escrow Account. The balance is due in US Dollars (by cashier's check or certified funds) on or before January 30th, 2020, upon delivery of the deed. Failure to pay the balance due shall require the Purchaser to forfeit his or her down payment, execute a release in favor of the Sellers and Auctioneer and be subject to all other remedies available to the Sellers under the law. No one should make a Bid they do not want to honor or are unable to honor. There are no contingencies in the Auction Purchase Contract on obtaining financing. All willing and able parties, including heirs to the Estate, auction company employees and/or auction company representatives have the right to bid and purchase this property being sold at Absolute Estate Online Auction. Time shall be of the essence in closing this sale.
McConnell Real Estate, Inc.'s agents and representatives are agents of the seller. Purchaser and/or bidder agrees to hold harmless and indemnify McConnell Real Estate, Inc. and its agents and its representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc. Purchasers and/or bidders agree to hold harmless, the Sellers and Auction Agents for any damage to Property while being marketed and before closing date, and while people are inspecting this Property and during the Auction of the real estate.
Property and Improvements are being sold "AS IS", with no warranties expressed or implied other than the title. Regardless of any information given by the Auction Agents, the Purchasers have examined this property and improvements and are relying solely upon such examination with reference to any easements, the condition, character, and size of the Land and All Improvements and all other information. Purchaser acknowledges Property is being sold subject to all existing easements, including utility easements, planning and zoning regulations of record.
The responsibility of any grass mowing or upkeep of property grounds and property maintenance is the Purchaser's from today's date on.
DEED: Title will be transferred by a recordable Special Warranty Deed, executed by the Sellers and shall be conveyed in fee simple on or before January 30, 2020. Time shall be of the essence in closing this sale.
POSSESSION: Full Possession with Deed. Purchaser acknowledges and understands that any items left on the premises at time of Closing will then go with Property as the Sellers and/or Auction Agents shall NOT be required to clean anything up or remove any items left on premises.
INSURANCE: There is currently NO Insurance on the Property. If said property is substantially damaged or destroyed by fire or other casualty prior to the closing of the transaction, PURCHASER shall proceed with the transaction. The Purchaser shall have the right of obtaining any additional Insurance coverage at the Purchaser's expense.
REAL ESTATE TAXES: The real estate taxes on said property for the current year shall be adjusted in the following manner: all real estate taxes prior to 2020 are to be paid by the Seller; 2020 and all subsequent years real estate taxes are to be paid by the Purchasers.
INSPECTION and GUARANTEE: Property is available for inspection during dates and times set by the auctioneer. It is the bidder's responsibility to determine the usability or condition of auction items. All property is sold in "AS IS" and "WHERE IS" condition. All description information has been gathered from sources which we believe to be reliable but are not guaranteed. Auctioneer makes no warranty or guarantee of any kind with respect to condition, authenticity, provenance, source, condition, suitability for a particular purpose, etc. Bidder's failure to inspect any item or lot will not constitute grounds for any claim, refund, adjustment, charge back, etc. There are no warranties or guarantees of any kind. Auctioneer reserves the right to change, modify, delete any item or lot or description in the auction as may be necessary until the close of the auction.
AUCTION CLOSING DATE(S) AND TIMES: The auction will have 'STAGGERED CLOSING' times. Bidding will close for the first lot number at the specified date and time. The rest of the lots will close one at a time in numerical order after an amount of time that is set by the auctioneer. The auction will also have 'SOFT CLOSING' of lots. (i.e. if a bid occurs within the last 2 minutes of the auction, the closing time for that lot will be extended by an additional 2 minutes until no bids occur within the last 2 minutes). For example: If a lot is scheduled to close at 6:00 pm, but someone makes a bid at 5:59 pm, the closing of that lot will be changed to 6:01 pm. The bidding will close if there are no more bids between 5:59 pm and 6:01 pm. The closing time for each lot will continue to be extended by 2 minutes until no bids occur in the last 2 minutes.
MINIMUM BID INCREMENTS: 'Minimum Bid Increments' are the minimum amount of money that anyone can increase the current winning bid. These amounts change by the dollar amount bid. Please see the Bid Increments schedule within each auction.
BIDS: The auction will use a maximum bidding system. This makes bidding more convenient and less time consuming. Your account will bid for you using the 'minimum bid increment' until it reaches your maximum bid. You don't have to bid again every time someone outbids you until the current winning bid is above your 'Max Bid'. For example: You place a bid on an auction item which has a current high bid of $10 by entering the maximum amount you're willing to pay for the item (New Max Bid = $20). Your account will place a bid of $12 on your behalf ($10 current winning bid + $2 minimum bid increment). Then, someone else bids $14. Your account will automatically bid $16 on your behalf. Your account will continue to bid for you (using the minimum bid increments) until you reach your 'New Max Bid = $20'. When the current winning bid is more than your 'Max Bid', your account will not bid again for you (i.e. If someone else bids $22). You can change your New Max Bid until the auction closes. The seller and other bidders cannot see your New Max Bid.
PAYMENT: Cash, Cashier's Check, Personal/Business Check, (Visa, Mastercard, American Express, Discover with a 5.0% processing fee) or wire transfer. All fees incurred by wire transfers will be paid by the purchaser. All winning bids must be paid for in U.S. Dollars. All sales are final. Bidder agrees that there will be no refunds or adjustments for any reason(s). All purchases that have not been paid by Tuesday, December 31, 2019 at 6:00 pm EST will be charged to the credit card used at registration, with an additional 5% processing fee.
SALES TAX: Kentucky Sales Tax (6.0%) will be added to all taxable items sold. Anyone that is Exempt from paying sales tax must provide proper documentation to McConnell Real Estate, Inc. before bidding.
PICK UP AND SHIPPING: All items must be picked up by the date(s) and time(s) stated in each auction. No shipping or loading assistance will be available. Removal of items from the auction location(s) are the sole responsibility of the buyer. Any items not removed from the auction location(s) by Tuesday, December 31, 2019 at 6:00pm EST will, at the auctioneer's discretion, become the property of the real estate purchaser(s) or be discarded or resold with proceeds retained by auctioneer. There will be NO REFUND or adjustments given to the purchaser for these forfeited items.
TECHNICAL ISSUES: Bidder agrees that neither the auctioneer nor the seller are liable for any technical issues that may occur. In the event there are technical difficulties related to the server, software or any other online auction related technologies, McConnell Real Estate, Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the servers, the software the internet connections nor the auctioneer SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON.
By bidding on the property, buyer agrees to all terms and conditions. McConnell Real Estate, Inc. reserves the right to alter this agreement at any time. This will take place by updating this site. Please check back and review these terms as every time you use this site as you are agreeing to the terms as they are written at that time.
In the event of any dispute the auctioneer's decision is final. Any dispute between McConnell Real Estate, Inc., its agents or representatives and the Buyer(s) will be tried in a court of jurisdiction in Bourbon County, Kentucky.
Auction company employees and/or auction company may bid on and purchase auction items.
BIDDER DEFAULT: Failure to complete a purchase is illegal and will result in one or more of the following (1) prosecution (2) loss of bidding privileges for McConnell Real Estate, Inc. and all other HiBid auctions.
If a bidder at any time feels his/her username, password or bidder number has been compromised due to lack of security by the bidder, notify the auctioneer immediately.
For additional information, contact McConnell Real Estate, Inc. Auctioneers at 859-987-3212.
TIME IS OF THE ESSENCE in regards to all auction terms.