PLEASE DO NOT BID UNTIL YOU HAVE READ THESE TERMS AND CONDITIONS OF SALE.
GENERAL & AS IS: The real property will be offered at public auction with live and/or online bidding. The auction company will offer the property in lots, tracts and combinations of lots and tracts. The deed will be a Trustee’s Deed, paid for by the sellers, the deed stamps paid by the sellers, and recording fees to be paid by the buyers. All improvements, buildings, sheds, structures, etc., sell with the property. The property and all improvements, if any, will be sold on an As-Is, Where is, with all faults basis. No representations or warranties, express or implied, concerning the property is made by either the sellers nor the seller's agents. Descriptions of the improvements and property are believed to be correct but are not guaranteed. You are encouraged to conduct your inspections and due diligence prior to bidding and buying at the auction. The real estate is being sold subject to any and all easements or right of ways. Lease payments or rents, if any, will be pro-rated at closing. Crop allotments, mineral rights, timber rights, water rights, if any, will transfer with the deed or title unless otherwise disclosed. The real property is being sold subject to restrictive covenants and homeowner's association rules, regulations and dues and county zoning, if any. The current years real estate taxes are pro-rated at closing.
METHOD OF SALE: The auction company has the sole discretion to determine the combinations of lots and tracts and bidding increments. The auction company has the sole discretion to determine the highest and winning bidders. The auction company will conduct the auction under what is known as ultimate choice or high bidder's choice. Bidder's are obligated to purchase any single lot, tracts or combinations of lots or tracts that remain after another bidder(s) has out bid or placed higher bids on any single lot, tract or combination of lots or tracts made by the previous bidder.
MINIMUM BIDDING INCREMENTS FOR COMBINATIONS:
Range $0 - $10.00 Increment $1.00
Range $11.00 - $50.00 Increment $5.00
Range $51.00 - $100.00 Increment $10.00
Range $101.00 - $500.00 Increment $25.00
Range $501.00 - $1000.00 Increment $50.00
Range $1,001.00 - $5,000.00 Increment $100.00
Range $5,001.00 - $10,000.00 Increment $250.00
Range $10,001.00 - $20,000.00 Increment $500.00
Range $20,001.00 - $50,000.00 Increment $1,000.00
Range $50,001.00 - $100,000.00 Increment $2,000.00
Range $100,001.00 - $300,000.00 Increment $4,000.00
Range $300,001.00 - $600,000.00 Increment $6,000.00
Range $600,001.00 - $1,000,000 Increment $8,000.00
Range $1,000,001.00 + Increment $10,000.00
SURVEY: Property will not be sold subject to a final survey.
PERK TEST: Perk test are the responsibility of the buyer and the contract is not contingent upon the soil having a satisfactory perk.
FINANCING: The sale is not subject to financing. Failure to close for ANY REASON WHAT SO EVER on the BUYER’S behalf will result in the forfeiture of the deposit. NO EXCEPTIONS.
DEPOSIT REQUIRED AT AUCTION: Terms are for a deposit of 20% of the purchase price on site at the auction in cash, cashier's check or a check with a bank letter guaranteeing funds, unless other arrangements are made directly with the auctioneers prior to the auction.
PURCHASE CONTRACT: Buyer will be required to execute a Real Property Auction Purchase and Sale Contract on site and submit their deposit.
NO CONTINGENCIES: The purchase and sale contract is not subject to any buyer contingencies for financing, appraisal, surveys, inspection or any other contingencies.
PROPERTY TAXES: The property is free and clear of all liens for ad valorem taxes. Current year taxes will be prorated to the date of closing. Upon acceptance of the highest and last bid by the court or their designee the property will transfer with a Trustee’s Deed, which is insurable.
AGENCY: Buyer is aware that Iron Horse Auction Company, Inc. represents the seller. Iron Horse Auction Company, Inc. and their agents represent the seller and the seller's interest in the transaction. At no time does Iron Horse Auction Company, Inc. represent the Seller.
ENVIRONMENTAL: There are not any environmental studies, phase 1, phase 2, or phase 3 studies for review. There are not any soil or water studies for review.
PERSONAL PROPERTY: There is no personal property or merchandise being transferred with the real property of value.
CLOSING: Closing is to take place in not more than 30 days from the date of the auction the acceptance of the last and highest bid by the Trustee.
TIME IS OF THE ESSENCE. All closing costs for the benefit of the buyer such as appraisals, surveys, loan applications, inspections, title searches, title insurance, etc. are the responsibility of the buyer and are not contingent articles for the completion of sale. The seller is not paying for any of the buyers closing costs.
BUYER'S PREMIUM: There will no Buyer’s Premium charged in this auction.
POSSESSION: Possession will be given at closing.
ABSOLUTE/RESERVE: This auction is conducted subject approval of the United States Bankruptcy Court, Eastern District of North Carolina, Wilmington Division.
TIED OR DISPUTED BIDS: In case of a tie bid or dispute over who is the high bidder, the auctioneer has the sole discretion to determine the high bidder and may or may not re-open the bidding to determine the highest bid and settle the disputed bid.
QUALIFIED BIDDERS: Auctioneer reserves the right to refuse to register any prospective bidder for any reason, or to require a cash deposit from a prospective bidder of an amount designated by Auctioneer and paid in advance by the prospective bidder to Auctioneer. Such deposit will be applied to any purchases made at the auction by the prospective bidder. At the end of the auction, Auctioneer will refund any portion of this deposit that has not been applied to purchases. Furthermore, Auctioneer will require the removal of any person from the auction site for any reason including, but not limited to: (1) tampering with auction lots; (2) any illegal conduct including collusive bidding or stealing; (3) disruptive behavior; (4) failure to abide by these terms; and (5) intoxication. Bidder agrees to leave the auction site immediately and quietly upon request by Auctioneer. Any act of theft, vandalism or disruption will be prosecuted to the fullest extent of the laws.
ONLINE BIDDING: You must register in advance by clicking on Register to Bid and agreeing to terms for online bidding including submitting a credit card. The 20% deposit can be submitted by cash, cashier's check or wire transfer, within 24 hours of the close of the auction. You must be pre-approved before you receive a bidder number. The auction company may refuse to register anyone at its sole discretion. If you were the highest and last bidder as determined by the Auctioneer and you fail to submit your 20% Deposit and Real Property Purchase Contract, Iron Horse Auction Company, Inc. reserves the right to charge your credit card in the amount of $2,000.00 as a Non Paying Bidder Convenience Fee.
TECHNICAL PROBLEMS: The auction company provides online bidding as a convenience for those that cannot attend the live auction. The auction company will not be liable for any faulty equipment, failure of equipment, faulty software, failure of software, lack of internet service connections or signals, or failure for any online bids that are not relayed on time to the auction company. The auction company reserves the right to extend bidding, delay bidding, continue with live bidding, or cancel bidding, without any notice to online bidders.
DEFAULT OR DELAY: If the buyer delays closing for any reason the buyer may be declared in breach of contract and will forfeit all deposits made. The buyer may be responsible for all cost to the seller or the auction company for subsequent resale. The auction company reserves the right to reclaim and resale any assets not paid for by the online buyer. Should the resale price be lower than the defaulted buyer's price, Seller and/or Auction Company reserves the right to seek the difference from the initial online buyer. All fees for collection, court fees, or attorney fees will be the responsibility of the original buyer that caused the default. All sales are final. No refunds are given.
AUCTION END TIMES: The online bidding is a timed event. Auction Company reserves the right to extend the auction in 10 minute segments for any and all bids received in the last 10 minutes of the auction. Furthermore, the Auction Company reserves the right to reduce the extend times.
PURCHASE CONTRACT: Online bidders are required to submit an executed Real Property Auction Purchase and Sale Contract along with the deposit within 24 hours of the close of the auction.
DISPUTES: Any disputes that arise between the auction company, the seller, the seller's agents and the buyer will be heard in the United States Bankruptcy Court, Eastern District of North Carolina, Wilmington Division has jurisdiction over this auction and is the sole and exclusive venue for any and all disputes.
DISCLAIMER: The auction company provides data, advertising, maps, that is believed to be correct but it is not guaranteed. Bidder's should rely on their own inspections and due diligence prior to bidding. Everything sells strictly AS IS. The auction company makes every effort to describe assets to the best of its ability but there are no guarantees as to the condition, quantity, condition, age, color, or value of the merchandise or real property sold online. Buyer agrees that buyer may not cancel purchase for any reason.