Importance of Terms:
Please take the time to read the following set of terms and conditions for the online real estate auction with a live bid center. When you register to bid, you will have to acknowledge that you have read these terms and conditions. If you intend to register, the following items will pertain to you.
Iron Horse Auction Company, Inc. is acting as agent of the Seller and at no time acting on behalf of the Buyer.
There will be a TEN PERCENT (10%) Buyer’s Premium added to the final bid price to determine the final contract purchase price. In order to verify that the credit card used for registration is valid, the bidding platform requires a $100.00 authorization hold be placed on credit cards in order to register to bid. This charge will be removed within a 24-hour time period after registration.
This online auction is a timed event and all bidding will begin to close at a specified time. Our online auctions also have an auto-extend feature. Any bid placed in the final ten minutes of the auction, will automatically extend the auction ten minutes from the time the bid was placed. Example: If an auction is scheduled to close at 2:00 and receives a bid at 1:51, the close time will automatically extend to 2:01. The auto-extend feature will continue until there is a ten-minute period without a bid being placed on any item in the auction.
In the event that the auto-extend time needs to be decreased, Iron Horse Auction Company, Inc. may decrease the extended time amount at any time during the auction until the close of bidding. A Pop-Up Message in the Instant Message Center on the bidding page will notify Bidders prior to the time reduction unless the time is reduced at the sale at the auctioneers’ discretion.
Outbid / Back-In Notification:
During this auction process, there is a chance that you will be overbid. At that time, you will receive an outbid notification. 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 and speed, sometimes email notifications can be delayed. We are not responsible for failure of any part of the bidding process or internet bidding.
Property Information & Inspection:
Iron Horse Auction Company, Inc. is not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. has attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct inspections to determine the condition and feasibility of the Bidder’s intended use. Descriptions that are provided by Iron Horse Auction Company, Inc. are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. Placing a bid creates a contractual agreement that you will purchase the property at the high bid price plus the Buyer’s Premium and any additional fees included in closing the real property transaction.
Retention Pond Escrow Information:
The Town of Kernersville currently has a moratorium on any issuance of building permits or lot subdivisions in the commercial development of Stafford Centre. The Seller and other parties in interest have agreed to place $200,000.00 into a custodial account for the purpose of completing the repairs required by the Town of Kernersville. Repair work shall begin within 45 days of receipt of the escrowed funds.
Iron Horse Auction Company, Inc. has full discretion to modify the date and time, order, size of the lots in the auction and any details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, pre-auction offers on lots or portions of lots.
Server & Software Technical Issues:
In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Iron Horse Auction Company, Inc. and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Iron Horse Auction Company, Inc., or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Iron Horse Auction Company, Inc. may send email notifications to registered Bidders with updated information as deemed necessary.
Bid Center Winning Bidders: Bidders that attend the bid center and are deemed a winning bidder shall execute an auction purchase agreement and submit their 20% earnest money deposit at the conclusion of the auction. The 20% earnest money deposit can be submitted by a pre-approved company/personal check, cash, cashier’s check or a pre-approved wire transfer.
Online Winning Bidders: Bidders that choose not to attend the live bid center and bid solely on the internet that are deemed a winning bidder shall follow the following steps. An email will be sent to the email address on the bidder account. The email will contain the auction purchase agreement and wiring instructions. The auction purchase agreement shall be returned fully and completely executed without any modifications within 72 hours of the conclusion of the auction. The 20% earnest money deposit shall be submitted by a pre-approved company check, cash, cashier’s check or wire transfer.
The balance of the contract purchase price is due at closing, which shall occur within 45 days or upon delivery of the deed, whichever is sooner. In the event the Seller cannot produce a deed with insurable title, the earnest money deposit will be refunded. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This is a cash transaction not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by the Bidders and/or Buyers at the time of registration and further specified in the Auction Purchase Contact.
Buyer’s closing costs can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items and any other fees required for closing. Seller’s closing costs are limited to back taxes, their portion of the current years prorated tax, revenue stamps and the cost of deed preparation.
All property in this auction is selling “AS-IS, WHERE IS” with all faults, if any. Iron Horse Auction Company, Inc. makes no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspection prior to the auction. All due diligence periods end the date the auction is schedule to end, and prior to the end of the auction. It is possible that the property being sold is subject to restrictive covenants and property association rules, regulations and dues. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property or waived your right to inspect the property.
The laws of the State of North Carolina shall interpret this document.
Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Guildford County, North Carolina as the sole and exclusive venue.
Auction Bidder and/or Buyer Default:
The successful Bidder and/or Buyer not executing and returning the contract with the earnest money deposit within 72 hours of the conclusion of the auction will be considered in default and will be black-flagged in our database as a Non-Paying Bidder and will no longer be allowed to participate in our auctions. Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder in the event the successful high Bidder does not comply with the terms of the sale. By bidding on the property, the 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. By registering and placing a bid, you agree that if you happen to become a Default Bidder or Non-Paying Bidder, Iron Horse Auction Company, Inc. has the right to charge your credit card for the amount equal to the Twenty Percent (20%) earnest money deposit, which shall be non-refundable. Furthermore, the Seller shall reserve all rights to recover any deficiencies from the Non-Paying Bidder that arrive due to selling to another qualified bidder at a lesser amount or no sale at all.
Auction Administrative Fee
In the event a winning Bidder fails to submit the properly signed "Contract For Sale of Real Property" and earnest money deposit as provided in the pre-stipulated Auction Terms & Conditions, the winning Bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Iron Horse Auction Company and the Seller reserves additional default remedies as provided in the Auction Terms & Conditions and "Contract for Sale of Real Property". All administrative fees are non-refundable. Furthermore, Bidders agree to not issue a charge back on any fees charged to your credit card.
Auction Cancellation – Bid Rejection:
Iron Horse Auction Company, Inc. reserves the right to reject any and all bids for any reason. Iron Horse Auction Company, Inc. 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. In the event that a lot size changes after bids are placed on the lot, we will remove all bids on that lot and restart bidding on that lot at the starting bid amount.
Acceptance of Bid Prices:
All bids are subject to Seller Confirmation.
As specified in the Auction Purchase Contract.
As specified in the Auction Purchase Contract.
Not given until closing and further specified in the Auction Purchase Contract.
Real Estate Taxes and Closing Cost:
Taxes will be prorated to the day of closing using the most current available year’s tax amount. The Seller is responsible for all prior years taxes and shall be satisfied at closing. POA 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.
Subject to any and all easements recorded or unrecorded.
Auction Lots 1,2 & 3 are Zoned HB-S and the description can be found under the Documents Tab.
Auction Lot 4 is zoned LI-S and the description can be found under the Documents Tab.
Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
The identity of all Bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Iron Horse Auction Company, Inc. will reject the registration, and bidding activity will be terminated. The Seller and Iron Horse Auction Company, Inc. reserve the right to refuse service to any person who they feel to be fraudulent.
Bidder responsibilities include, but are not limited to the following: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges. We gather aggregate information from the website, which may include but is not limited to, the number of page visitors, most visited pages, and any and all correspondence.
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 and an eventual payment in full to closed on the property.
All Bidders must be eighteen (18) years of age or older.