Riverview Condos--Four 3000 sq.ft. units

General Terms

Registration:

In order to obtain authorization to bid online, you must register beforehand in accordance with the required fields on the Bidder Registration form. The registration form will be reviewed by an RPM-Mitchum Auctions, LLC representative and an email will be sent once you have been approved to bid. When you register, you will be required to place a valid credit card on file.  If you are a successful bidder, your card will be charged $1000 immediately.  The non-refundable $1000 deposit will be applied towards your 10% end of auction deposit mentioned below.

Real Estate Purchase Contract:

 Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Purchase Contract, Do Not Bid!

Auction End Times:

All RPM-Mitchum Auctions, LLC Online Only Real Estate Auctions are timed events. 

Example: the current online auctions are scheduled to end at 3:00 PM and will close at 3:00 PM.CST unless the auctions are extended under the auto extend feature. Any bid placed within 10 minutes of the auction ending will automatically extend the auctions for 10 minutes from the time the bid is placed. Example, if any of the auctions scheduled to end at 3:00 PM receive a bid at 2:59 PM, the close time of all the auctions automatically extends to 3:09 PM. The auto-extend feature remains active until no further bids are received within the 10 minute time frame.

 Real Estate Terms:

At the close of the auction, successful bidders will be emailed a Real Estate Purchase Agreement to be executed and returned to RPM-Mitchum Auctions, LLC. Successful bidders will submit the required deposit (10% of your bid less $1000 charged to your credit card) in the form of a cashier's check or wire transfer to RPM-Mitchum Auctions, LLC escrow account. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.

Contract documents will be sent by e-mail to the successful bidder, who must execute and fax or email back to RPM-Mitchum Auctions, LLC within 24 hours of the end of the auction.

Successful bidders not executing and returning their contract with deposit within 24 hours of the conclusion of the auction will be considered in default.

Bidder Verification:

The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, RPM-Mitchum Auctions, LLC will reject the registration, and bidding rights will be terminated.

Buyer's Premium:

A buyer's premium will be added to the high bid to determine the Total Purchase Price. The amount of the Buyer's Premium is 10% of your high bid. 

Buyer's Premium Example (Using a 10% Buyers Premium):
Bid Price: $100,000
Plus 10% Buyer's Premium: $10,000
Total Contract Price: $110,000

Real Estate Closings:

Time being of the essence, all sales shall be closed within 30 days from the date of the auction. The seller will pay for preparation of the deed of conveyance, and all ad valorem taxes up to the date of closing. Property Owner’s Association (POA) fees and, if any will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with real estate sales including Title Insurance.

A computer will be available on site from January 3, 2009 through the conclusion of the auction in order to facilitate buyers who wish to bid while on site.  Individual inspection is available at other times by contacting the Project Manager:

Scott Sandlin

Office 501-916-8180

Cell 501-529-2084

Broker Participation:

Broker Participation is encouraged.  A Broker Participation Form may be obtained from the Project Manager.  Buyer’s Agents must tour the property with their client in order to get a Buyer’s Agent fee in the event their client is a successful bidder.

Agency Disclosure:

In all transactions, the auctioneer/broker is acting as agent for the seller, not as buyer's agent.

Disclaimer and Disclosures:

All information contained herein is believed to be correct to the best of the Auctioneer's knowledge. The information is being furnished to bidders for the bidder's convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient's risk. Each bidder must conduct and rely solely upon their own investigation and inspection. The “River Tract” is being sold "AS IS" with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding.  Buyers of the condo units will receive a New Homeowner’s Warranty.  A copy of the warranty may be downloaded from www.RPMMitchumAuctions.com

Real Estate Notes:

Financing is not a contingency in any auction. Do not bid unless you are capable of closing   within the specified time period.   All property is sold subject to easements and covenants of record including the Riverview Luxury Condominium Horizontal Property Regime.  A copy of the Bill of Assurance and Master Deed of the Riverview Luxury Condominium Horizontal Property Regime is available for downloading and may also be obtained by contacting the Project Manager.

All condos are offered “Subject to Prior Sale.”  

From the Intersection of Maumelle Blvd. (Across from new Walmart SuperCenter) and Crystal Hill Road(CR51), North Little Rock, Ar go south on Crystal Hill Road along Arkansas River for .45 miles.  Riverview Luxury Condos are on the left.