Terms and Conditions
REGISTRATION
In order to receive a bidder’s number for the live auction on November 29, 2011, you must register. You will register by presenting a driver’s license and guaranteed funds (cashier’s check, cash, or money order) in the amount of $5,000 if you are bidding on land tracts and $50,000 if you are bidding on the home. Any Cashier’s checks or Money Orders should be made payable to yourself. In lieu of presentation of guaranteed funds, you may present a letter from your bank with language similar to the following: “As a customer of our bank, we will guarantee payment of checks drawn on account #_____________ not to exceed the aggregate amount of $_________for purchases at the auction of RPM-Mitchum Auctions, LLC on November 29, 2011 or for any real estate bought online or during the online portion of the sales event from November 1, 2011 through November 29, 2011.”
DAY OF AUCTION DEPOSIT
If you are the successful bidder on any parcel, you will endorse the cashier’s check or other guaranteed funds to Lenders Title Company as part of your day of auction deposit of 10% of your bid. The balance of your deposit may be paid with a personal or company check.
ONLINE BIDDING REGISTRATION AND REQUIREMENTS
All ONLINE bidders must be pre-registered and are required to have a deposit in the LENDERS TITLE ESCROW ACCOUNT in the amount of $5,000 for bidding on land tracts and $50,000 for bidding on the home. This deposit can be accomplished by wire transfer or bank cashier check. If you are the successful bidder on any parcel, you will have 48 hours to raise your deposit to 10% of your bid. Failure to comply with these rules subject you to losing your deposit.
CONTRACT OF PURCHASE
The successful bidder must sign a real estate purchase contract immediately upon the conclusion of the bidding. Online Bidders who are declared successful buyers will be sent a contract via email. Said contract, fully executed, must be returned to the RPM-Mitchum Auctions, LLC within 48 hours after conclusion of the auction.
BUYER’S PREMIUM
A Buyer’s Premium of ten percent (10%) will be added to the successful bidder’s high bid to determine the Total Purchase Price. ONLINE BIDDERS - A Buyer's Premium of eleven percent (11%) will be added to the successful online bidder's high bid to determine the Total Purchase Price.
CLOSING
Closing shall take place no later than January 14,2012 at the offices of:
Rod Cameron
Lenders Title Company
1719 Merrill Drive
Little Rock, Ar 72212
501-224-7676
The entire Purchase Price less the day of auction deposit must be paid by cashier’s check or other certified funds. Buyer's auction deposit is non-refundable if buyer does not close.
SELLER’S WARRANTY
The only warranty, other than a Home Warranty provided by the seller, is good, marketable title. Otherwise, the property is selling “as is, where is.” Title Insurance is available at buyer’s expense. All other closing costs will be split evenly between the buyer and the seller.
AGENCY
RPM-Mitchum Auctions, LLC represents the seller exclusively and acts solely on their behalf. Paulette Richie, broker with Coldwell Banker-RPM is a co-broker on all transactions.
OPPORTUNITY FOR BUYER'S AGENT FEES
Arkansas Brokers, properly register your buyers and you can make a Buyer's Agent Fee of 2% of the successful bid(s.) Contact us for a form or download one from this site.
RESERVE AUCTION
All properties are selling subject to Seller Confirmation. The Auctioneer reserves the right to bid on behalf of seller up to predetermined minimum amounts set by the seller before or during the auction. Nominal Opening Bids are to facilitate opening of the auction and are NOT published reserves.
GROUPING AND RE-GROUPING
The auctioneer reserves the right to group and re-group all tracts being offered in order to maximize value for the seller.
RESTRICTIONS
All property being sold is subject to the Bill of Assurance of Yellow Brick Road Estates Subdivision.
All Offerings are subject to prior sale.
DISCLAIMER
All statements included in the marketing materials are believed to be accurate but are not guaranteed by the seller or the auction company to be correct. Announcements made at the auction take precedence over all printed material and oral information previously stated.
