Real Estate Terms & Conditions
Method of Sale
1. The auction is being conducted online only.
2. The property is being offered in two tracts – a 46.38 tract and a 5 acre tract.
3. Bidders will have the opportunity to buy just one tract or both.
4. With the extended ending feature (see explanation below) bidding will stay open on each tract
until all bidding has ended on both tracts.
Inspections: All descriptions and information are believed correct, but are not guaranteed.. It is the Bidders responsibility to inspect the items and research any and all descriptions and information to their complete and full satisfaction prior to bidding.
The Realtor and Auctioneer will be onsite the following dates to show the property:
- Sunday, November 4, from 2-4 pm
- Sunday, November 11, from 2-4 pm
Survey: A survey and a title examination have been performed. To see these documents, click on the “Documents” link and then click on the document you wish to review.
Buyer’s Premium: A 10% buyer’s premium will be added to the winning bid to determine the final selling price. For example, if the closing bid is $200,000, the Buyer's Premium would be $20,000, resulting in a final contract selling price of $220,000.
Bidding: Online bidding is to be understood as a binding contract. Bids will be taken with the understanding that the bidder will honor their winning bid with sufficient funds in the specified time frame. Notification of the winning bid will be made immediately at the auction's close.
Online bids can be made using two methods: selecting the green button that says “Bid (amount)” or selecting the green button that says “Set Max.”
“Bid (Amount):” This button shows the next bid required and allows the bidder to input a single bid as in a live auction. For example: if the bid is currently $100,000 the green box will say “Bid $100,500.
“Set Max” Feature: This feature enables you to set a maximum bid so the computer does your bidding without you having to constantly view, log in, and bid on an item. Setting a maximum online is much like coming to a live auction with a preset spending limit in mind. The program will bid for you, in the prescribed increments, and only up to your spending limit for the item. For example: the current bid is $100,000 with Bidder A having the winning bid. Bidder B wants to place a bid and is willing to bid as much as $300,000. If Bidder B places a maximum bid of $300,000 the bid rises only to $100,500. If Bidder A returns and places a maximum bid of $200,000, the program automatically does the bidding in the pre-established increments. In this example the bidding will stop at $200,500 with Bidder B winning because the next bid would be $201,000, which is more than Bidder A’s limit. Maximum bid amounts are kept confidential. Please note that the bid history page will post a message if the current high bid has been a result of a Maximum Bid. You can raise a bid or raise your maximum bid at any time prior to the close of the auction.
Bidding Increments: The bidding increments for this auction are set at $500 and thus bidding is in multiples $500.
Close of Bidding: Bidding is scheduled to close Monday, November 12, 2018 beginning at 7:00 p.m. Eastern Time. All bids/offers should be made through this bidding site and shall be in accordance with the Terms and Conditions set forth for this sale.
Extended Ending: The close of bidding will be subject to an extended ending, whereas at the close of the auction, any bidding activity will automatically extend the closing for 5 minutes. The bidding will continue to remain open as long as there is activity within 5 minutes of the previous bid. If there is no bidding activity within another 5 minutes, bidding will then be closed.
Contract Execution: Following the auction, the successful bidder will be emailed, faxed, or delivered a contract to be signed by the prospective buyer and returned to Wardlow Auctions by personal delivery, email, or fax no later than 2:00pm ET, Tuesday, November 13, 2018. Copies of the Purchase Contracts are available for review online. Click on the “Documents” link and then click on “Real Estate Purchase Contracts”.
Down Payment: The buyer(s) shall make a non-refundable down payment upon signing the Purchase Contract. The down payment required for Tract 4 (46.38 acres) is $15,000; the down payment required for Tract 5 (5.02 acres) is $5,000; and the down payment required for both tracts is $20,000. The down payment must be received no later than 2:00PM ET on Tuesday, November 13, 2018. The down payment may be in the form of cash, an official bank check, certified check, good personal check, or wire transfer payable to Weichert Realtors/ABG Properties.
Closing: Closing for the properties must be on or before December 21, 2018. The Buyer(s) shall pay the balance of the purchase price at closing. Buyer(s) and Sellers shall pay their respective closing costs as is common and customary to Henry County, Kentucky.
Disclaimer: Any and all documentation provided in preparation for this auction has been obtained and forwarded in good faith to potential bidders for their convenience and information only. Such information is not warranted and as such the Seller, Auctioneer and Broker shall not be held liable for inaccuracies in the information. Potential buyers are encouraged to obtain or verify, before the close of bidding, any information they consider critical to their decision to purchase. The property is being sold “as is" "where is” with no guarantees or warranties of any kind.
Online bidding is offered as a courtesy. The Auctioneer, Broker, Agent, Wardlow Auctions, Inc., Weichert Realtors/ABG Properties, Sellers, and the internet and software providers do not guarantee or warrant the online bidding procedure and/or system to operate without interruption or malfunction.
Taxes: All real estate taxes due and payable in the calendar/fiscal year of closing shall be prorated between Buyer and Seller as of the date of closing as is common and customary to Henry County, Kentucky.
"As-Is” Condition: The property is being sold and purchased in “as-is” condition, “with-all-faults and attributes”, with no guarantees or warranties of any kind as to condition, fitness, use, or future use of the property and with all defects, apparent, non-apparent and latent. BUYER hereby acknowledges that they have had the opportunity to inspect and research all aspects of the property to their complete and full satisfaction prior to bidding. All information provided in advertising and otherwise is believed correct, but is not guaranteed. Potential buyers are welcome to get any inspections they desire prior to the auction; however, the sale will not be contingent upon any inspection, either prior to or after signing of the Auction Purchase Contract.
Lead Based Paint Disclosure: Due to the age of the house, it is possible it may contain lead-based paint. Buyer shall sign the disclosure and acknowledgment form indicating that they have been informed about the possibility of lead-based paint.
Penalties: Any bids found to be fraudulent will result in all appropriate legal action. Delinquencies will also prevent the individual from participating in any further auctions conducted by Weichert Realtors/ABG Properties and Wardlow Auctions, Inc.
Real Estate Information Documents: See the item description on the bidding page for links to real estate information documents.
Broker Participation: A Broker or agent whose client is the buyer of the real estate may be entitled to a 2% broker participation fee. Agents must register their client prior to 6:00 pm on November 12, 2018. Brokers and agents may obtain the registration form by clicking on the “Documents” page and then clicking on “Broker Participation Form”
Auctioneer's Right to Bid: In accordance with KRS330.220(6)(a), it is hereby disclosed that, with permission from the seller, the auctioneer, broker, agent, and any staff members reserve the right to bid. They also shall be able to place bids on behalf of bidders who do not have access to a computer.
Registration: Registration is free but does require several important pieces of information. As with our live auctions, bidders must be registered with a full name, address, and telephone number and email address. Information from either a MasterCard or Visa is to be held on file. This information is obtained to establish bidder credentials and deter defunct bidding.
Questions: All questions regarding the property should be directed to Rebekah Petrando, Realtor, Wiechert Realtors/ABG Properties at (502) 939-5887 or Rick Wardlow at Wardlow Auctions Inc. at (502) 489-5515.
Any questions regarding the online bidding or auction process (registration, bid placement, etc) should be directed to Wardlow Auctions Inc. at (502) 489-5515