Historic Real Estate Auction Event
Real Estate Auction Of Jerry Smith - 200+/- Properties
Georgia, Alabama, Florida, South Carolina & Texas Properties
Live Auction with Online Simulcast Bidding
Thursday, May 10th at 10:00 A.M.
The James Madison Conference Center
220 W. Washington St., Madison, GA
CLICK ON THE LINKS BELOW FOR ADDITIONAL INFORMATION
How will subdivision lots be offered for this auction?
If you are interested in multiple subdivision lots, it is highly recommended that you attend the live event to ensure you have all possible bidding options available.
For online bidders who place pre-bids and do not plan on participating in the live auction or live simulcast bidding online. Pre-bids will be represented on the pre-bidders behalf up to but not over their max pre-bid for each property individually. For subdivision lots, pre-bidders will not have the ability to group lots.
Subdivision lots will be offered in a High Bidders Choice Multi-Par system consisting of 2 rounds. Live event bidders and live online bidders will have the ability to group subdivision lots in round 1. The first round of bidding on subdivision lots will be offered “High Bidder Choice”.The first high bidder will have the option to choose which lot or lots they want at the high bid price per lot.If multiple lots are chosen, that group will remain together for the duration of the auction and will not be able to split up. Bidders are encouraged to bid on the lot or lots they are interested in during the first round to secure how they can be bid on in round two.Bidder choice will continue in round 1 until all lots have been chosen either individually or in groups.
Round 2 will be open for combinations from any lot or grouping of lots created in round 1. If a combination is made, all bidders including winning internet bidders will have the ability to defend/bid on the original lot or group of lots created during round 1. Internet bidders may not have the ability to bid on new groupings created in round two but will be able to defend their original winning bid from round 1 whether it be one lot or a group of lots. The combination bidding will continue until no other combinations or raises are requested.
At that time the final bids will be presented to the seller for confirmation and we will move on to the next property or subdivision in the catalog.
If you are interested in multiple subdivision lots, it is highly recommended that you attend the live event to ensure you have all possible bidding options available. Otherwise, it is important for live internet bidders to be in a winning position in round 1 for the lot or group of lots they are interested in so that they can participate in round 2 to defend their bid.
John Hill O’Neal| NMLS# 1495715
706.817.2286 | [email protected]
All closings will be conducted by
The Merritt Law Firm in Madison, GA.
|Ayers Auction & Real Estate|
19048 Alberta Street
Oneida, TN 37481
|Breco Benton Auction, LLC|
Real Estate & Auction
20114 Illinois Route 16
Contract. Please be prepared to close the transaction within 30 days.
Buying real estate at auction is simple and easy.
Good luck in your bidding!
Terms & Conditions For Sale of Real Property: Each property is offered under the specific terms and conditions provided in the property information package. Please read and review the terms & conditions thoroughly prior to bidding on any property. If you have not read and reviewed the Terms & Conditions of Real Property, Do Not Bid. Announcements day of auction take precedence over all written or oral statements. Please see uploaded document pertaining to closing instructions, fees and a sample contract.
Buyer's premium: A 10% buyer's premium will be added to the bid to establish the contract price the successful bidder must pay. For example, a bid of $100,000 will be assessed a $10,000 buyer's premium, creating a contract price of $110,000.
Earnest Money Requirements:
Onsite Bidder: Winning bidders are required to complete all contracts and paperwork at the close of the auction. 10% of the final bid price required as non-refundable earnest money immediately after the close of the auction, with the balance of purchase price due at closing.
Online Bidder: 10% of the final bid price required as non-refundable earnest money in the form of a certified check, cash or wire transfer within 24 hour of the close of auction (or next business day), with the balance of purchase price due at closing. Contract Documents will be sent by e-mail to the successful bidder, who must execute and fax or email back to Breco Benton LLC within 24 hours of the end of the auction. Successful bidders not executing and returning their contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default.
Purchaser shall be responsible for all wire transfer fees.
Auction Bid Default: In the event a winning online bidder fails to submit the signed “Contract for Sale of Real Property” and the earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administration fee of $2,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by L.W. Benton Company, Inc. and the Seller as provided in the Auction Terms & Conditions and the “Contract for Sale of Real Property”.
Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Breco Benton LLC will reject the registration, and bidding activity will be terminated.
All properties are subject to prior sale or removal from the auction. Some properties will be offered absolute and other properties are offered subject to seller confirmation/approval of the final bid price.
Closings: Time being of the essence, these sales shall be closed with 30 days of the sale date. The seller will pay for preparation of the deed of conveyance, and prorated taxes up to the date of closing. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. Rents/Incomes will be prorated to the date of closing. The purchaser will pay all other closing costs associated with this sale. This transaction is not contingent on or subject to financing, appraisal, survey or inspection of any. Individual purchases are to be considered as singular transactions not contingent on the sale of other properties or tracts. Closing will be conducted The Merritt Law Firm in Madison, GA.
Agency Disclosure: In all transactions Breco Benton, LLC is acting as agent for the seller, not as buyer’s agent.
Multiple tract sales: Breco Benton LLC reserves the right to offer the property in individual tracts or lots, combinations of tracts or lots, as a whole or in anyway that we see fit in order for it to bring the most money for the seller. The sale of combinations supersedes the sale of individual tracts. The decision of the auctioneer is final. Seller and Breco Benton LLC reserve the right to amend any terms or conditions prior to or during the auction.
Acreage, Measurements & Photos: Parcel dimensions, measurements & acreages are based on legal descriptions or tax records. Aerial photos are for illustration purposes only and do not represent exact survey boundary lines.
Release: By its acceptance of the deed, buyer shall be deemed to release seller and Breco Benton LLC from any and all claims and liabilities relating to any defect, deficiency of other matter concerning the property including, without limitation, the quality, condition, quantity, or use of the property. Sellers & Breco Benton LLC give no warranties of any kind either expressed or implied, with respect to the condition, merchantability, use, size, configuration, design, or suitability of the property.
Legal courses of action: Bids are a binding offer to enter a contract and you are responsible for honoring them. Every legal remedy available will be used to ensure buyer's performance of this contract. Buyer accepts responsibility for and agrees for buyer and all of buyer's agents, representatives, successors and assigns to indemnify, defend and hold harmless sellers & Breco Benton LLC, their employees, governing body, officers, owners, affiliates, subsidiaries,directors, agents, and representatives from and against any and all claims, losses, damages, liabilities, judgments, fees, costs, and expenses including reasonable attorneys' fees and expenses related to, arising from, or associated with (I) the sale of the property, including, but not limited to, personal injuries or property damage incurred on the sale premises or during removal and transport of any auction item, (II) buyer's use of Breco Benton LLC’s website and (III) a dispute with another bidder.
Bid retraction: By placing a bid, buyer and all other bidders acknowledge all terms of the auction and agree not to retract the purchase offer. If a bidder cannot satisfy the terms of the auction, the bidder should not bid.
Server & Software Technical Issues: In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Breco Benton LLC reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software Breco Benton LLC shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary by Breco Benton LLC. If auction has a live event, the only guarantee that your bid will be placed is to be at the actual live bidding event.
Breco Benton LLC reserves the right to remove or cancel the bids and or bidding privileges of any party at any time deemed not to be in the best interest of the seller. Auctioneer reserves the right to reject any or all bids and reserve the right to bid on behalf of a seller, absentee, phone, or online bidder. The auction company reserves the right to make live floor bidding a priority over all online bidding at anytime during the auction. Breco Benton LLC has full discretion to modify the date, time, order and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Breco Benton LLC or the seller.
Lead-Based Paint: If the structure was built prior to 1978, there may or may not be the presence of lead-based paint in the residence. However, the Sellers have no knowledge of any lead-based paint or lead-based hazards and have no records pertaining to the same. In order to comply in accordance with Section 1080 of the Residential Lead-Base Paint Hazard Reduction Act of 1992, which will be attached to and by reference, be incorporated herein and become part of the Sale Contract, potential buyers have had ten (10) days prior to the auction date to conduct a lead-base paint inspection or risk assessment at their own expense. Failure to have done so will not constitute grounds for any claim or adjustment or withdrawal of contract signed by the bidder.
Disclaimer: All information contained herein is believed to be correct to the best of the Breco Benton LLC 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. Listing brokers, Breco Benton Auction, LLC nor their agents will be responsible for any errors or omissions herein.