RESIDENTIAL REAL ESTATE AUCTION – LONOKE, AR

REAL ESTATE AUCTION TERMS & CONDITIONS

Auction Terms & Conditions – Online Residential Real Estate Auction – Lonoke, AR

The Following Terms & Conditions Apply to The Online Real Estate Auction of 1 Cricket Ln Lonoke, AR 72086. Lonoke County Parcel Number: 781-50601-000. Bidder must read and accept all of the auction terms and conditions set forth below in order to bid. (SCROLL DOWN & READ ALL TERMS BEFORE PLACING ANY BIDS)

Buyer’s Premium: A buyer’s premium of Ten percent (10%) of the high bid will be added to the bid to determine the final purchase price.

Seller has the right to accept or reject any and all offers on real estate

Upon the Sellers acceptance of the highest bid, the successful purchaser will be required to make an earnest money down payment in the amount of 20% of the contract purchase price. The balance is due in 30 days at closing. Purchaser will receive a General Warranty Deed at closing. Additionally, Seller will provide the purchaser an Owners Title Insurance Policy at closing. Buyer & Seller will each pay their respective portion of the closing cost & taxes will be prorated to the date of closing.

Wooley Auctioneers requires a credit card for bidder verification purposes only. We will never charge your credit card for real estate transactions. Wooley Auctioneers will contact the winning bidder by phone at the conclusion of the auction with detailed payment instructions. (See payment instructions below)

Buyer’s Commitment: Your bids placed on the Wooley Auctioneers website/bidding platform are a FIRM COMMITMENT TO BUY and you are responsible for paying all amounts due.

Currency Type: USD

Auction Location: Internet Online Only

Payment Instructions: Winning bidder will be required to put 20% of the contract purchase price immediately following the auction in form of a cashier’s check made out to Lenders Title Company. The balance will be due in 30 days at closing. Buyer & Seller will each pay their respective portion of the closing cost & taxes will be prorated to the date of closing.

Additional Terms of Sale:

Your bid is a FIRM COMMITMENT TO BUY should you be the winning bidder.

All property is sold “AS IS”.

By bidding on property, the bidder shows acceptance of the terms of the auction

All announcements made prior to the close of the Internet bidding take precedence over all written or verbal statements.

Wooley Auctioneers attempts to describe the property to the best of our abilities however we make no representations or guarantees. In no event shall Wooley Auctioneers, Inc. be held responsible for having made or implied any warranty of merchantability or fitness for a purpose. Nor shall we be responsible for any errors or omissions in the description of the property.

Wooley Auctioneers, Inc. is providing an Internet auction as a service to Bidder. Bidder acknowledges and understands that this service may or may not function correctly the day of the auction. Under no circumstances shall bidder have any kind of claim against Auction Company or anyone else if the Internet service fails to work correctly during the online auction. Auction Company will not be responsible for any missed bids from any source. Internet bidders who desire to make certain their bid is acknowledged should use the proxy bidding feature and leave their maximum bid at least 24 hours before the auction closes. Auction Company reserves the right to withdraw or re-catalog items in this auction

EXPLANATION SOFT CLOSE: if an item receives a bid within the last 5 minutes, then the close time will be extended 5 minutes from the time the bid is placed. The time will continue to be extended for 5 minutes with each newly placed bid and the item will not close until 5 minutes has elapsed with no additional bid activity. This does eliminate “snipers” from our Internet Auctions. Please be assured that we have taken every precaution to set the site up in a transparent manner that allows for the fairest environment for both buyers and sellers