These terms can be found at Ready2bid.com (auction tab/Winston Salem Updated Home – Winston)
TERMS & CONDITIONS
629 McGregor Road
Winston Salem, NC 27103-5979
Stop the Auction with our BUY IT NOW PRICE of $205,150 (contract price, no Buyer Premium added) all other terms apply, see below.
Financing is welcome, but the contract is not contingent upon such.
Important - Read these Terms:
Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, you will acknowledge that you have read and accept these terms and conditions. If you intend to register, the following items will pertain to you.
The Swicegood Group, Inc. is acting as agent of the Seller and at no time acting on behalf of the Buyer.
Buyer's Premium (*DOES NOT APPLY WITH THE “BUY IT NOW” OPTION)
There will be a Ten Percent (10%) Buyer’s Premium added to the final bid price to determine the final contract purchase price. Example $100,000 high bid is a contract purchase price of $110,000.
Identity Verification: In order to verify that the credit card used for registration is valid, the bidding platform requires a $1000.00 authorization hold be placed on credit cards in order to register to bid. This hold will be removed by your bank within a 24-48-hour time period after registration (depending on your bank’s policy). The identity of all Bidders will be verified in this manner. Bidding rights are provisional, and if complete verification is not possible, The Swicegood Group, Inc. will reject the registration, and bidding activity will be terminated. The Seller and The Swicegood Group, Inc. reserve the right to refuse service to any person who they feel to be fraudulent.
Winning bidder whose bid has been confirmed by Seller, will be required to sign the auction sales contract and deliver a deposit of $1,500 to Seller's attorney within 24 hours of contract execution, time is of the essence.
Online auctions are timed events and all bidding will begin to close at a specified time. Online auctions also have an auto-extend feature or “soft close” ending. Any bid placed in the final minutes of the auction will automatically extend the auction. Example: If an auction is scheduled to close at 6:00 and receives a bid at 5:59, the close time will automatically extend 3 to 5 minutes. The auto-extend feature will continue until there is a predetermined silent period without a new bid being placed on any item in the auction. The Swicegood Group, Inc. reserves the right to extend or decrease the extension time increment at any time during the auction.
Outbid / Back-In Notification:
During this auction process, there is a chance that you will be outbid. If you have the bidding app, you will receive a popup notification, otherwise, you will receive an email. It is the responsibility of the bidder to realize and maintain their desired bidding position.
Property Information & Inspection:
The Swicegood Group, Inc. is not responsible for any missing or incorrect listing information. The Swicegood Group, Inc. has attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct inspections to determine the condition and feasibility of the Bidder’s intended use. Descriptions that are provided by The Swicegood Group, Inc. are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have personally inspected the property, hired an agent to inspect the property, or will inspect the property during due diligence. Placing a bid creates a contractual agreement to purchase the property at the high bid price plus a Buyer’s Premium and any additional fees included in closing the real property transaction.
The Swicegood Group, Inc. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and the convenience of The Swicegood Group, Inc. or the Seller. Auctioneer does not preclude the right of any employee, stockholder or subcontractor the right to bid on any auction. Auctioneer reserves the right to bid on behalf of the seller, unless the sale is an absolute auction.
Server & Software Technical Issues:
In the event there are technical difficulties related to the server, software or any other online auction-related technologies, The Swicegood Group, Inc. and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor The Swicegood Group, Inc., or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. The Swicegood Group, Inc. may send email notifications to registered Bidders with updated information as deemed necessary.
At contract Buyer will deliver a non-refundable earnest money deposit in the form of a certified check, cash or wire transfer of $1,500 to Seller’s attorney. The earnest money deposit is due within 24-hours of the close of the auction or of contract execution with time being of the essence, and the balance of the contract purchase price due at closing, which shall be in thirty days of contract date or upon delivery of the deed, whichever is sooner. In the event the Seller cannot produce a deed with an insurable title, the earnest money deposit will be refunded. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Auction Purchase Contract. This online-only auction sales contract is a no contingency contract and is not subject to financing, appraisal, survey or inspections of any kind, as agreed to by the Bidders and/or Buyers at registration and specified in the Auction Purchase Contract.
*Seller agrees to refund buyer’s deposit of $1,500 only if property does not appraise at or greater than the contract price.
Auction Purchase Contract:
The contract is required to be fully and correctly executed, without any modifications and properly signed within 24-hours of the close of the auction or Seller’s acceptance, time is of the essence.
Property is to be closed within 30 (thirty) days and no more than 45 (forty-five) days after the auction or upon delivery of the deed, whichever is sooner.
Buyer’s closing costs can include and if Buyer elects, a new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items (real property taxes and/or HOA dues if applicable) and any other fees required for closing. Seller’s closing costs are limited to their portion of the prorated real property taxes, revenue stamps and the cost of deed preparation.
All property in this auction is selling “AS-IS, WHERE IS” with all faults if any. The Swicegood Group, Inc. makes no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct but are not guaranteed. It is the Buyer’s responsibility to conduct any inspection prior to the auction. All due diligence periods end the date the auction is scheduled to end, and prior to the end of the auction. It is possible that the property being sold is subject to restrictive covenants and homeowner’s association rules, regulations and dues. The Swicegood Group, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid or during due diligence. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or during due diligence. It is automatically acknowledged by placing a bid that you have or will personally inspected the property, have or will hire an agent to inspect the property or waived your right to inspect the property.
The laws of the State of North Carolina shall interpret this document.
Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Davie County, North Carolina as the sole and exclusive venue for North Carolina properties.
Auction Bidder and/or Buyer Default:
The successful Bidder and/or Buyer not executing and returning the contract with the earnest money deposit within 24 hours of the conclusion of the auction will be considered in default and will be black-flagged in our database as a Non-Paying Bidder and will no longer be allowed to participate in our auctions. The Swicegood Group, Inc. reserves the right to sell to the next highest qualified Bidder in the event the successful high Bidder does not comply with the terms of the sale. By bidding on the property, the Bidder agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default. By registering and placing a bid, you agree that if you a Non-Paying Bidder, The Swicegood Group, Inc. has the right to charge your credit card for the amount equal to the five Percent (5%) earnest money deposit, which shall be non-refundable.
Auction Cancellation – Bid Rejection:
The Swicegood Group, Inc. reserves the right to reject any and all bids for any reason. The Swicegood Group, Inc. reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed, unless the auction has been advertised as Absolute.
All bids are subject to Seller confirmation unless the auction is advertised Without Reserve or Absolute.
As specified in the Auction Purchase Contract as a General Warranty Deed. If clear title cannot be delivered by Seller, Buyer's deposit will be refunded.
Possession delivered at closing.
Real Estate Taxes and Closing Cost:
Taxes will be prorated to the day of closing using the most current available year’s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees.
Easements & Zoning:
Subject to any and all easements recorded or unrecorded.
Acreage & Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
Bidder responsibilities include but are not limited to the following: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in the termination of website use privileges. The Swicegood Group, Inc. gathers aggregate information from the website, which may include but is not limited to, the number of page visitors, most visited pages, and any and all correspondence. Bidder agrees that email address provided for correspondence during auction and possibly future auction announcements.
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment in full to The Swicegood Group, Inc. as fiduciary.
All Bidders must be eighteen (18) years of age or older