Online Auction Terms & Conditions
The Swicegood Group Inc. Auctions-Real Estate NCAFL #8790
BUY IT NOW FOR A CONTRACT PRICE OF $139,000!
Online Auction Event:
342 Walden Ridge Court Winston-Salem, NC 27127 Important - Read these terms and conditions as they will be an addendum to the sales contract and supersede any other terms. When you register to bid, you will have to acknowledge that you have read and agree to these terms and conditions. If you intend to register, the following items will pertain to you. Agency: The Swicegood Group, Inc. is acting as an agent of the Seller and at no time acting on behalf of the Buyer.
Buyer's Premium & Identity Verification (ONLY APPLIES IF YOU ARE BIDDING AND NOT DOING THE "BUY IT NOW" OPTION
There will be Ten Percent (10%) Buyer’s Premium added to the final bid price to determine the final contract purchase price. For example, a bid of $100,000 is a contract price of $110,000.
Due Diligence Fee: For $500 paid to Seller, the successful high bidder will receive a 5-day due diligence period ending at 5pm EST. from the effective date of the contract with time being of the essence. The buyer may cancel the contract for any or no reason during this period.
A deposit of $1,500 is required as an earnest money deposit made payable to the Seller’s attorney’s trust account in the form of a certified check or wire transfer. The earnest money deposit is a credit towards purchase price only at closing and is due within 24-hours of expiration of the Due Diligence Period with time being of the essence. The balance of the contract purchase price is due at closing, which shall be in thirty-days (30) to no more than forty-five (45) days. The closing date will be as specified in the Auction Purchase Contract. Financing is welcome, but the contract is not contingent upon such. Seller’s Closing Attorney:
Luke Martin Attorney at Law Benbow & Martin, P.C
309 Davie Ave, Statesville, NC 28677
Office Phone: 704-871-9000
**Seller agrees to refund the buyer's deposit of $3,500 only if the property does not appraise at or greater than the contract price or if the clear title cannot be delivered by Seller.
Registration/Identity Verification/Credit Worthiness:
In order to verify your identity and that you are creditworthy, we will “ping” the credit card used for registration; this means a $1000.00 hold will be placed on this card. This hold will be removed by your bank within a 24 to 48-hour time period (this time period can vary from bank to bank). THIS IS NOT A TRANSACTION AND NO MONEY COMES TO OUR FIRM. 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. DocuSign Envelope ID: 34F1FE52-0B62-4F30-BF2E-2626E0CCB307
Online auctions are timed events and all bidding will begin to close at a specified time. Online auctions also have an auto-extend feature. Any bid placed in the final ten minutes of the auction will automatically extend the auction minutes from the time the bid was placed. 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 bid being placed on any item in the auction. In the event that the auto-extend time needs to be decreased, The Swicegood Group, Inc. may decrease the extended time amount at any time during the auction until the close of bidding.
Outbid /Back-In Notification/Max Bid:
During this auction process, there is a chance that you will be overbid. If you have the free bidding app (type “Swicegood” to search for 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. You may place a maximum (max bid) which will allow the computer to automatically protect you up to that amount.
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, will hire an agent to inspect the property, or waived your right to inspect the property. 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/terms included in the auction and in the closing of 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.
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.
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, time is of the essence unless the bidder is at the bid center where the contract will be signed by the purchaser immediately and the deposit will be collected at the same time.
Closing: Property is to be closed within 30-45 days (per contract).
Closing Costs: All parties will be responsible to pay their own customary real estate closing costs.
Property Condition: 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 or during due diligence. 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. 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 doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property or waived your right to inspect the property. Legal Interpretations:
The laws of the State of North Carolina shall interpret this document. Disputes: 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.
As specified in the Auction Purchase Contract.
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.
Auction Bidder and/or Buyer Default:
The successful Bidder/Buyer whose bid is confirmed and who does not execute and return 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 and the seller has the right to exercise their legal remedies for such breach of contract. 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 Buyer 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 Bidder in default as specified above, The Swicegood Group, Inc. has the right to charge your credit card for the amount equal to the earnest money deposit.
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 are 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 the email addresses provided for correspondence during the auction and possibly future auction announcements.
All Bidders must be eighteen (18) years of age or older.