Terms for the Auction for
725 Lancaster Creek Road, Farnham, VA 22460
TERMS: All bidders must register to bid online by registering at BidNowAtCallErnie.com. A 10% buyer's premium will be added to the final bid and will become a part of the purchase price. As an example, if you bid $100,000 for a property at auction, the contract sale price will be $110,000. Another example would be if you bid $200,000 for a property at auction, the contract price will be $220,000. The property is sold in as-is condition and is not contingent upon buyer's financing, condition of property, appraisal, inspection, etc. Buyers shall rely on their own information, judgment, and inspection of the property Title will convey via General Warranty Deed. The property taxes will be prorated to the date of closing. The closing will take place within 30 days of the auction unless specified otherwise or as soon thereafter as necessary to correct any defects in title. If you are not prepared to make the required deposit and close within the timeframe stated, please do not bid. The closing will take place on or before 5:00 p.m. on Monday, October 21, 2019. All buyers must be approved to bid not later than 1 p.m. on September 19, 2019. All broker participation forms must be submitted to the auctioneer no later than 5 p.m. on September 18, 2019. All auction day announcements take precedence over any previously printed material or any other oral statements made. The auctioneer is an agent for the Seller.
Bidder Verification: The identity of all bidders will be and must be verified. Bidding rights are provisional, and if complete verification is not possible, River City Auction & Realty, LLC. may reject the registration, and bidding activity may be terminated. You will need a verifiable address, a verifiable phone number, and a verifiable email address. Contact the auction coordinators, Ernie Rogers (804) 334-4558 or Kathy Cole (757) 285-0319, immediately after registering to provide verifiable information needed for you to be approved to bid.
At the close of the auction, and seller confirmation, the successful bidder will be emailed or given the contract package to execute and return to River City Auction & Realty, LLC. The winning bidder will be required to submit an earnest money deposit totaling 5% of the contract sales price by the close of business on Friday, September 20, 2019. The 5% total deposit must be in the form of a wire transfer, cashier's check or certified check (from a US bank) made payable to River City Auction & Realty, LLC. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees or cashier’s check fees. If the successful bidder does not execute and return the contract with earnest money deposit by 5 p.m. on September 20th they will be considered in default and subject to legal action. This is a legally binding contract.
In the event a winning bidder fails to submit the signed contract and the 5% earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $10,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by River City Auction & Realty LLC, and the Seller as provided in the Terms & Conditions and the Auction Contract for Purchase. All administrative fees are nonrefundable.
Any reliance on the content of the information provided shall be solely at the recipient’s risk. All information is believed to be correct but is not guaranteed. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold ’AS IS’ with any and all faults. If the closing does not occur for any reason whatsoever, other than solely due to the fault of the Seller, Seller shall retain the earnest money deposit as a measure of liquidated damages. This provision shall in no way affect the right of Seller and Auctioneer to rely upon and to exercise any other legal remedies or recourse available to them, including without limitation seeking specific performance or monetary damages, in the event the closing contemplated herein does not occur due to default by Purchaser. Purchaser further agrees to pay all attorney fees, court costs and other costs of collection/enforcement incurred by Auctioneer and Seller due to a default by Purchaser. The auction is subject to cancellation, additions, deletions, pre-sale, or postponement. All information and dimensions were derived from sources believed to be correct but are not guaranteed.
Technical Issues: Neither the company providing the software nor the auction company shall be held responsible for a missed bid or the failure of the software to function properly for any reason. In the unfortunate event of a Distributed Denial of Service [DDOS] attack or server attack/shut down, the auction company reserves the right but is not required, to extend bidding time. To minimize the chance of being affected by internet or software issues, please use the “Max Bid” feature. Please contact Tim Peters/Bid Wrangler @ 844-296-8727 if you need assistance with the online bidding platform. Contact information: Ernie Rogers, VAAL# 2575 Ernie@ABCole.com 804-334-4558