Potts Brothers Land & Auction
Ultimate Choice Bidding System: Properties with more than one tract will be offered in single tracts, combinations of tracts or as a whole. Bidders may bid on individual tracts even when they are assembled in groups. When a group of tracts has been disassembled by someone bidding on an individual tract, the top bidder for the group is no longer obligated as high bidder. The remaining tracts in the group revert back to the original bidders before the group was assembled. As a result, an original bidder may be in the winning position again. Once you have bid on a property, always check your position. You will receive an email stating you have been outbid or still in the winning position.
Contract for Sale of Real Property: Each property is offered under the specific terms provided in the contract. The Contract for Sale of Real Property is available at www.pottsbrothers.com, in the pre-bid package located from within the files tab. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract for Sale of Real Property. Do Not Bid!
INTERNET BIDDING INCREMENTS
Range Minimum $1,000.00 – Range Maximum $2500.00 = Increment $50.00
Range Minimum $2,500.00 – Range Maximum $10,000.00 = Increment $100.00
Range Minimum $10,000.00 – Range Maximum $50,000.00 = Increment $ 500.00
Range Minimum $50,000.00 – Range Maximum $100,000.00 = Increment $1,000.00
Range Minimum $100,000.00 – Range Maximum $250,000.00 = Increment $2,500.00
Range Minimum $250,000.00 – Range Maximum $500,000.00 = Increment $5,000.00
Range Minimum $500,000.00 – Range Maximum $3,000,000.00+ = Increment $10,000.00
Potts Brothers Land and Auction, LLC has the sole authority to resolve any bidding disputes as they may arise.
Auction End Times: Potts Brothers Land and Auction Online Only Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Potts Brothers Land and Auction reserves the right to adjust the auto extension time period.
Example: Potts Brothers Land and Auction Online Only Real Estate Auction have an auto extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes from the time the bid is placed.
Example: If an auction scheduled to end at 10:00 a.m. receives a bid at 9:59 a.m., the close time of the auction automatically extends to 10:04 a.m. The auto-extend feature remains active until no further bids are received on the entire bidding group of properties within the 5 minute time frame. Potts Brothers Land and Auction reserves the right to adjust the auto extension time period.
Bidder Verification: The identity of bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Potts Brothers Land and Auction will reject the registration, and bidding activity will be terminated.
Terms: At the close of the auction, successful bidders will be emailed the contract package to execute and return to Potts Brothers Land and Auction. Successful bidders will deposit 20% of the contract price in form of auction company approved check or wire transfer with the title company/closing agent listed for the specific property. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.
Buyer’s Premium: A 10% buyer’s premium will be added to the bid price on all properties to determine the final contract price.
10% Buyer’s Premium Example:
Bid Price: $100,000.00
Plus 10% Buyer’s Premium: $ 10,000.00
Total Contract Price: $110,000.00
Contracts: Contract Packages will be sent by e-mail from Potts Brothers Land and Auction to the successful bidder, who must execute and fax or email back to Potts Brothers Land and Auction within 48 hours of receipt. Successful bidders not executing and returning their contract with earnest money deposit within 48 hours of receipt will be considered in default and subject to an Administrative Fee.
Auction Administrative Fee: In the event a winning bidder fails to submit the signed “Contract for Sale of Real Property” and deposit earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Potts Brothers Land and Auction and the Seller as provided in the Auction Terms & Conditions and the “Contract for Sale of Real Property. All administrative fees are non refundable.
Closing: Time being of the essence, these sales shall be closed on or before April 22nd or April 23rd. The purchaser will pay for all normal closing costs associated with the transaction. The 2012 ad valorem taxes will be the prorated.
Broker Participation: A two percent (2%) bid price commission is available to properly registered brokers. A Broker Participation Form with complete instructions is available at www.pottsbrothers.com
Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as a buyer’s agent. Potts Brothers Land and Auction reserves the right to remove or cancel the bids or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. At auctions with reserve, the seller and/or auctioneer reserves the right to bid. On all other auction, auctioneer reserves the right to bid on auctioneer’s behalf when permitted by law.
Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer’s 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. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold “AS IS” with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding