ABSOLUTE ONLINE AUCTION ENDS THURSDAY, APRIL 11TH

TERMS AND CONDITIONS

A 10% deposit required. If high bid is approved by seller, High bidder will be required to sign contract and make deposit by 5:00 PM day of sale. See additional terms below.

Terms:  All bidders must register to bid online by registering at bartlongauctions.com.  Bidders may execute bids either at bartlongauctions.com or by downloading the Bart Long Auction App.  Bidding will open approximately 2 weeks prior to the end of the sale.  A 10% buyer’s premium will be added to the final bid to determine contract price.  As an example, if you bid $100,000 for a property the contact sale price will be $110,000.  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, judgement, and inspection of the property.  Title will convey via Marketable Deed from all owners of record and free and clear of all liens.  The property taxes will be prorated to the date of closing.  The closing will take place within 30 – 45 days of the sale unless specified otherwise or as soon thereafter as necessary to correct any defects in title.  Time is of the essence with respect to all closings.  If you are NOT prepared to make the required Earnest Money Deposit, execute the required documents, and close within the timeframe stated, please do not bid.  Day of sale announcements take precedence over any previously printed material or any other oral statements made.  The sale is subject to owner confirmation.

Bidder Verification:  The identity of all bidders will be verified.  Bidding rights are provisional, and if complete verification is not possible, Bart Long Auctions 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.  You will be contacted by the sale manager after you register to verify your identity.

Due Diligence:  Any reliance on the content of 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 due diligence.  The property is being sold “WHERE-IS, AS-IS,” “WITH ALL FAULTS”.

Inspection:  All property is being sold “WHERE-IS, AS-IS,” “WITH ALL FAULTS” with no representations or warranties of any sort.  Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied.  Bart Long Auctions disclaims all responsibility for physical condition.  All buyers are responsible for prior inspection of properties on which they make an offer, and by making an offer(s) are deemed to have so inspected the property to their satisfaction.  Placing an offer, whether in person, or by agent, or other means, constitutes an agreement by participant to these conditions of sale.

Bid Increments:  To be determined by the auction company.

Extended Offering Time:  Online Participation, When Available:  Notwithstanding the scheduled closing time for this sale, if a offer is made at any time during the final five (5) minutes of the scheduled offering time, the offering time will automatically by extended.  Subsequent and additional extensions shall be applied to all offers placed during any such extension period until an extension period has expired without additional offers being placed, at which time the offering time, as extended, shall be closed.  This procedure prohibits any last second ‘sniping’ from taking place.  Bart Long & Associates Realty and Auction, LLC has the sole authority to resolve any bidding disputes as they may arise.

Earnest Money Deposit:  At the close of the sale, and seller confirmation, the successful bidder will be emailed or given the contract to execute and return to Bart Long Auctions.  The winning bidder will be required to submit an earnest money deposit totaling 10% of the contract price by 5:00 PM on day of sale.  The deposit must be in the form of a wire transfer, cash, cashier’s check, or certified check (from a US bank), made payable to Bart Long Auctions.  Personal checks will be accepted if delivered in person.  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 5:00 PM on auction day, the Buyer will be considered in default and subject to legal action.  This is a legal binding contract.

Default:  If the closing does not occur for any reason whatsoever, other than solely due to the fault of the Seller, Bart Long Auctions shall retain the earnest money deposit.  This provision shall in no way affect the right of the Seller and Bart Long Auctions 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 the default by Purchaser.  Purchaser further agrees to pay all attorney fees, court costs and other costs of collection / enforcement incurred by Bart Long Auctions and Seller due to a default by Purchaser.

Agency Disclosure:  In all transactions, the auctioneer is acting as agent for the seller, not as the buyer’s agent.  Bart Long & Associates Realty and Auction, LLC reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time.  At all auctions the seller and/or auctioneer reserves the right to bid. 

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 DDOS attack or server attack/shut down, the auction company reserves the right, but is not required, to change the bid closing deadline.

Controlling Law:  The respective rights and obligations of the parties with respect to the Conditions of Sale and he conduct of the sale shall be governed and interpreted by the laws of the Commonwealth of Virginia and the State of Tennessee.  By making an offer at the sale, whether present in person or by agent, written offer, telephone, online or other means, the participant shall be deemed to have consented to the jurisdiction of the state and federal courts of the Commonwealth of Virginia and the State of Tennessee.

Broker Co-op:  Bart Long Auctions will pay a two percent (2%) Broker Participation Fee (based on highest offer and not including applicable buyer’s premium) to the broker representing the winning participant on the real property.  All broker participation forms must be submitted to Bart Loong Auctions 48-hours prior to the sale.

NOTE:  By bidding at this sale, the Buyer hereby acknowledges receipt of and agrees to all these Terms and Conditions.

Thank you for your interest in the sale of this property.  If you should have any questions or need additional information, please contact our office at 276-466-4663.