Terms and Conditions of Auction
107 Marine Drive, Edenton, NC 27932
IDENTIFICATION:
All buyers are required to have a Bidder's Number to bid, giving full name,
address, and phone number. Evidence of correct form of deposit must be
made in order to register for the auction.
CONTRACTS:
The successful bidder must sign all documents and contracts immediately
upon conclusion of the auction.
DEPOSITS:
Proof of five percent (5%) of the Sales price may be required by the
Trustee to receive a bidder number to participate in the auction. Sales
price (gross bid) shall be defined as the high bid plus a ten percent (10%)
live bidder Buyer's Premium or a thirteen percent (13%) on-line bidder
Buyer’s Premium. The Trustee may require a five percent (5%) payment
of this gross bid (high bid + Buyer’s Premium) immediately after being
declared the winning bidder. All bidder’s deposits will be required in the
form of cashier’s check, certified check or wire transfer. The cashier’s check
should be written with the bidder as the payee. The bidder will present the
cashier’s check at the time of registration and receive a receipt. The winning
bidders will endorse the cashier’s check to W. Brock Mitchell, Substitute
Trustee for the Secured Creditor, at the completion of the auction. All other
cashier’s checks will be returned to the non-winning bidders. A personal or
company check will ONLY BE ACCEPTED if accompanied by a certified
bank letter of guarantee as follows: "We will guarantee payment of check or
checks written on Account # up to the amount of [maximum dollar amount]
for a purchase made at your auction sale on August 2, 2018, 12:30 PM for the
above listed property. This letter must be written on bank letterhead and
signed by a bank official. No third-party checks will be accepted. If you did
not post the winning bid then mark your checks “Not used for intended
purposes” and your bank will VOID the check(s). If this auction falls on a
Weekend or Holiday, the Purchaser may request the balance of the nonrefundable
Deposit be paid via personal check without said accompanying
bank letter of guarantee, however, Agent can accept or decline based on
his/her own judgment. In the event such method is accepted by the Agent, it
MUST be substituted for cash, certified or cashier’s check drawn on a
commercial bank NO LATER THAN the first available business day at
4:30pm, at which time the personal check will either be destroyed, or returned
to the purchaser. If said substitution does not occur, Trustee will deposit the
personal check without further notice to Purchaser.
BUYER’S PREMIUM:
A buyer’s premium of ten percent (10%) shall be added to the successful
bidder’s high bid and included in the total purchase price to be paid by the
successful bidder. An additional three percent (3%) buyer’s premium will be
added to on-line bids and an additional three percent (3%) buyer’s premium
shall be added to any payments in the form of a credit card. Wire transfers are
subject to a Forty-Five dollar ($45) fee per transaction.
REAL ESTATE CLOSING:
Buyers must close all sales of real property within 30 days from the end of the
upset bid period. Time is of the essence. The entire purchase price must be
paid by cashier or certified check, attorney’s escrow check, or wired funds at
closing. Buyer is to pay all closing and transfer fees. A $595.00 processing fee
is added to the price of each auction lot. Upon payment in full of the purchase
price, the buyer shall be entitled to a deed for said property with special
warranty of the title.
REAL ESTATE BUYERS AGENTS:
Real Estate brokers who register as buyers agents will qualify for a
commission as outlined in the Broker's Registration form available from the
Auctioneer. Commissions are calculated on the successful buyer's high bid.
Cooperating broker must be licensed in the state where the property is located.
The brokers properly registered buyer must pay and settle on the property. A
broker shall not be entitled to any sort of commission on any sale to an entity
of which (or of any affiliate of which) the broker is a principal, employee,
affiliate, shareholder, or immediate family member. Broker must register their
prospective buyer with the accepted form with the signature of the broker
AND the prospective buyer, the broker's Real Estate license number,
identification of the property, and Agency Discloser Statement. Agents must
accompany their buyer to the auction and forward bid deposit to auctioneer.
Please call 757-286-6460 with any questions concerning this process or to
acquire a form via email. Brokers must submit forms via email to:
wjsumms@atlanticremarketing.com (2) business days prior to bidding.
Brokers must retain the stamped version of the submitted form that is emailed
back, and bring it to the auction.
AGENCY:
The Auctioneer is acting as agent on behalf of the Secured Creditor only, and,
as such, may protect the Secured Creditor’s interests by bidding as agent. The
Auctioneer is not responsible for the acts of his/her agents or principals.
During bidding, the Auctioneer has the right to reject any raise that, in his
opinion, is not commensurate with the value of the offering. In the event of
any dispute between bidders, the Auctioneer may determine the successful
bidder or re-offer and resell the property in dispute. Should there be any
dispute after the sale; the Auctioneer’s record of final sale shall be conclusive.
CONDITION OF SALE:
This property is sold in gross in all cases. If a subsequent survey by the buyer
shows a greater or lesser number of acres or square footage, this will not affect
the purchase or purchase price.
RIGHTS:
All announcements made the day of sale take precedence over any prior
written or verbal terms of sale. The Secured Creditor or Creditor’s Agent has
the right to register as a Bidder (subject to the stated terms) and place a bid on
the property for the protection of the Secured Creditor. Buyers will acquire
properties subject to the rights of all parties in possession. Should the buyer
fail to comply with any conditions contained herein, Auctioneer may, in
addition to asserting all remedies available by law, including the right to hold
defaulting buyer liable for the purchase price, either (a) cancel the sale,
retaining as liquidated damages any payment made by such buyer; (b) resell
the property at public auction; and/or (c) take such other action as it deems
necessary or appropriate. The retention of the bidder’s deposit shall not limit
any rights or remedies of Atlantic Asset Management Group or the seller(s)
with respect to the buyer’s default. If the property is resold, the original
defaulting buyer shall be liable for payment of any deficiency in the purchase
price and all costs and expenses, the expenses of sales, reasonable attorney's
fees, commissions, incidental damages and all other charges due hereunder.
NOTICE:
This property, to be offered pursuant to the Notice of Sale, is being offered for
sale, transfer & conveyance “AS IS, WHERE IS.” Neither the Substitute
Trustee nor the holder of the note secured by the Deed of Trust/security
agreement, or both, being foreclosed, not the officers, directors, attorneys,
employees, agents or authorized representative of either the title or any
physical, environmental, health or safety conditions existing in, on, at or
relating to the property being offered for sale, and any and all responsibilities
or liabilities arising out of or in any way relating to any such condition
expressly are disclaimed. The sale will be held open for ten (10) days for
upset bids as required by North Carolina law pursuant to N.C.G.S. ¶ 45-21.27.
Premises are currently occupied; contact Auctioneer to preview property.
A DDITION TO OR WITHDRAWAL OF SALE:
The Secured Creditor reserves the right to withdraw from sale the property
listed and also reserves the right to group one or more properties into one or
more selling lots or to subdivide into two or more selling lots. The Secured
Creditor additionally reserves the right to cancel the auction sale up to the
time prior to the commencement of bidding.
AUCTION FIRM IS NOT RESPONSIBLE FOR ANY MISTAKES
MADE IN AUCTION ADVERTISEMENT(s).
DAY OF SALE ANNOUNCEMENTS TAKE PRECEDENCE OVER
ALL OTHER ADVERTISING
For more information about this auction or other upcoming events,
please log on to www.atlanticREmarketing.com or email us at
wjsumms@atlanticremarketing.com. Thank you for your interest in this
great auction property!
VA/AF #359 NC/AF #8177