Buyer's Premium - A 10% buyer's premium will be added to the winning bid amount. The bid amount plus the buyer's premium amount will be the Purchase Contract Price.
Payment Terms - A non-refundable earnest money deposit in the amount of $150,000 in the form a bank cashier's check, or wire transfer is payable to RM McGINNIS, LLC Escrow within 24 hours of the close of the auction. The balance is due on or before March 10, 2025, with deed and possession.
Real Estate Taxes - The total 2025 real estate taxes will be prorated to the date of deed transfer.
Inspections & Appraisals - Any and all inspections, as well as any appraisals must be completed prior to bidding on this property. This online auction is a CASH SALE and is not contingent on or subject to financing, appraisal, survey, or inspections of any any kind. This home was built prior to 1978 and may contain lead based paint. Upon registration by the bidder, bidder is agreeing to all terms and conditions as written within this document.
Insurance - The sellers will maintain the current the insurance coverage on the property until closing. Buyers are advised to immediately insure the property to their satisfaction.
Preview - Saturday, January 18, 2025 from 10 am to 2 pm EST.
Auction End Date/Time - Bidding ends Monday, February 10, 2025 at approximately 7:00 p.m. EST
Easements and right of ways - This property is being sold subject to any and all easements of record, including utility easements, and Covenants and Restrictions for the subdivision.
Buyer and seller responsibilities - The buyer is responsible for all costs associated with their financing preferences such as appraisals, inspections, title examination, title insurance, and recording of all legal documents. The seller is responsible for deed preparation costs, deed transfer costs, prorated real estate taxes, and payment of any outstanding mortgage amounts, outstanding liens and all other expenses that may be necessary to provide a clear title to the buyer.
Possession - Buyer's possession of the property shall take place at closing unless prior arrangements have been agreed to by buyer and seller.
Auction Contract of Sale - Within 24 hours following the closing of the on-line auction, the successful bidder must contact RM McGINNIS, LLC Real Estate & Auction Professionals at 859-734-7770 to make arrangements for payment of the required earnest money deposit and to sign an Auction Contract of Sale.
Prior to bidding, please read and review the TERMS and CONDITIONS of the sale and the Auction Contract of Sale. If you have not read and reviewed these documents, do not bid on the property.
Auction Auto Extend - On line auctions conducted by RM McGINNIS, LLC Real Estate and Auction Professionals are timed events and bidding will close at a specified time. This auction will have an auto extend feature. If a bid is placed in the final 5 minutes of this auction, the auction ending will be automatically extended 5 minutes from the time the bid was placed. As an example, this auction is scheduled to close at 7:00 p.m. If a bid is placed at 6:56 p.m., the close time will automatically extend to 7:05 p.m. The auto extend feature remains active until no further bids are received within the 5 minute time frame.
Disclaimer - In the event there are technical difficulties related to the server, software or any other online auction-related technologies, RM McGINNIS, LLC Real Estate and Auction Professionals reserves the right to close the bidding, continue the bidding, or extend the bidding dates and times. The company hosting the auction (HiBid.com), nor the auction company shall be held responsible for technical issues relating to the software, server, and internet provider, that may result in missed bids, delayed bids and a buyer's inability to place bids. Email notifications will be sent to registered bidders with updated information as deemed necessary.
Staff and crew of RM McGINNIS, LLC Real Estate and Auction Professionals are allowed to bid at any auction held by the company.
The property is being sold on an "as-is, where-is" basis, with no warranty or representation expressed or implied. Boundary lines included in advertising, brochures, marketing literature and in photos are approximate. The bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the advertisements and on the websites is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller, RM McGINNIS, LLC Real Estate and Auction Professionals, its Auctioneers, Agents or Representatives. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer.
Agency - RM McGINNIS, LLC Real Estate and Auction Professionals auctioneers, agents, and representatives are agents for the SELLERS. Buyer and or Bidder agrees to hold harmless and indemnify RM McGINNIS, LLC Real Estate and Auction Professionals and its Auctioneers, Agents and Representatives from any and all claims, damages or suits including but not limited to judgments, legal fees, court costs, and other fees and costs.
Bidder registration -The identity of all bidders will be verified and bidding rights are provisional. If complete verification is not possible, the AUCTION COMPAY will reject the registration, and bidding activity will be terminated. The SELLER and AUCTION COMPANY reserves the right to deny any person from bidding if there is any question as to the person's credentials, ability to purchase, past history of bidder default, or suspicious bidding practices. Registered bidders agree to keep their username and password confidential as they are responsible for any and all activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.
Any bidder should be prepared to provide proof of funds, a bank letter of credit, or other form of ability to purchase as may be requested by the auction company. The auction company reserves the right to disqualify any bidder based on the bidder's failure to provide requested information.
Bidder default - Any successful bidder not executing and returning the contract with earnest money deposit within 2 business days of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed AUCTION CONTRACT of SALE and the $150,000 earnest money deposit, the winning bidder will be charged a penalty fee up to $10,000.00 on the credit card provided at auction registration. Additional default remedies may be used by RM McGINNIS, LLC Real Estate and Auction Professionals as deemed necessary. RM McGINNIS, LLC Real Estate and Auction Professionals reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.
Any disputes between buyer(s) and RM McGINNIS, LLC Real Estate and Auction Professionals will be settled in a court of jurisdiction in Mercer County, Kentucky.
Any questions regarding this auction should addressed to the following::
RM McGINNIS, LLC Real Estate and Auction Professionals
Ritchie McGinnis - Principal Auctioneer
219 South Main Street
Harrodsburg, KY 40330
PH 859-734-7770
Cell 859-613-4864
Email rmmcginnis@hotmail.com
THIS IS AN INTERNET ONLY AUCTION. All bidding will be done on-line. Register and bid at https://rmmcginnis.hibid.com or go to www.rmmcginnis.com and click on the ONLINE AUCTIONS button.
Ritchie McGinnis - Principal Auctioneer and Principal Real Estate Broker