REAL ESTATE AUCTION RESERVE TERMS AND CONDITIONS OF SALE.
For information on the format of the auction contact Paul Colvin 479-790-5513.
1. Property is sold with a 10% Buyers Premium which will be added to the sale prive of the property. If you bid $100,000, your contract price will be $110,000.
2. Anyone who can meet the conditions of cash at closing with no contingency of the sale is eligible to bid and purchase the property. This includes any and all Auctioneers, Real Estate Agents and Brokers, including family and friends of the Owner, Auctioneer, or Real Estate Broker.
3. In all Real Estate Auctions conducted by Block Realty & Auction Management Group, we represent the Seller in the Real Estate transaction.
4. The successful bidder will be required, upon conclusion of the auction to immediately sign an Arkansas Real Estate Purchase Agreement outlining the specific terms and conditions of the sale.
5. The successful bidder will be required, upon conclusion of the Auction, to immediately provide a Non-Refundable Deposit in the form of Cash, Cashiers Check, or Personal check in the amount of $25,000. Check will be deposited immediately to the Auction Company Escrow. Deposit is Non-Refundable if buyer fails to close for any reason, including failure to obtain financing.
6. This Real Estate Auction is an Undisclosed Reserve Bid Auction as defined by the National Auctioneers Association. The Seller will have the right to accept or decline the highest bid at the conclusion of the auction process. The seller retains the right to have others bid on their behalf, up to and including the reserve amount.
7.Closing date will not be later than 30 days from acceptance of the Real Estate Contract. The balance of the purchase price is due in cash at closing.
8. Buyer will pay all other costs necessary to close except for real estate taxes as stated in the separate contract. Seller will guarantee clear and marketable title.
9. Property is sold AS-IS. Seller shall furnish a General Warranty Deed free of all liens and encumbrances.
10. All taxes and special assessments currently due plus any prorated portion used by seller will be paid by the seller or adjusted at closing.
11. Real Estate Salesperson Acknowledgment: Although not required, if a buyer has been working with a real estate agent the real estate agent must completed the Auction Bidder Reprsentation Form. In order for the real estate agent salesperson to be compensated (2%), the Auction Bidder Registration Form must be submitted no later than 6am on the day of the auction (09/27/2025), and all terms adhered to. A registered real estate agent can only represent one buyer at each auction event. Registered real estate agent must attend all auction events with a live bidding component regardless of their bidder/buyer is bidding live in person on site or offsite bidding online and adhere to all terms.
12. The conduct of the auction and increments of bidding are at the discretion of the Auctioneer. Any announcements made by the Auctioneer at the time of the sale take precedence over any previous notices.
13. Property is auctioned as a Cash sale. Buyers must have secured funds prior to bidding. Seller provides no guarantee of Appraisal or Condition.
14. Buyer must satisfy self of property condition prior to Auction and bidding process.
15. Buyer must also completely satisfy self of condition of any boundaries, easements, restrictions, covenants, conditions, or restrictions prior to auction bidding process.
