Hurst Real Estate & Auction 
Auction Terms & Conditions

Please Read the following terms carefully. By registering for this auction, you acknowledge that you have read and understood all terms and conditions. Once you bid you will be bound legally by the terms & conditions below

Bidder’s Card: To obtain a bidder's card, you must sign these Terms and Conditions of Sale as agreed and understood.

General Terms: The auction will be conducted by Hurst Real Estate & Auction. on behalf of the owners of the property. The auctioneer or auction company are not responsible for the acts of the Seller. Buyer will also be bound by any additional terms & conditions related to the specific property being sold, which will be found in the Sales Contract under the documents tab. Auctioneer reserves the right to periodically change the terms and conditions of the agreement, which shall be effective immediately upon posting to the website. The seller has the right to accept pre-auction offers. All persons attending or inspecting assume all risk whatsoever of damage or loss to person and property and specifically release the Auctioneer from all liability. Auctioneer is not liable due to any defect in, or condition of, the property or the premises on which the preview/auction is conducted. Auctioneer is released for any claims or actual damage to the property sold and/or consequential damages that may result from the sale of defective property.

Warranty/Disclosure: All property is sold “As Is, With All Faults.” Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied. Hurst Real Estate & Auction disclaims all responsibility for physical condition. All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property. Placing a bid on the offered property, whether in person, or by agent, by written bid, telephone bid, electronic bid, or other means, constitutes a binding agreement by bidder to these conditions of sale. Bidder’s inspection of the property prior to submitting a bid is strongly recommended. Auctioneer reserves the right to sell property absolute or with reserve at Sellers discretion. The Seller does have the right to make the final bid and the Auctioneer does have the right to bid on behalf of the Seller if the property is being sold with reserve. The Auctioneer reserves the right to open the bid as the result of a tie bid or discrepancies in the bid. For residences built prior to 1978, buyer waives the right to a 10 calendar-day opportunity to conduct a risk assessment or inspection for the presence of Lead-Based Paint and/or Lead-Based Paint Hazards. Square footage dimensions and acreage are approximate and should be independently verified prior to bidding. Hurst Real Estate & Auction, its agents and subagents, and the sellers assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. All information and dimensions were derived from sources believed to be correct, but are not guaranteed. Buyers shall rely on their own information, judgment, and inspection of the property. All auction day announcements take precedence over any previously printed material or any other oral statements made.

BIDDING: Bidder must register to participate in the auction. Read the descriptions and view photographs carefully. If you have any questions, please call Auctioneer at 423-353-1112. Using YOUR knowledge and experience, form your own opinion of the property and bid accordingly. If you are in doubt, DO NOT BID. The property is sold AS-IS; this is an AUCTION and all SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder and Auctioneer/Seller. Bidder is accountable to be informed about property and associated costs before bidding. A maximum bid can be placed on the property. A maximum bid is kept confidential. Except for properties noted “Absolute Auction” all properties in auctions have a minimum selling price established by Seller (“Reserve Price”). The starting bid is not the Reserve Price. Except where prohibited by law, Auctioneer may counter bid on behalf of Seller on any property up to the amount of the Reserve Price (and no such bid will result in a sale of the property). If the Reserve Price is not met, Seller is under no obligation to sell the property; however, Seller may accept a bid that is below the Reserve Price in its sole discretion. Auctioneer reserves the right to reopen bidding. Auctioneer’s decisions will be final.

No Financing Contingency: THIS IS A CASH TRANSACTION WITH NO CONTINGENCY FOR FINANCING. Buyer may finance a portion of the purchase price, but Buyer’s obligation to proceed with the purchase is not contingent upon the Buyer obtaining financing. If the Buyer is unsuccessful in obtaining financing and is unable to go to settlement within the required time period, the deposit(s) provided by the Buyer shall be forfeited.

Buyer’s Premium: A 10% Buyer’s Premium will be added to your bid price to determine the final sales price of each property/ item purchased. For example, if you bid $100,000, 10% ($10,000) will be added, resulting in a total contract price of $110,000.

Real Estate Closing: Real estate closing will be on or before 30 days with no contingencies including but not limited to finance, appraisal, surveys. Buyer will be responsible for all closing cost and the transaction will be conducted by the Title Company/ Closing Attorney specified in the Contract for Sale.

Agency Disclosure: Hurst Real Estate & Auction. is acting as agent for the seller and at no time is Hurst Real Estate & Auction. responsible for, acting on behalf of, or acting as agent for the buyer.

Payment Terms (Real Estate): 10% deposit of Total Contract Price day of sale balance due at closing in 30 days or less. A 10% Buyer’s Premium will be added to your bid price to determine the final sales price.


ADDITIONAL TERMS & CONDITIONS
FOR ONLINE BIDDING

Online Bidder Verification (Real Estate): For verification purposes, a credit card is required to register. The identity of all bidders will be and must be verified ( by phone, email, text). Bidding rights are provisional, if complete verification is not possible, Hurst Real Estate & Auction. Will reject the registration and bidding activity will be terminated.

Online Payment Terms (Real Estate): The successful bidder will be emailed the Purchase & Sale Contract Package to sign and return to Hurst Real Estate &  Auction  within 24 hours of receipt. A 10% (nonrefundable) earnest money deposit of Total Purchase Price shall be required. Earnest Money Deposit will be by wire transfer or approved check, balance due at closing in 30 days or less. A 10% buyer’s premium will be added to each winning bid for the final purchase price
If the successful bidder does not sign and return the contract along with the earnest money deposit within 24 hours of receipt they will be considered in default and subject to legal action. This is a legal binding contract.


Bidder Default (Real Estate): In the event a winning bidder fails to submit the signed Purchase & Sale Contract Package and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $10,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Hurst Auction LLC. And the Seller as provided in the Auction Terms & Conditions and the Purchase & Sale Contract Package. All administrative fees are non refundable.


Hardware/Software: Bidder acknowledges that hardware, software, viruses, and similar issues do occur and are beyond the knowledge, scope, and control of the Auctioneer. Neither the company providing the software or Hurst Real Estate & Auction . shall be held responsible for a missed bid or the failure of the software to function properly for any reason.