Terms and Conditions

REGISTRATION

In order to receive a bidder’s number, you must register by presenting a driver’s license and guaranteed funds (cashier’s check) made payable to yourself in the amount of $5000. In lieu of presentation of guaranteed funds, you may present a letter from your bank with language similar to the following: “As a customer of our bank, we will guarantee payment of checks drawn on account #_____________ not to exceed the aggregate amount of $_________for purchases at the auction of RPM-Mitchum Auctions, LLC on May 5, 2012.

DAY OF AUCTION DEPOSIT

If you are the successful bidder, you will endorse the cashier’s check over to the auction company as part of your day of auction deposit of 10% of your bid. The balance of your deposit may be paid with a personal or company check accompanied by a bank letter of guarantee or Certified Funds.

CONTRACT OF PURCHASE

The successful bidder must sign a real estate purchase contract immediately upon the conclusion of the bidding. No contract will be contingent on any matter such as financing.

BUYER’S PREMIUM

A Buyer’s Premium of ten percent (10%) will be added to the successful bidder’s high bid to determine the Total Purchase Price.

CLOSING

Closing shall take place no later than thirty (30) days after the auction at the offices of Janice Clayton, First National Title. The entire Purchase Price less the day of auction deposit must be paid by cashier’s check other certified funds. Buyer's day of auction deposit is non-refundable.

SELLER’S WARRANTY

The only warranty by the seller is good, merchantable title. The property is selling “as is, where is.” Title Insurance is available at buyer’s expense. The cost of providing good title such as title searches will be borne by the seller. Real Estate Taxes will be pro-rated and all other closing costs will be split evenly between the buyer and the seller.

AGENCY

RPM-Mitchum Auctions, LLC represents the seller(s) exclusively and acts solely on their behalf.  Auctioneer reserves the right to bid on behalf of sellers up to a pre-determined amount.  High Bid on Auction day is subject to the approval of representatives of the two trusts that own the property.

PRE-AUCTION OFFERS WILL BE ACCEPTED AND WILL BE PRESENTED.

From the Highway 5 Exit on I-30 in Benton, go North on Highway 5 for 1.67 miles, turn Left on Misty Drive and continue till Hidden Valley Drive, Turn Left, then go to Hidden Valley Cove and Turn Right on April Sound, 1620 April Sound is on Right.