Real Estate Auction With Reserve
Location: 487 E Mary St, Williford, AR 72482
Type: Online Only
Bidding Opens: Tuesday, December 12th, 2023 @ 12 noon.
Bidding Closes: Thursday, December 19th, 2023 @ 6pm
- Online Only Auction
- 10% Buyer Premium
- 10% Deposit due by 5pm the day after the auction closes
- Property to be closed withing 30 days of auction end
- This is not contingent upon financing, surveys inspections etc. This transaction will close within 30 days of auction end.
- SELLING AS IS WHERE IS
- Soft close auction. If the property receives a bid within the final two minutes the auction will be extended 180 seconds.
Auction Terms & Conditions
Property being offered by Witcher Properties/Witcher Auctions - Auctioneer: Kirk Witcher - Auctioneer, AR #2101, Arkansas Real Estate License: SA00093597
Listing Agent Witcher Properties: Mark Phifer Arkansas Real Estate License: SA00092560
Principal Broker: Cecil Young - Arkansas Real Estate License: PB00092858
Notice to Buyers Agents:
Witcher Auctions/Witcher Properties offers a “Broker Referral” program that will pay a referral fee (2%) for any cooperating Broker/Realtor who registers a seller to this auction.
Witcher Auctions/Witcher Properties does not accept Broker Participation Forms from Buyer Agents who have not attended the Open House or contacted one of our agents prior to the buyer registering. All Broker Participation registrations must be submitted to Witcher Auctions/Witcher Properties prior to the buyer registering. If prospective buyer(s) reach out and contact Witcher Auctions/Witcher Properties first without Broker representation, then they can not be represented by a Realtor/Broker.
Registration must be done by the buyer.
Call Mark Phifer at (501) 388-6563 to discuss if the auction method is the right method of marketing for your client.
Witcher Auctions'/Witcher Properties' Staff will hereby be known as "Auction Company" throughout this document.
"As Is" "Where Is"
- Real Estate Selling with reserve.
- Selling AS IS WHERE IS
- Seller will pay seller closing costs, buyer will pay buyer's closing cost.
- 1.5 acres is subject to survey at buyer's expense
- Buyer will pay for any inspections or surveys they desire to have done.
- Closing will NOT be dependent on any surveys or inspections.
- A 10% Buyers Premium will be added to the winning bid.
- The final bid plus the buyers premium will be considered the purchase price.
o Due Diligence - It is the Bidder/Purchaser's responsibility to examine the property they are bidding on independently. We have disclosed any known defects. We believe the information provided is factual but not guaranteed. We strongly urge you to perform your own study of the property before placing a bid
o The information provided in the property information package in regards to the size of the property, or any other factors are estimates only used for the convenience of the Bidder/Purchaser unless confirmed by recent survey. Auction Company is not responsible for exact size amounts.
o All information is believed to be either estimates or to be accurate. Neither the descriptions, nor any oral statements made by the Auction Company, shall be construed as a warranty, either expressed or implied. I, the Bidder/Purchaser, have inspected the property I am bidding on and accept it with any and all faults.
1. Purchase Contract: The property is offered under the specific terms provided in the Real Estate Sales Contract. A sample Real Estate Sales Contract is available upon request.
a. Bidder/Purchaser will be manually approved for registration to bid online. Bidder/Purchaser must provide Proof of Funds to be approved to bid. This can be a letter from your bank, a pre-approval letter or intent to loan from a lender, a screenshot of your bank account, anything to show you have the ability to cover the amount of your bid.
b. Agent Mark Phifer will send out a real estate contract to the winning bidder at auction close.
c. A non-refundable Deposit of 10% of the purchase place USD is due to the Auction Company by 5:00 pm CST the day after the online auction is concluded via wire transfer or cashier's check.
Notice to Non-U.S. Citizens: All deposits must be arranged through wire transfers to Witcher Auctions/Witcher Properties Non-U.S. Citizens' Certified checks will not be accepted.
d. The winning Bidder/Purchaser will be required to sign a binding, non-contingent Real Estate Sales Contract immediately following the auction sale.
e. Bidding Increments are a minimum of $250.00 USD. However, this may change as the Auctioneer sees fit. Bidder/Purchaser may enter a higher amount, but no bids below said amounts can be accepted for the property.
THE BID AMOUNT THAT IS SHOWN AS THE HIGH BID IS WITHOUT A BUYER'S PREMIUM. ALL BIDS WILL HAVE A 10% BUYER'S PREMIUM ADDED TO DETERMINE THE FINAL SALES PRICE PLUS THE COST OF CLOSING.
2. Terms of Sale: At the conclusion of the auction, the winning Bidder/Purchaser will be emailed a Real Estate Sales Contract to be executed and returned to m.phifer@witcherauctions.com. Successful Bidder/Purchaser will pay a non-refundable deposit of 10% of purchase price by wire transfer or certified check to Witcher Properties trust account with the signed Real Estate Sales Contract by 5:00 pm CST the day after auction conclusion. The entirety of the remaining balance is due at closing on or before 30 DAYS. This must be completed by 5:00 pm CST the day following the close of the Auction, or receipt of the Contract documents or the purchaser shall be in default.
3. Bidder Verification: Bidder/Purchaser must register to participate in the auction. Witcher Properties will verify all Bidder/Purchaser registrations, and then Witcher Auctions will manual approve. If the Auction Company is unable to verify the Bidder/Purchaser and/or the Bidder/Purchaser does not comply with the online terms the bidding rights shall be terminated or extinguished without notice. The Auctioneer may require a proof of funds letter to be submitted prior to or during bidder participation. Deposit is 10% of the purchase price. The deposit is due to the Auction Company by 5:00 pm CST the day after the online auction is concluded via wire transfer or cashier's check. You must provide Proof of Funds to be approved to bid. This can be a letter from your bank, a pre-approval letter or intent to loan from a lender, a screenshot of your bank account, anything to show you have the ability to cover the amount of your bid.
4. Buyer's Premium: A 10% Buyer's Premium will be added to the bid price to determine the final sale price. Example:
Bid Price: $110,000.00
Plus 10% Buyers Premium: $11,000.00 Total purchase price: $121,000.00
5. Bidding Format: Bidwrangler and affiliated companies, utilize timed auction events in an online setting. You will need a continuous internet connection. High speed connection is recommended. Our online only real estate auctions also include an auto-extend feature. Any bid placed within 2 minutes of the auction ending will automatically extend the auction for an additional 2 minutes from the time the bid is placed. A maximum bid can be placed on any property. For technical assistance please, call Scott Osgatharp - 870-318-5340
Example: If an auction scheduled to end at 4:00 p.m. receives a bid at 3:59 p.m., the conclusion of the auction automatically extends to 4:01 p.m. The auto-extend feature remains active until no further bids are received within the 2-minute time frame. The winning Bidder/Purchaser is the final Bidder/Purchaser whose bid has not been raised in the 2-minute time frame.
6. Auction Bid Default: In the event a winning Bidder/Purchaser fails to submit the executed Real Estate Sales Contract as well as the required non-refundable down payment as provided in the Auction Terms, there may be remedies for the seller as a result of default, including legal action for seller's losses.
7. Closing: Closing will occur within 30 days of the auction. The Seller shall convey the property by Warranty Deed or other appropriate deed, free of all encumbrances. The Seller shall pay for their prorated share of property taxes. The Bidder/Purchaser shall be responsible for all other costs of closing and transfer, including survey. Bidder/Purchaser acknowledges that this sale is not contingent upon post sale inspections or financing approval. Any closing that is delayed beyond 30 days without the written authorization of Seller and Auction Company due to any actions or inactions of Bidder/Purchaser or anyone working on behalf of Bidder/Purchaser, including lenders, inspectors, appraisers, etc., will cause Bidder/Purchaser to be considered in breach of contract. Bidder/Purchaser will forfeit all down payment and will be held responsible for any costs incurred by either Auction Company or Seller from the resale of the properties. All legal claims will be properly filed in Cross County, in the State of Arkansas.
8. Agency Disclosure: Witcher Properties, and all affiliates and partners represent the SELLER in ALL transactions.
9. Disclaimer: All information contained herein is believed to be correct. By Accepting the Terms & Conditions you acknowledge you have read and understand them. The information is being furnished to Bidder/Purchaser for the Bidder/Purchaser's convenience. However, it is the responsibility of the Bidder/Purchaser to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the Bidder/Purchaser's risk. Each Bidder/Purchaser must conduct and rely solely upon their individual investigation and inspection. The property is being sold "AS IS, WHERE IS" with any and all faults. All properties are sold subject to any and all existing matters of record, all easements, and local zoning regulations. There are NO CONTINGENCIES for financing, appraisals, repairs, inspections or any other requirements that may be required by a mortgage company. Please review all information supplied and seek appropriate assistance prior to bidding.
Bidder/Purchaser acknowledges that hardware malfunctions, software malfunctions, viruses and similar issues do occur and are beyond the knowledge, scope, and control of the Auctioneer. We are NOT responsible for your system malfunctions, connection to the Internet or your email stopping any of our emails to you regarding bid confirmations and/or outbid notifications.
Read the descriptions and view photographs carefully. If you have any questions, please call Agent Mark Phifer at 501-388-6563. 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, WHERE IS; this is an AUCTION and ALL SALES ARE FINAL. Bids cannot be retracted and are binding contracts between Bidder/Purchaser and Auctioneer/Seller. Bidder/Purchaser is accountable to be informed about property and associated costs before bidding. The starting bid is not the Reserve Price. Auctioneer reserves the right to reopen bidding. Auctioneer's decisions will be final. Some auctions have a minimum selling price established by Seller ("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 at its sole discretion. Auctioneer's decisions will be final.
In the event of a partnership dissolution a partner may bid on a tract or all tracts with the intention of purchasing/closing on the property.
10. Merchantable Title: The Seller shall convey good and merchantable title in fee simple to said property to the Bidder/Purchaser by warranty deed or other appropriate deed, free of all encumbrances. Should the title chain have any issues, both parties agree to extend the closing time for a reasonable length of time to correct the issue. In the event that the title is unmerchantable, then the non-refundable down payment shall be refunded to the Bidder/Purchaser.
11. Changes, Alterations and Announcements: The Auctioneer reserves the right to deny any person admittance to the auction, to postpone or cancel the Auction, to withdraw the property from Auction and to change or alter the terms of the Auction upon announcement prior to or during the course of the Auction sale, without prior notice.
