The Estate of James W. Stanford - 4.2+/- Acre Residential Investment Opportunity

Bidding Terms and Conditions

 

The Estate of James W. Stanford

4.2+/- Acres – Residential Investment Opportunity

106 Midway Church Road Cordele, Georgia 31015

 

 

Online Only Auction

Thursday, August 22, 2024 at 2:00 PM

 

 

www.TheWeeksGroup.com

Final Contract to Include a 10% Buyer’s Premium

 

Online Only Auction Real Estate Bidding Terms and Conditions

 

Auction Date and Time:                     Thursday, August 22, 2024 at 2:00 PM

 

 

Open House Dates and Times:          Thursday, August 15, 2024 at 5:00 PM

                                                                Or Call to Schedule Your Private Showing

                                                                Signed Release and Hold Harmless Agreement Required

 

For More Information Contact:        Tyler DeMott

                                                            The Weeks Group, LLC

                                                            (229) 891-7653 – Office

                                                            (229) 921-1875 – Cell

                                                            Tyler@BidWeeks.com

 

Please Read the following terms carefully.  By registering for this auction, you acknowledge that you have read and understood all terms and conditions herein and set forth within the supporting documentation described in the terms and that you have inspected the property or had the opportunity to do so.

 

If you do not agree to these terms, please DO NOT bid!

 

The property will be offered in the following two tracts through The Weeks Group Online Multi-Par Bidding Platform.  Bidders will have the opportunity to bid on each tract individually, in groupings of multiple tracts, and the entire property as a whole.  The final sales configuration that produces the highest offer to the seller will determine how the property sells.

 

Tract 1: Tract 1 consists of 2.38+/- acres, featuring 166’ of frontage on GA highway 257 on 617’ on Midway Church Road. The property includes an 1,840+/- SF home with an RV shelter and attached storage building/shop, plus a 24’ X 24’ partially enclosed shop.

 

Tract 2: Tract 2 consists of 1.83+/- acres, featuring 466’ of frontage on Midway Church Road. The property includes a 40’ X 20’ enclosed steel shelter with a lean-to.

 

Bidder Registration and Verification:   

For verification purposes, a credit card is required in order to register for this auction.  Upon registering, an authorization charge of $1,000.00 will be charged against the credit card used for registration.  This authorization is not a permanent charge placed on your card, it is only a pre-authorization used to verify identity of our bidders and the availability of funds on the credit card used for registration.  Please be advised that The Weeks Group, LLC has no control over the length of time the verification charge remains on your card, that is at the sole discretion of your credit card company.  Also, please be aware that registering for multiple auctions could incur multiple verification charges; and in some instances, multiple verification charges may result in a fraud alert being sent to the card holder.  The Weeks Group reserves the right to reject or accept bidder registrations at its sole discretion.  

Terms of Sale:

At the close of the auction, successful bidders will be emailed a contract package.  Included in the contract package will be the purchase contract as well as instructions for submitting your earnest money deposit. 

Bid Increments: 

The Bid Increments are as follows: 

Bid Amount:	Bid Increment
$1 - $10,000	$500
$10,001 - $50,000	$1,000
$50,001 - $100,000	$2,000
$100,001 - $250,000	$5,000
$250,001 - $500,000	$7,500
$500,001 - $1,000,000	$10,000
$1,000,001+	$25,000

The Weeks Group reserves the right to adjust bid increments as needed. 

Scheduled Auction End Times:   

The Auction is scheduled to end at the published end time, subject to auto-extend bidding.  Each time a bid is placed with the clock showing less than 10 minutes, the clock will reset to 10 minutes.  In the event the auto-extend time needs to be reduced, The Weeks Group reserves the right to adjust the auto-extend, as needed. 

Buyer’s Premium:   

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

Contract for Sale: 

This property is offered under the specific terms provided in the Contract for Sale and specific Contract Special Stipulations as below.  The Contract for Sale is available for review at www.TheWeeksGroup.com.  Please fully read and review the entire Contract for Sale prior to bidding.  If you have any question or concerns to anything included in the Contract for Sale, please contact The Weeks Group prior to bidding.  Please do not bid prior to reviewing the entire Contract for Sale Document. 

 

Contract Special Stipulations:

1. This sale will be closed by J. Mithell Gibbs of Rainwater, Gibbs & Wright, LLP located at 109 East 14^th Avenue, Cordele, GA 31015, (229) 239-9697.  The closing attorney will charge the purchaser a closing fee of $850.00 per cash transaction and $1,150.00 per loan transaction. This fee includes conducting the closing, collecting and disbursing the funds and preparing a closing statement.  If the purchaser wants a title opinion or other services, the closing attorney will provide them for an additional fee.  The seller will pay for the preparation of the Deed only.  The purchaser will pay all other closing costs associated with this sale including but not limited to recording, transfer tax, financing expenses, intangible taxes, title fees, title insurance, appraisals and inspection reports. The purchaser will be responsible for any bank wire fees associated with the closing incurred by the receiving or sending of purchaser’s earnest money deposits.

 

2. In the event the property sells divided a boundary survey will be made by Craig Bargstadt of True Point Surveying located at 637 Pat Dixon Road, Hazlehurst, Georgia, (912) 551-9172, a land surveyor registered in the state of Georgia to perform a boundary survey of the property in accordance with the minimum technical requirements for the state of Georgia and certified in favor of Purchaser and Seller. The Survey shall be subject to Seller’s approval.  The surveyor will charge $1,800.00 if the tracts sell as one or $900.00 for each tract if the tracts sell divided.  The final sale price shall be determined by multiplying $_________________/acre (contract price per acre) by the number of surveyed acres rounded to the nearest one-thousandth of an acre.  Division stakes are intended for approximation use only.  Actual boundary lines are to be determined by field survey and may vary from field markers.  It is understood that the acreage and dimensions of the tracts may vary according to the actual survey.  All survey expenses will be paid by the Purchaser.  For this fee, the surveyor will mark all property corners and provide the Purchaser with a recordable plat. This fee does not include the actual openings of the lines. The surveyor will open lines for an additional fee.  As used herein, the term "surveyed acreage" means the total gross acreage of the property without any deduction for any portion thereof located within the bounds of any roadways (except deeded roads) easements or other rights of way, including, without limitation, electric transmission lines or other utility easements. If the purchaser wants survey services in addition to the above-described services, the surveyor will provide them for an additional fee.  In the event either party defaults under the terms of this Contract, the defaulting party will be responsible for the surveying expense.

 

3. The 2024 Ad Valorem taxes will be prorated between the seller and purchaser as of the date of closing.

 

4. A portion of the Property is located within FEMA Flood Zone A.

 

5. The property is being sold as-is where-is.

 

6. This property is sold subject to all outstanding easements on said property for roads, power and telephone lines and the like and likewise subject to any cemetery or cemeteries that may now exist on this property.

 

7. This contract excludes all personal property located on the property.

 

8. This property is being conveyed by Executrix’s Deed.

 

9. Possession of the property will be granted at closing.

 

10. This contract is subject to the lead-based paint disclosure statement attached as Exhibit “D”.

As Is, Where Is: 

All property is selling “As-Is, Where Is” with all faults.  It is the buyer’s responsibility to conduct any and all inspections and perform all acts of due diligence deemed necessary before bidding.  Placing a bid will be considered as acceptance of the property in it’s as-is condition. 

Inspection and Condition:

It is our opinion that the house located on the property is unsafe for public entry due to buckling of the floors and holes present in the floors. The house is in general disrepair. Photos are provided of the exterior and interior of the house located on this property. If you elect to further inspect the interior of the house, we require you to submit to shellie@bidweeks.com 24 business hours prior to anticipated showing a signed and completed Release and Hold Harmless Agreement which is made available to you upon request.

Bidder Default: 

In the event a winning bidder fails to submit the signed Contract for Sale and/or earnest money deposit within 24 hours of the close of the auction, the winning bidder shall be liable in damages for 10% of the Contract Price.  This is a fair pre-estimate of the damages incurred by the winning bidder’s failure to consummate the transaction, the loss of revenue from marketing the auction, and the potential damages incurred in the future from the chilling effect such breach may have upon future auction customers and bidders.  The actual damages incurred by The Weeks Group for a winning bidder’s failure to submit a signed Contract for Sale and/or earnest money deposit as set forth herein is difficult, if not impossible, to determine for the reasons set forth above, but the sum of the damages set forth herein is a reasonable pre-estimate of the probable loss, and by submitting any bid, the bidder is expressly agreeing to these terms as set forth herein.  Further, a winning bidder that breaches the terms as this agreement expressly authorizes The Weeks Group to charge the defaulting bidder’s credit card provided at registration for the full amount of the damages set forth herein, and if such charge is not permitted for any reason, the bidder shall immediately pay the agreed upon damage price to The Weeks Group in the form of certified funds payable to “The Weeks Group.” Failure to pay these damages shall entitle The Weeks Group to collect interest at the highest legally allowable rate from the date of the breach, as well as all costs incurred with collection, including reasonable attorney’s fees.

Bid Cancellation: 

The Weeks Group reserves the right to remove or cancel the bids and bidding privileges of the party at any time that bids or bidding is deemed to not be in the best interest of the seller.

Earnest Money Deposit:   

Upon the close of the auction, successful high bidders will be required to submit an earnest money deposit as stipulated in the Contract for Sale.  The successful bidder will have 24 hours to send the earnest money in the form of Wire Transfer or Cashier’s Check. 

Real Estate Closing:  

With timing being of the essence, each contract will be a cash contract, not contingent or subject to financing, appraisal, or survey, as described in the Contract for Sale.  Closing will take place no more than 30 days from the end of the auction as stipulated in the Contract for Sale.  The Buyer will be responsible for all closing costs and the transaction will be conducted by the closing attorney specified in the Contract for Sale. 

 

Agency Disclosure: 

The Weeks Group is acting as agent for the seller and at no time is The Weeks Group responsible for, acting on behalf of, or acting as agent for the buyer.  Full agency disclosure will be acknowledged by both seller and buyer on the Agency Disclosure form attached as Exhibit “C” on the Contract for sale. 

Disclaimer:

The Weeks Group believes all information contained herein to be correct to the best of our knowledge.  All information is being furnished to bidders solely for the bidder’s convenience and it is always the responsibility of the bidders to determine the accuracy and completeness of all information.  Reliance on information provided is solely at the risk of the recipient.  Bidders should always conduct their own due diligence, inspections, and investigations prior to bidding.  Bidders needing assistance should seek necessary assistance prior to placing a bid.

Technology Disruptions:

Auctioneer will not be responsible for technology disruptions, errors, or failures (including disruptions to bidding or the failure to execute, recognize, or record online bids), whether caused by (i) loss of connectivity, breakdown, disruption, or failure of the Online Auction Platform, (ii) breakdown, disruption, or failure of a Bidder's internet connection, computer, or system, or (iii) otherwise. Auctioneer may, but will not be required to, continue, suspend, delay, extend, reschedule, or close the Auction because of disruptions caused by technology failures, even after bidding has commenced.

Failures by Online Auction Platform Provider and its Affiliates or Contractors:

Auctioneer may use an Online Auction Platform Provider to facilitate the Auction. Under no circumstances will Auctioneer be liable for any failure of the Online Auction Platform Provider to perform all or any of its obligations, or for the failure of any affiliates, employees, agents, representatives, or contractors of the Online Auction Platform Provider to perform their obligations.

Disclosure:

As detailed in Rule 55-10-.01 (3) of the Georgia Auctioneers Commission:  Any auction sale is, without requirement of announcement at any time, presumed to be with reserve unless the property are in explicit terms put up at absolute auction.  According to Rule 55-10-.01 (4)(b) The Weeks Group and our sellers hereby give notice that bids may be made by the seller, or upon the seller’s behalf, at any auction with reserve.   

 

Additional Terms:

All property is being sold “As-Is, Where-Is” with all faults and is selling subject to any existing restrictions, conditions, easements, zoning, property owners associations fees and all matters that may be reveled in a current survey, inspection and/or title examination. No warranty is expressed or implied as to the improvements, soil, environmental, wetlands, zoning or any other matters. The Auctioneer reserves the right to cancel the auction at any time, add properties or delete properties without notice. The seller reserves the right to reject any bid unless the property is selling “Absolute”. The Seller and their agents reserve the right to place bids on the property up to the Seller’s reserve. Any acceptance of a winning bid maybe rescinded by the Seller, in the seller’s sole discretion, for any reason prior to the Purchase and Sale Agreement being executed by the Seller, unless selling “Absolute”. Neither the Auctioneer nor Seller will be responsible for any omissions or errors related to this auction, these terms and conditions, the Purchase and Sale Agreement and/or the closing documents. All bidders shall carefully review, inspect, analyze, perform any test or other necessary due diligence prior to bidding. Bidders shall make their own determination as to the accuracy of any due diligence or information provided by the Auctioneer or Seller. No personal property will be conveyed unless specifically denoted in the Purchase and Sale Agreement. Auctioneer cannot guarantee the performance of the seller or seller obligations on any transaction. The terms of the Purchase and Sale Agreement shall prevail in the event of any inconsistencies between the terms and conditions of the auction, announcements, communications by the Auctioneer and/or the Purchase and Sale Agreement. The Auctioneer is not responsible for any technical issues, missed bids or bids placed after the closing of the auction. The Auctioneer reserves the right, in its sole discretion, to revoke the bidding privileges of any bidder at any time for any reason.

 

 

Go Bid Now!

 

www.TheWeeksGroup.com