Auction Terms & Conditions 1. REGISTRATION ONLINE: THIS IS AN ON-LINE INTERNET ONLY AUCTION. ALL BIDDING ACTIVITY WILL TAKE PLACE ONLINE. ALL BIDDERS MUST REGISTER TO BID THROUGH THE ONLINE PLATFORM.
2. AUCTIONEER CONTACT INFORMATION: Richard Moffat of Richard Moffat, Inc. d/b/a Richard Moffat Auction Service, licensed Missouri auctioneer, may be reached at 573-690-2823. Richard Moffat is past president of the Missouri Professional Auctioneers Association and has been licensed to do business in Missouri in excess of 35 years.
3. TERMS AND CONDITIONS: BY PLACING A BID, BIDDER CERTIFIES THAT THEY HAVE READ AND WILL ABIDE BY ALL TERMS AND CONDITIONS AS STATED BELOW AND HEREIN. IT IS THE BIDDER'S RESPONSIBILITY TO UNDERSTAND ALL OF THE TERMS AND CONDITIONS PRIOR TO BIDDING. IF YOU HAVE NOT READ AND REVIEWED THE TERMS FOR THE SALE OF THE REAL PROPERTY AT THIS ONLINE AUCTION, THEN PLEASE DO NOT BID.
4. OPEN HOUSE TIMES/INSPECTION OF REAL PROPERTY: There will be two Open Houses where prospective bidders are encouraged to come and view the real property. The Open House dates are June 22, 2022 and June 29, 2022 from 4:00 p.m. to 6:00 p.m. We encourage all prospective bidders to attend one or both of the Open Houses before bidding. By placing a bid, bidder signifies that they have examined the real property and conducted their own personal onsite inspection of the real property to their satisfaction, or that they have chosen not to personally view and examine the real property.
5. AUCTION END TIME: The online auction is scheduled to end at 1:00 p.m. CST on Monday, July 11, 2022. Any bid placed within 3 minutes of 1:00 p.m. CST on July 11, 2022 will automatically extend the auction another 3 minutes. Similarly, any bid placed after 1:00 p.m. CST on July 11, 2022 while the auction is still open will automatically extend the auction another 3 minutes.
For example, if there is a bid at 12:59 p.m. CST on July 11, 2022, then the auction will automatically extend to 1:02 p.m. If there is another bid prior to 1:02 p.m., then the auction will automatically extend another 3 minutes, and so on. The 3-minute automatic extension feature remains active until there are no further bids within the last 3 minutes. There is a timer on the Hibid Auction Platform that will be used for this online auction that will notify you when the auction ends and/or if said auction has automatically extended another 3 minutes.
6. BUYER'S PREMIUM: The buyer's premium is 3% on the real property. Thus, for example, if the real property sells for $100,000, then 3% will be added onto the final bid so that the winning bidder will pay $103,000.
7. PROPERTY SELLS ABSOLUTE: There is no reserve on this property.
8. NO DISCLOSURE STATEMENT: The real property in this auction SELLS AS-IS, WHERE IS, with all faults. There are no guarantees or warranties written or implied as to the condition of the real property or the condition of any improvements on the real property. There is no written disclosure statement. If you are uncertain as to the condition of the real property, then please bid accordingly.
9. REAL ESTATE CONTRACT: The successful bidder shall sign a real estate contract by 6:00 p.m. CST on July11, 2022 and shall deposit a $15,000 non-refundable earnest money deposit at that time made payable to the title company of Boyd and Boyd. in Fulton, Missouri. Depending upon the location of the Buyer, the real estate contract will either be signed at the office of Allen Auction in Hawk Point or at the office of Richard Moffat Auction Service in Jefferson City, Missouri. The successful Buyer of the real property at the online auction must be willing to come to one of those locations to sign the contract by 6:00 p.m. CST on July 11, 2022. Note: If a husband and wife are the successful bidders on the real property, then both husband and wife need to execute the real estate contract by 6:00 p.m. on July 11, 2022.
10. EARNEST MONEY DOWN PAYMENT: The successful bidder at this real estate auction must deposit earnest money in the amount of $15,000 at the time of signing the real estate contract by 6:00 p.m. on July 11, 2022. The $15,000 earnest money is NON-REFUNDABLE. Under NO CIRCUMSTANCES shall the earnest money be refunded to any bidder. Please make sure you have conducted your own personal inspection of the real property and have your financing ensured prior to bidding. The earnest money check shall be made payable to Boyd and Boyd of Fulton, Missouri, which shall be the title company for this transaction.
11. FINANCING - The sale of the real property at the online auction IS NOT CONTINGENT UPON FINANCING. Prior to bidding, any bidder needs to have his/her financing approval arranged through their lender. This sale of the real property is considered to be a cash transaction as it is not contingent upon financing.
12. FAILURE OF SUCCESSFUL BIDDER TO TIMELY EXECUTE CONTRACT AND PAY $15,000 EARNEST MONEY DEPOSIT: Any successful bidder at the online auction who does not timely execute the written real estate contract and pay the $15,000 earnest money deposit by 6:00 p.m. CST on July 11, 2022 shall be in default and any and all legal remedies may be asserted and/or prosecuted by Richard Moffat Inc. against the said successful bidder. Further, Richard Moffat Inc. d/b/a Richard Moffat Auction Service reserves the right to charge the successful bidder who is in default $1,000.00 on his/her credit card that was provided when said bidder registered. Additionally, Richard Moffat Inc. reserves the right to sell the real property to the back up bidder and/or any other person or entity other than the successful bidder should the successful bidder at the online auction not timely execute the written real estate contract and pay the $15,000 earnest money deposit by 6:00 p.m. CST on July 11, 2022.
13. PAYMENT: Payment for the real property must be made in USD (US Dollars).
14. CLOSING DATE OF REAL PROPERTY: The closing date for the sale of the real property at the online auction shall be 30 days from the date of the online auction.
15. CLOSING COSTS/TITLE INSURANCE: All costs of the title insurance shall be split equally between Seller and Buyer EXCEPT that all costs of any mortgagee's title insurance policy shall be paid by Buyer. Buyer shall pay all applicable closing costs associated with the buyer's side of the real estate transaction, including but not limited to: title company fees, title insurance costs as described above, points, loan and/or mortgages fees, PMI, recording costs, document preparation fees, appraisal if one is required by buyer's lender, and any other costs that may be applicable and/or required by buyer's lender or the title company. Buyer shall pay for any survey costs if Buyer desires a survey of the property.
16. PROPERTY TAXES: The property taxes for the real property have been paid for 2021. Any property taxes for 2022 shall be prorated as and between Seller and Buyer as of date of closing.
17. POSSESSION: Buyer will be given possession of the real property as of the date of closing.
18. SURVEY: If the Buyer at the real estate auction wants a survey, then said Buyer shall pay for the survey. No boundary survey will be provided in this auction.
19. DESCRIPTION OF REAL PROPERTY: The description for the real property and the description of buildings on the real property are believed to be accurate, but the description is not warranted or guaranteed. Bidder inspection is encouraged.
20. AGE REQUIREMENTS: A person must be 18 years or older to bid.
21. AUCTION COMPANY RESERVATION OF RIGHTS: Richard Moffat Inc. d/b/a Richard Moffat Auction Service hereby reserves the right to reject any bid for this auction at the auction company's sole discretion. Any fraud suspected or detected will preclude a bidder from bidding at this auction and/or from being the successful bidder at this auction for the real property.
22. FORUM FOR DISPUTES: Any disputes as to the auction, the real property in the auction, the description of the real property and/or the condition of the real property being offered for sale, the sale of the real property, and/or any disputes in any way related to this online auction shall be governed by Missouri law, and the forum for such disputes shall be the Cole County Circuit Court and/or the Cole County Associate Circuit Court in Jefferson City, Missouri. By participating in this auction, any bidder and/or prospective buyer is agreeing to this forum and venue of Cole County, Missouri. Arbitration shall not be used to address any disputes that are in any way related to this online auction. By participating in this auction, you are agreeing that arbitration shall not be used to address any disputes that are in any way related to this auction.
23. RESERVATION OF RIGHTS: Richard Moffat Inc. d/b/a Richard Moffat Auction reserves the right to cancel, suspend, extend or reschedule an auction event or to make changes to the auction closing time or scheduled Open Houses.
24. INTERNET, SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, computers, software or any other online auction-related issues and/or technical issues and/or system failures, Richard Moffat, Inc. d/b/a Richard Moffat Auction Service reserves the right to extend the bidding, continue the bidding, reopen the bidding and/or close the bidding. RICHARD MOFFAT INC d/b/a RICHARD MOFFAT AUCTION SERVICE DOES NOT ASSUME LIABILITY FOR, AND SHALL NOT BE HELD RESPONSIBLE FOR, ANY INTERNET, COMPUTER AND/OR TECHNOLOGICAL SYSTEM FAILURES, ANY MISSED BID, AND/OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON.
25. DISCLAIMER: All information contained herein or in any way published or given about the real property comes from sources that are believed to be correct, but there is no guarantee by the seller, Richard Moffat Inc. or the auctioneers as to the correctness of the information. Please make sure you have conducted your own personal inspection of the real property and have your financing ensured prior to bidding. Any bidder's failure to have personally inspected the condition of the real property and/or to have their financing ensured in advance shall not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or earnest money deposit.
26.MAXIMUM BID: This auction features maximum bidding. No one but you can see what your maximum bid is. When you place your maximum bid, the current bid price does not automatically go to that bid. Someone else has to bid to increase the current price and the software will automatically bid up to your maximum bid in the increments specified. If someone has already entered a maximum bid on the item you are bidding on, the system will automatically bid for you until you are the current high bidder or until you reach your maximum bid. If you have reached your maximum bid and are still not the current high bidder, the system will give you the opportunity to enter another maximum bid. You may request out bid notices when registering for your online bidding account. You can choose to have them sent to your email. If you are not able to be around a computer/mobile device during the closing of the auction or receive and/or read your outbid notices, we recommend you enter your maximum bid when bidding. Your maximum bid would be considered the maximum amount you are willing to pay for your item. Please remember, you can always raise your max bid, but you cannot lower it.
Seller User Terms
Bidder User Terms