Bidding Procedures & Auction Terms and Conditions

This real estate auction is being conducted through online bidding.

Conditions of Sale: This online only auction is not contingent on or subject to financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to bidding. Buyer(s) acknowledges they are buying the real estate "as-is", "where-is", without contingencies.

Registration to Bid Online: Proper and complete online registration is required to bid online. A credit card is required to place a bid on the property. The credit card will be validated before bidding access is granted but is not a recognized form of payment of the earnest money (deposit) or purchase price. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions.

Joe Ollis Real Estate & Auction, LLC reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller(s). The identity of bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Joe Ollis Real Estate & Auction, LLC will reject the registration, and bidding activity will be terminated.

Bidding online: Joe Ollis Real Estate & Auction, LLC online auctions are designed to mimic traditional "live" auctions. For this reason, this auction will have a dynamic closing "soft close." PLEASE pay attention to the countdown, clearly posted.

Dynamic Closing "Soft Close": The closing time of the real estate is automatically extended an additional two minutes, any time a bid is placed on the real estate with less than two minutes left on its countdown. This will continue until there are no longer any bids submitted for the real estate. It will stop extending when no bid has been placed in two minutes.

Maximum Bidding: This auction also features MAXIMUM BIDDING. This authorizes the system to only bid the smallest acceptable bid increment on the bidder(s) behalf when they have been outbid and only up to their maximum bid. The benefit of this feature is to provide you, the bidder, with an easier way to bid by not having to login and manually bid each time you have been outbid. Please remember, you can always raise your max bid, but you CANNOT lower it. Be aware of this while bidding. If you have any questions email ollis@ollisauction.com or call 1-800-272-9791.

Live Catalog: this is a special tile-based view that becomes available when the real estate is within 30 minutes of closing. The real estate is "live" meaning that you are receiving real-time updates. The time counts down, new bids & bid amounts get updated, the bidder's status updates (winning/losing), all without any manual refreshing.

Buyer's premium: A buyer's premium of ten percent (10%) of the high bid shall be added to the high bid and included in the total contract price to be paid by the successful bidder(s).

Example:
High bid on the property: $100,000
Add Buyer's Premium: (10% of 100,000) $10,000
Equals Total Contract Price: $110,000

Financing: Sale of the property is not contingent upon the buyer(s) obtaining financing. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction. If you do not have your finances in order, we ask that you Don't Bid!

Inspection: THIS AUCTION IS NOT CONDITIONAL UPON ANY TYPE OF INSPECTION. If you or any concerned party to the transaction need any type of inspection done, you may do so prior to bidding. Buyer(s) are more than welcome to have an inspection done at the buyer's cost. Buyer(s) will rely on his/her own judgment and findings of an inspection if one is done. NO damage is to be done to the real estate during a professional inspection or personal inspection and the real estate remains in the same condition prior to the inspection.

Contract Signing for Winning Online Bidder: At the conclusion of the auction the Winning Bidder will receive an email or phone call confirming his or her winning bid status. In the email the Winning Bidder will receive a link to sign all documents electronically. The Auctioneer or his representative will contact the Winning Bidder the day of the auction to address any questions concerning the required process. Should the electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and earnest money deposit payment process must be completed by 4 pm CST on the day following the auction conclusion. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying a liquidated damages amount equal to the earnest money (charged to the credit card used at registration) and will not be allowed to bid in any future Joe Ollis Real Estate & Auction, LLC auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding.

Earnest Money (Down Payment or Deposit): The Winning Bidder shall be required to pay earnest money in the amount(s) of $4,000.00. A Check (made payable to Joe Ollis Real Estate & Auction, LLC) or cash are acceptable forms of payment. If the method of payment of the earnest money is made by credit card, there will be a 5% fee charged. If you need to wire the earnest money funds you are responsible for the transaction fee charged to us. The entirety of the remaining balance is due at closing. The earnest money will be held in a non-interest-bearing escrow account until settlement. The earnest money is non-refundable. The earnest money becomes part payment of the real estate at closing.

Evidence Of Title: Seller(s) shall furnish at seller's expense an Owner's Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s). Meaning, the buyer(s) will receive a free & clear deed and title to the property. The buyer(s) shall pay the title search on themselves, title insurance charges, and usual conveyance expenses.

Closing: The Winning Bidder shall close on or before June 6, 2024. The buyer(s) acknowledges and agrees that time is of the essence.

Closing Costs: The closing fee of the title company shall be split 50/50, between the seller(s) and buyer(s).

Deed: The deed shall be prepared at Seller's expense. The recording of the deed and the tax stamps applied to the deed are at the expense of Buyer(s).

Real Estate Taxes & Assessments: 2023 and prorated 2024 taxes will be given as a credit on the closing statement based upon the latest information from the courthouse records. Back taxes, if any, will be paid by the seller(s).

Possession: Possession will be given on the date of closing. Any personal property left on the real estate will become the property and responsibility of the new buyer(s).

Easements, Restrictions, and Leases: Real estate is being sold subject to any and all existing matter of record, leases, all easements, building use, or zoning laws and regulations, if any.

Real Estate Brokerage Services Disclosure: Joe Ollis Real Estate & Auction, LLC and their representatives are Exclusive Agents of the Seller(s). We do not represent the buyer(s) in any manner, and we must be completely loyal and faithful to our client. Joe Ollis Real Estate & Auction, LLC has an exclusive right to sell listing for this transaction. All negotiations must be conducted through Joe Ollis Real Estate & Auction, LLC.

Conditions of Default: If any conditions contained herein are not complied with by the buyer(s), Joe Ollis Real Estate & Auction, LLC may, in addition to asserting all remedies available by law, including the right to hold defaulting buyer(s) liable for the purchase price, either, a) cancel the sale, retaining as liquidated damages any payments made by such buyer(s), b) resell the property at public auction or privately on seven days notice to such buyer(s), or c) take such other action as it deems necessary or appropriated. If Joe Ollis Real Estate & Auction, LLC resells the property, the original defaulting buyer(s) shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney's fees, commissions, incidental damages, and all other charges due hereunder. In any event, the buyer's earnest money deposit will be retained by Joe Ollis Real Estate & Auction, LLC as liquidated damages.

Disclaimers And Absence of Warranties: All information published, announced, or contained in the advertising and bidding platform was obtained from sources believed to be correct; however, the seller(s) or auction company do not guarantee it. The information is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller(s) or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries, and due diligence concerning the real estate. The real estate is being offered on an "AS IS", "WHERE IS" basis and no warranty or representations, expressed or implied, is made by the Seller(s) or the auction company. All information contained in the advertisement, bidding platform, and all related materials are subject to the terms and conditions outlined in the contract for sale of real estate.

Broker Participation: A commission previously agreed upon will be paid to any properly licensed real estate broker whose Buyer/Bidder is the successful purchaser for this real property, and who closes and pays the total Contract Price and Closing Costs for this real property. The broker must adhere to the broker participation form requirements listed on the MLS. If you need a Broker Participation Form, please call or email our office.

Pre-Auction Sales: As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Contract for Sale of Real Estate along with the required earnest money. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion.

Technical Issues: In the event there are technical difficulties related to the server, software, internet or any other auction-related technologies, Joe Ollis Real Estate & Auction, LLC reserves the right to extend bidding, continue the bidding or close the bidding. Neither the company providing the software, nor Joe Ollis Real Estate & Auction, LLC shall be held responsible for the failure of the software to function properly for any reason. To minimize the chance of being affected by internet or software issues, please use the "Max Bid" feature.

We hope you enjoy bidding in the online auction!

It's a Project! 2-Bedroom Home Online Only Auction 330 Willards Ferry Road, Jonesboro, IL 62952 April 25, 2024 Thursday 2:00 pm To Pre-Bid or for More Information Please Visit www.ollisauction.com Call us today to schedule a showing 1-800-272-9791. Offered through an online-only auction, the project home located at 330 Willards Ferry Road, Jonesboro, IL, built in 1937, encompasses 1,400 square feet on a 1.25-acre lot, featuring two bedrooms and one bathroom. Its block construction and metal roof offer durability, making it an attractive investment for those looking to add value through renovation. The home includes a living room, family room, and an eat-in kitchen, all ripe for updates. With gas forced air heating and circuit breakers, it provides a solid base for refurbishment. This property presents a unique opportunity for investors to capitalize on its potential, enhancing its market value through strategic enhancements. Tax ID: 14-00-07-05 2022 Taxes: $746.74 Zoning: None Year Built: 1937 Home Square Footage: Approx. 1400 Lot Size: 218 x 250 = approximately 1.25 Acres 2 Bedrooms ~ 1 Bathroom Living Room 15 x 15 Family Room 15 x 17 Kitchen 15 x 11 Master Bedroom 10 x 10 2nd Bedroom 19 x 13 Gas Forced Air Has Circuit Breakers Public Water, & Gas Ameren Septic System Call Us Today for a Private Showing. Seller: Estate of Janice Peavler Real Estate Terms: Successful bidder(s) will be required to enter into a written contract and deposit earnest money for $4,000.00. Balance due on or before June 6, 2024. Deed and title insurance will be provided by the seller. Possession will be given on the date of closing. A ten percent (10%) buyer's premium will apply to the high bid to establish the contract price. Public access to the internet is available at public libraries. Make your financial arrangements prior to the auction. Potential buyers may make any inspections prior to auction. Joe Ollis Auction Service, LLC IL. Lic # 444.000380 Information Herein Believed to Be Accurate but Not Warranted