Buyer-requested combinations

ONSITE HIGH BIDDER - 10% deposit is due on sale day upon signing of the contract with the balance due at closing in 30 days. A 10% Buyer's Premium will be added to the high bid to determine contract sale price. ONLINE HIGH BIDDER - 10% deposit is due with the signed contract by 5:00PM on Wednesday, April 29, 2020 with the balance due at closing in 30 days. A 10% Buyer's Premium will be added to the high bid to determine contract sale price. Potential buyers must perform such independent investigations with respect to property as they deem necessary to verify information provided by the auction company and/or seller. All information provided by the auction company and/or seller is deemed reliable but not warranted. All property is being sold as is without representations or warranties of any kind or nature. Please inspect the property before bidding. All sales are final. Announcements made the day of the auction take precedence over all prior releases, verbal and written, concerning this sale. The auction company and its representatives represent the seller. BIDDING PROCESS This example is for illustration purposes only. There are often variations from this process that need to be made and those variations will be explained to our bidders. We will start the first round of bidding and the high bid from Bidder #101 is $107,500 per tract. Bidder #101 selects Tracts 4 and 5 totaling $215,000. The posted bid for this round of bidding is $215,000 without the buyer’s premium. We then go to a second round of bidding. The high bid in this round is $100,000 and Bidder #112 selects tract #3. The posted bid for this round is $100,000 without the buyer’s premium. The third round of bidding results in a high bid of $105,000 and Bidder #137 selects tract #6. The posted bid for this round is $105,000 without the buyer’s premium. Now we go to the fourth round of bidding. Bidder #108 is the high bidder at $102,000 and selects the remaining two tracts #1 and 2 totaling 160 acres. The posted bid for this round is $204,000 without the buyer’s premium. The results of the four rounds of bidding are as follows: Bidder #101 Tracts 4 and 5 $215,000 Bidder #112 Tract 3 $100,000 Bidder #137 Tract 6 $105,000 Bidder #108 Tracts 1 and 2 $204,000 At this point, we go to the four high bidders listed above to see if any of those four bidders would like to initiate a grouping. No one else in the crowd may initiate a grouping other than the high bidders. If none of the high bidders wish to group, the auction is over, and the high bidders listed above go to contracting. Their purchase price will be the above prices plus the buyer’s premium. We do get requests for grouping in about half our sales. To illustrate the point, let’s assume Bidder #101 decides he wishes to group his two tracts (#4 and 5) with Tract #3. We take the prices above and total them and then add 5% to determine the minimum bid for this grouping of tracts #3, 4, and 5. In this instance, the minimum bid for this combination will be $330,750 ($215,000 + $100,000 + 5%). At this point, the bidding is open to everyone in the crowd, not just the high bidders. Once this grouping is posted, we check with the new high bidder of tracts #3, 4 and 5 plus the remaining high bidders to see if there is any desire to group any other combinations. If there are no other groupings requested, the three high bidders will go to contracting. We will not divide a grouping that is already in place. Using the original rounds of bidding, the high bidder of Tract #3 may not initiate a grouping of only Tract #4. He must group Tract #3 with Tracts #4 and 5. At no point do we group the property as a whole unless requested to do so by one of the high bidders. We hope this explanation will help you make the best possible bid. We are The Counts Realty & Auction Group.