TERMS Please see the Terms Tab Above

We are pleased to offer the IRVING & MARION REINBOLD REAL ESTATE ONLINE AUCTION.
This will the Farm located on M-46 just West of Block Rd on the North Side of M-46.
All Bidders must be Approved by the Auction Company or the Real Estate Broker that will be doing the closing for this auction!
 
General Information
06-12-6-26-4002-004
Property Class: 102 Class Name: AGRICULTURAL-VACANT
Dist. Name: FRANKENMUTH SCHOOL DISTRICT,
Tax Description E 1/2 OF W 3/4 OF SE 1/4 OF SEC 26 EXC S 215 FT OF E 278 FT THEREOF 56.83 ACRES SEC 26 T12N R6E
The new owner will take possession of the farm after the current tenant has harvested this year’s crop! 
 
Real Estate Broker
Stephen Herr, AFM
Real Estate Associate Broker
Licensed to Sell Real Estate in Michigan, Indiana and Ohio
Cell: (810) 569-5638
Email: sherr@farmersnational.com

Auctioneer:
Joe Sherwood
Sherwood Auction Service LLC
Cell: (989)763-7157
Email: joe@sherwoodauctionservicellc.com

We offer Central Michigan's Premier Real Estate Auction Service. 

Terms and Conditions of Online Only Real Estate Auction

This online only auction is subject to Seller and/or lender confirmation and is a cash sale not contingent on or subject to financing, appraisal, survey, or inspections of any/or kind, as agreed to by bidders at registration prior to bidding and specified in the Agreement to Purchase Real Estate (the Contract) to which these terms and conditions are attached.

Once you place a bid, it cannot be removed, even if you have bid incorrectly. Therefore, please check and verify your bids before submitting.

Be advised that a Buyer’s Premium of 5% (Or NOTED OTHERWISE) is added to the high bid. Please take this into consideration when bidding. For example: if the final bid price on a property is $100,000.00, then add the 5% buyer’s premium of $5,000.00 to get a final purchase price of $105,000. This is then the actual sales price that will be used on the Purchase Agreement, and the amount upon which transfer tax and title insurance are based. At the close of the auction. 

The high bidder will then deposit earnest money of 5% of the total sale price in the form of a Personal or business Check, Cashier’s check or Wire Transfer with the Realtor upon signing a purchase agreement within Forty-Eight (48) hours of the completion of the auction. The earnest money deposit is non-refundable. The entirety of the remaining balance (95% of the total sale price) is due at closing on or before Forty-Five (45) days from Auction Day. Buyer will be responsible for all wire transfers. If the Purchase Agreement is not accepted by the Seller and/or Lender, the Buyer will receive a full refund of their earnest deposit as soon as practicable.

Successful Bidders that do not execute and return their Contract with an Earnest Money deposit within Forty-Eight (48) hours of the conclusion of the auction will be considered in default. If a closing on the Real Property is delayed for any reason, Buyer, or other parties working on your behalf, including any lender you involve, you may be declared in breach of the Contract, forfeit all deposits made, and could be held liable for any and all costs incurred by Seller and incurred in a subsequent resale of the property.

Per the Purchase Agreement, time is of the essence; you should proceed to closing within Forty-Five (45) days. Possession shall be given to the successful Buyer(s) at closing. All closing fees charged by the Title Company are shared equally between Buyer(s) and Seller(s).

Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e. financing, appraisal, repairs, or inspections), but for Seller(s) and/or Lender approval (referenced above). Therefore, Bidders should be “pre-qualified” by a lender (if you require financing) prior to submitting a bid. The property is being sold for cash “as-is, where-is” without representation or warranty of any kind. Buyer agrees to accept in its present condition, Real Property, including any personal property items not taken by Seller(s).

Sherwood Auction Service LLC. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time. The identity of all bidders will be verified. Bidding rights are therefore provisional, and if complete verification is not possible, Auction Company may reject the registration of a bidder, and bidding activity will be terminated.

Buyer acknowledges they are buying the Real Property “as-is, where-is”, that Buyer(s) are relying on his/her own judgment and prior inspection. By signing an offer, Buyer(s) waive the 10-day lead based paint test. Equipment, if any, is sold with no warranty express or implied of any kind. Any excess materials left after the auction become the responsibility of the Buyer.

Seller(s) will provide an owner’s policy of insurance and convey title with a Full Warranty Deed.

Sherwood Auction Service LLC. and their representatives are Exclusive Agents of the Seller(s). Sherwood Auction Service LLC.  reserves the right to negotiate a final sales price on behalf of the Seller, or bid on behalf of the Seller, if necessary.

Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations, including drain assessments, tile drainage system rights of way, and PA116 agreements. Properties that are rented are subject to Tenant’s Rights. There are no security deposits associated with the Real Property. Taxes will be pro-rated to the closing date. Buyer agrees to assume all amortization schedules if applicable. Any drain assessments will be assumed by Buyer.

There are no surveys on any property. Buyer is purchasing by way of parcel ID and legal description only. All maps used in auction materials in print or online are based on specific County Equalization maps. Sherwood Auction Service LLC.  makes no guarantee that the maps are accurate.

All Sherwood Auction Service LLC. Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 2 minutes of a lot ending will automatically extend that lot for 5 minutes from the time the bid is placed. The auto-extend feature remains active until no further bids are received within the 2-minute time frame.

During this auction process there is a chance that you will be outbid. At that time you may receive an outbid notification by email. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections/speed, sometimes email notifications can be delayed. We are not responsible for the failure of any part of the bidding process or internet bidding.

If you are bidding against someone who has placed a max bid in the system, the max bid that is placed first will take precedence over a bid placed after. This means that the person who placed the bid first will have the high bid, in the event that the same bid is placed.

Sherwood Auction Service LLC. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Sherwood Auction Service LLC. or the Seller.

In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Sherwood Auction Service LLC.  and the Seller reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Sherwood Auction Service LLC.  or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary.

By agreeing to these terms, you give Sherwood Auction Service LLC. permission to send auction marketing emails to the address on the account. 

Your use of this site and bid placement constitutes your acceptance and agreement to adhere to these terms. Please print a copy for your records. All bidders are responsible for reading all terms and conditions carefully. Lack of knowledge of Auction Terms and Conditions will not release bidders from their obligations.

The terms and conditions of the Purchase Agreement, including these additional terms (Exhibit A), shall survive closing and the benefits shall inure to the respective heirs, successors, representative and assigns of the Parties.

Sherwood Auction Service LLC. reserves the right to revise The Terms and Conditions.