ABSOLUTE ONLINE AUCTION

BRICK RANCH HOUSE, SHOP BUILDING AND OUTBUILDINGS ON 1.428 ACRES

AND PERSONAL PROPERTY

BIDDING ENDS MARCH 12, 2024 – 6:00 P.M.

105 ELLEN LANE, CORBIN, KY

REAL ESTATE TERMS:

 Buyer's Premium: There will be a 10% Buyer’s Premium added to the winning bid to determine the final sale price.

PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED IN THE PURCHASE CONTRACT. PLEASE READ AND REVIEW THE CONTRACT THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE CONTRACT FOR SALE OF REAL ESTATE, DO NOT BID.

AUCTION TIME:  Bidding ends March 12, 2024 - 6:00 p.m.

Ford Brothers, Inc. Real Estate Online Auctions are timed events and all bidding will close at specified time. Ford Brothers, Inc. Real Estate Online Auctions also have an auto extend feature. If a bid is placed in the final 5 minutes of an auction, the auction ending will be automatically extended 5 minutes from the time the bid was placed. Example: if an auction scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend 6:05.The auto extend feature remains active until no further bids are received within a 5 minute time frame.  

SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Ford Brothers, Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor FORD BROTHERS, INC. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Ford Brothers, Inc.

REAL ESTATE TERMS: 20% of the total sale price down as a non refundable earnest money in the form of a certified check, cash or wire transfer within 48 hours of the close of auction. We do not accept a credit card for down payment. The balance of purchase price is due at closing, said closing to be within 30 days of close of bidding. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Contract for Sale of Real Estate. 

This online only auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Contract for Sale of Real Estate.

GOOD INSURABLE GENERAL WARRANTY DEED AT CLOSING.

BUYER’S PREMIUM: There will be a buyer’s premium of 10% added to the bid price to arrive at final purchase price. Example: Bid Price $100,000 plus $10,000 (10% buyer’s Fee) equals purchase price of $110,000.

AUCTION BIDDER DEFAULT: Successful bidder not executing and returning the contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed Contract for Sale of Real Estate and 20% earnest money deposit, the winning bidder will be charged a penalty fee of $5,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Ford Brothers, Inc. and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Ford Brothers, Inc. reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.

Any dispute between Ford Brothers, Inc, its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Laurel County, Kentucky.  By bidding on the property, buyer agrees to all terms and conditions set forth.

Acceptance of Bid Prices: Successful bidder(s) will be required to enter into a purchase agreement immediately following the close of the auction. Ford Brothers, Inc. will e-mail documents to be executed and said documents should be faxed or e-mailed back to Ford Brothers, Inc. within 48 hours of the end of the auction. Successful bidders not executing and returning contracts with earnest money deposit within 48 hours will be considered in default. Any and all inspections that a buyer may want must be done at buyer’s expense prior to the close of the online bidding. Ford Brothers, Inc.'s Agents, Representatives or Employees may bid.

Title: As specified in the Contract for Sale of Real Estate
Deed: As specified in the Contract for Sale of Real Estate
Possession: As specified in the Contract for Sale of Real Estate

Real Estate Taxes and Closing Cost: All real estate taxes will be prorated for 2024.  The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees and any cost associated with the purchaser’s loan.
The seller will pay for deed preparation and deed tax.

Easements: Subject to any and all easements of record, including road easements and utility easements   

Zoning: This property is subject to all state and local zoning ordinances.   

Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Ford Brothers, Inc. will reject the registration, and bidding activity will be terminated. The Seller and Ford Brothers, Inc. reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges.

Agency: Ford Brothers, Inc.' Agents and Representatives are agents of the Seller. Buyer and or Bidder agrees to hold harmless and indemnify Ford Brothers, Inc. and its Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.

NEW DATA, CORRECTIONS, AND CHANGES: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information. Disclaimer & Absence of Warranties: All information contained in this information packet and all related materials are subject to the terms and conditions outlined in the Contract for Sale of Real Estate agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or Ford Brothers, Inc. Agents or Representatives. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure and on the website is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller, Ford Brothers, Inc., Agents or Representatives. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of Ford Brothers, Inc. are final. Any dispute between Ford Brothers, Inc., its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Laurel County, Kentucky. By bidding on the property, buyer agrees to all terms and conditions set forth.

Auctioneer/Broker/Seller Disclaimer: The information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being provided for the bidder’s convenience and it is the bidder’s responsibility to determine the information contained herein is accurate and complete. The property is selling in its ‘as-is’ condition with no warranties expressed or implied. 
 

 PERSONAL PROPERTY TERMS 

Buyer's Premium: There will be a 10% Buyer’s Premium added to the winning bid.  The sum of the winning bid plus the Buyer’s Premium will be the sales price.

Auction End Times:

Ford Brothers, Inc.  On line Auctions are timed events and all bidding will close at specified time. Ford Brothers, Inc. Online Auctions also have an auto extend feature.  If a bid is placed in the final 2 minutes of an auction, the close of the auction will be automatically extended 2 minutes from the time the bid was placed. Example: if an auction scheduled to close at 6:00 receives a bid at 5:59, the close time will automatically extend 6:01.The auto extend feature remains active until no further bids are received within a 2 minute time frame.

Staggered Closing:  This online auction closes in intervals.  Please check the auction announcements for detailed information regarding these intervals.  This feature works great with the auto extend feature to closely emulate a live auction.

All property is sold in “AS IS” and “WHERE IS”  condition.  ALL SALES ARE FINAL!  Bidder understands and agrees that no refunds, exchanges, adjustments, charge backs, etc, will be allowed.  Property is available for inspection at specified times and it is the bidder's responsibility to determine condition.  Bidder's failure to inspect any item or lot will not constitute grounds for any claim, refund, adjustment, charge back, etc. 

All description information has been gathered from sources which we believe to be reliable but are not guaranteed.  Auctioneer makes no warranty or guarantee of any kind with respect to condition, authenticity, provenance, source, condition, suitability for a particular purpose, etc.  Auctioneer reserves the right to change, modify, delete any item or lot or description in the auction as may be necessary.

 Payment, Pickup, Shipping & Storage Terms:

     Pickup/Payment Info:   Pay/Pickup is March 13, 2024 – 12:00 noon to 6:00 p.m. at 105 Ellen Lane, Corbin, KY.   Accepted methods of payment are cash, cashier's check or personal/business check, Visa, Mastercard, American Express or Discover (with a 3% processing fee (minimum processing fee of $3) or wire transfer.  All fees incurred by wired transfers will be paid by the purchaser.  All purchases that have not been paid by March 13^th at 6:00 p.m. will automatically be charged to the credit card used at registration, with a 3% processing fee (minimum processing fee of $3). All purchased items must be removed by the deadline of March 13th  at 6:00 p.m.  Any items not removed by the deadline will, at Auctioneer's discretion, be discarded or resold with proceeds retained by Auctioneer.  There will be NO REFUND to the purchaser for these forfeited items.

     Large Item Pickup: Ford Brothers, Inc absolutely DOES NOT provide shipping, shipping preparation or transportation services for any items larger than the size of largest U.S. Postal Service flat rate box.  Removal of items, moving, packaging, loading, transporting, shipping and shipping preparation (on items larger than the above stated size) are the sole responsibility of the purchaser. 

     Shipping Preparation: Shipping and shipping preparation on items that will fit into a US Postal Service flat rate box will be subject to the following charges:  $5 processing and handling fee per box. The buyer shall pay all shipping fees prior to shipping.  The shipping insurance is available through most shipping companies and would be the expense of the buyer (optional).  Ford Brothers, Inc. and the sellers WILL NOT be liable for any lost or damaged packages.

     Item Transportation:  Ford Brothers must be notified via phone (606) 878-7111 or 800-526-1637 or email (london@fordbrothersinc.com ) of any items that cannot be picked up on a Auction Pickup day, if we are NOT notified then your items will be forfeited. Any items transported back to a Ford Brothers office/facility are subject to a $25 per lot fee ($5 per coin/jewelry.  NO GUNS will be transferred between offices due to FFL regulations, you must pick your gun up at the location of the office that conducted the Auction. Items weighing more than 100 pounds or larger than 24 inches x 24 inches x 48 inches will not be shipped by Ford Brothers to any location.  Transported items must be paid for according to the terms of the auction and will be transported at Ford Brothers’ earliest convenience.  Buyers MAY NOT waive payment until their items are transported.

    Storage of Personal Property Items: Any item stored at a Ford Brothers facility exceeding 10 business days will be subject to a $5 per day storage fee.

     Forfeiture of Items:  Any item/lot that has not been picked up from any Ford Brothers Auction location within 30 days will, at Auctioneer's discretion, be discarded or resold with proceeds retained by the Auctioneer. 

 SALES TAX:  Kentucky Sales Tax (6%) will be added to the sale price.  Dealers or other exempt parties must provide proper documentation to Auctioneer before bidding.

SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Ford Brothers, Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor FORD BROTHERS, INC. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Ford Brothers, Inc.

Any dispute between Ford Brothers, Inc, its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Laurel County, Kentucky. By bidding on the property, buyer agrees to all terms and conditions set forth.

Agency: Ford Brothers, Inc.' Agents and Representatives are agents of the Seller. Buyer and or Bidder agrees to hold harmless and indemnify Ford Brothers, Inc. and its Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.

Ford Brothers, Inc., reserves the right to alter this agreement at any time.  This will take place by updating this site.  Please check back and review these terms as every time you use this site you are agreeing to the terms as they are written at that time.

Auction company employees and/or auction company may bid on and purchase auction items.

BIDDER DEFAULT:   Failure to complete a purchase is illegal and will result in one or more of the following (1) prosecution (2) loss of bidding privileges for Ford Brothers and all other Marknet auctions.

If a bidder at any time feels his/her username, password or bidder number has been compromised due to lack of security by the bidder, notify Auctioneer immediately.

GUN TERMS:

Age Requirements: An individual who is at least 18 years of age may purchase firearms and ammunition for rifles or shotguns. However, for firearms other than rifles and shotguns and ammunition for such other guns, the minimum age requirement is 21 years.

United States Citizen Requirement: A bidder must be a legal resident of the United States to bid on firearms.

Sales to Non-Kentucky Residents: Out-of-state bidders of guns may bid on firearms so long as they comply with the laws of their state. Ford Brothers, Inc. may conduct over-the-counter transactions of rifles or shotguns with non-residents who come to our London, Kentucky office location and complete the correct paperwork and background check. We WILL NOT make over-the-counter transactions of handguns (or any other firearm other than a shotgun or rifle) to a non-Kentucky resident. However, Ford Brothers, Inc. may ship guns to another FFL in your state where that Licensee will take responsibility for transferring your firearm to you. We cannot ship guns to individuals.

Cost of Shipping Firearms to another FFL Dealer: The purchaser of firearms that must be shipped to another FFL is responsible for the cost of shipping and handling of those firearms.  Firearms will only be shipped via UPS due to the tightening of laws and regulations.

Shipping Ammunition to Purchasers: All ammunition will be shipped via UPS.  We cannot ship ammunition of multiple calibers together in the same box and each box will have a weight limit of 66 pounds.  Anything over 66 pounds will have to ship in a separate box.

Firearms Transaction Record: Individuals who hold the winning bid on guns will have to complete a Firearms Transaction Record Part I – Over-the-Counter form in the presence of Ford Brothers, Inc. staff at our London office location and have a National Instant Criminal Background Check System (NICS) check performed over the telephone at same time before taking possession of those guns. If you hold an active Carrying Concealed Deadly Weapons License, you will not need to complete a background check but will need to complete a Firearms Transaction Record Part I – Over-the-Counter form as specified above. If you do not have a Carrying Concealed Deadly Weapons license, we still require that you have a State issue Driver's License.

Responsibility of Purchase & NICS Background Check: Make sure that you are eligible to own firearms before bidding.

As an FFL, Ford Brothers, Inc. is required to stop the transaction of a firearm if information provided by the purchaser in the Firearms Transaction Record gives us reason to believe that a person is prohibited from the purchase of firearms. In this case, we will stop the transaction process and NOT proceed with the NICS background check. If the outcome of a bidder’s NICS background check does not allow us to proceed with the transfer of the firearm to that bidder, the bidder is still responsible for payment of the firearm which he/she was the high bidder on. Again, make sure you are eligible to own firearms before bidding.

If a NICS background check results in a “Proceed” response, Ford Brothers, Inc. will transfer the firearm(s) directly to the person whom the NICS check was performed on. Ford Brothers, Inc. WILL NOT give the firearm(s) to a spouse, relative, or any other individual.

If a NICS background check results in a “Deny” response, the bidder will still be responsible for payment of their firearms purchase as outlined in the terms of this auction. The NICS system is a descriptor-based name search and it is possible for purchasers to be erroneously denied. We will provide a purchaser who feels he/she has been erroneously denied with information on the appeals process.

If a NICS background check results in a “Delay” response, the bidder will still be responsible for payment of their firearms purchase as outlined in the terms of this auction. Again, the NICS system is a descriptor-based name search and sometimes time is needed to differentiate the true purchaser from other individuals with the same name, etc. If no further response is received by Ford Brothers, Inc., the firearm may be transferred after 5 business days.

Straw Purchases: Be advised that it is illegal to make a “straw purchase” of a firearm. A straw purchase is when the actual buyer of a firearm uses another person to execute the paperwork necessary to purchase a firearm from an FFL. If Ford Brothers, Inc. has reason to believe that a bidder has made a straw purchase, the bidder will be held responsible for payment of his/her bids and will NOT receive the firearm.

Gun Purchaser: We require the person who is paying for the firearm, to be the person who pickups the gun, fills out the paperwork and passes the background check.

SALES TAX:  Kentucky Sales Tax (6%) will be added to the sale price.  Dealers or other exempt parties must provide proper documentation to Auctioneer before bidding.

Any dispute between Ford Brothers, Inc, its Agents or Representatives, and the Buyer(s) will be tried in a court of jurisdiction in Laurel County, Kentucky. By bidding on the property, the buyer agrees to all terms and conditions set forth.

Agency: Ford Brothers, Inc.' Agents and Representatives are agents of the Seller. Buyer and or Bidder agrees to hold harmless and indemnify Ford Brothers, Inc. and its Agents and its Representatives from any and all claims, damages, or suits including but not limited to awards, judgments, costs, fees, etc.

Ford Brothers, Inc., reserves the right to alter this agreement at any time.  This will take place by updating this site.  Please check back and review these terms as every time you use this site you are agreeing to the terms as they are written at that time.

Auction company employees and/or the auction company may bid on and purchase auction items.

BIDDER DEFAULT:   Failure to complete a purchase is illegal and will result in one or more of the following (1) prosecution (2) a $5,000 penalty (3) loss of bidding privileges for Ford Brothers and all other MarkNet auctions.

If a bidder at any time feels his/her username, password, or bidder number has been compromised due to lack of security by the bidder, notify Auctioneer immediately.

For additional information, contact Ford Brothers, Inc. Auctioneers at 606-878-7111

TIME IS OF THE ESSENCE in regard to all auction terms.

PICKUP:  March 13, 2024 – 12:00 noon to 6:00 p.m. - Guns and coins will be picked up at Ford Brothers' London office.  

Individuals who hold the winning bid on guns will have to complete a Firearms Transaction Record Part I – Over-the-Counter form in the presence of Ford Brothers, Inc. staff at our London office location

NOTE:  Guns and coins will be previewed and picked up at the Ford Brothers' London office.