BURGESS AUCTIONS

TERMS AND CONDITIONS OF SALE

11005 Cornell Street, Carmel, Indiana 46280
Real Estate Auction – Caroline Sommer, Owner
Friday, November 14, 2025 at 12:00 PM (Noon)
11005 Cornell Street, Carmel, IN 46280

"Trusted Auctions, Timeless Results"

1. PROPERTY DESCRIPTION

Legal Description: Acreage .00, Section 1, Township 17, Range 3, Baby Tracts, Lot Pt 31
Common Address: 11005 Cornell Street, Carmel, IN 46280
Parcel ID: 29-13-01-30-20-15.000-018
Property Type: Single Family Residential
Square Footage: 2,076 sq ft living area, 2,916 sq ft total
Lot Size: 1 acre | Bedrooms: 3 | Bathrooms: 2 Full
Year Built: 1940 | School District: Carmel Clay Schools

2. BIDDER REGISTRATION

All bidders must register before auction begins by providing:

Valid government-issued photo ID
Proof of funds (bank statement) OR pre-approval letter from qualified lender
Completed bidder registration form
Contact information

Minimum Financial Capability: $25,000 down payment required. Financed buyers must provide pre-approval letter. Cash buyers preferred.

3. AUCTION PROCEDURES

Opening Bid: $150,000
Date/Time: Friday, November 14, 2025 at 12:00 PM
Location: On-site at 11005 Cornell Street, Carmel, IN 46280
Auctioneer determines bid increments and has final decision on all bid disputes
Online bidding may be available
SUBJECT TO SELLER'S CONFIRMATION: Seller will confirm or reject winning bid within 24 hours

4. PURCHASE TERMS

Earnest Money Deposit

Total Required: $25,000

$500 due immediately upon seller's acceptance (personal check, cashier's check, or cash)
$24,500 due within 24 hours to Fidelity National Title (wire transfer, cashier's check, or certified check only)
Earnest money is NON-REFUNDABLE except for title defects or seller non-confirmation

Buyer's Premium

10% buyer's premium added to winning bid. This premium compensates auction company, buyer's agent (if applicable), and listing broker. Seller receives full hammer price.

Example:

Winning Bid: $300,000

Buyer's Premium (10%): + $30,000

TOTAL PURCHASE PRICE: = $330,000

Balance Due

Balance due at closing within 30 days of seller's acceptance (on or before December 14, 2025).

5. PROPERTY CONDITION

"AS-IS, WHERE-IS" SALE

Property sold with NO WARRANTIES OR GUARANTEES
Buyer accepts all defects, known or unknown
No repairs will be made by seller
ALL INSPECTIONS MUST BE COMPLETED BEFORE AUCTION DAY
No post-auction inspections or contingencies
Lead-based paint disclosure provided (property built 1940)

Property Showings: Contact Jason Snider at (317) 507-1692

6. CLOSING REQUIREMENTS

Closing Timeline: Within 30 days of seller's acceptance. Time is of the essence.

Closing Location: Fidelity National Title (preliminary title work ordered and available for review)

Seller Pays:

Owner's title insurance
Transfer taxes
Property taxes through November 2025
Title defect resolution costs

Buyer Pays:

10% Buyer's Premium
Lender's title insurance (if financing)
All loan costs and fees
Recording fees
Survey (if required)
Inspections
Homeowner's insurance
Attorney fees (if desired)
Property taxes due after November 2025

Title: Conveyed by General Warranty Deed, free and clear of liens except standard easements.

7. TAXES AND ASSESSMENTS

2024 Annual Taxes: $3,002 ($1,501 semi-annual)
Seller has paid taxes through November 2025
Buyer assumes all taxes thereafter (beginning May 2026)
No delinquent taxes. No proration necessary.

8. FINANCING

NO FINANCING CONTINGENCIES

Buyer must close regardless of financing approval or denial
Pre-approval required before bidding
Low appraisal does NOT excuse performance
Cash sales preferred and may close earlier

9. DEFAULT PROVISIONS

Buyer Default

If buyer fails to provide deposits, execute purchase agreement, or close on time:

All earnest money forfeited
Property may be resold at buyer's expense
Buyer liable for deficiency and costs

Seller Default

If seller cannot convey clear title or does not confirm sale: earnest money refunded, no further liability.

10. POSSESSION AND INCLUSIONS

Possession: At closing. Property currently vacant, delivered broom-clean.

Included: All fixtures, appliances (dishwasher, disposal, microwave hood, oven/range, refrigerator), deck, landscaping. All "AS-IS."

Excluded: All personal property not listed.

No HOA: Property not subject to homeowner association.

11. BROKER PARTICIPATION

Buyer's broker commission: 3% of hammer price (paid from buyer's premium, not seller's proceeds)
Must register by November 13, 2025 at 12:00 PM
See separate Broker Participation Agreement

12. GENERAL PROVISIONS

Entire Agreement: These terms plus purchase agreement constitute complete agreement
Modifications: Must be in writing and signed by all parties
Assignment: Not permitted without seller's written consent
Disputes: Resolved by binding arbitration in Hamilton County, Indiana
Announcements: Auction day announcements supersede all printed materials
Governing Law: Indiana law, Hamilton County jurisdiction

13. BIDDER ACKNOWLEDGMENT

By registering to bid, bidder acknowledges:

☐ Read and understand all terms and conditions
☐ Had opportunity to inspect property
☐ Property sold "AS-IS" with no warranties
☐ Understand 10% buyer's premium applies
☐ Must provide $500 immediately and $24,500 within 24 hours
☐ Total earnest money $25,000 is non-refundable (except title defects/non-confirmation)
☐ No financing contingencies
☐ Must close within 30 days
☐ Sale subject to seller's confirmation within 24 hours
☐ Authority to bid and purchase property

14. CONTACT INFORMATION

Auctioneer:
Burgess Auctions | Zack Burgess, CAI
AU19600029 | (317) 508-5973 | sold@burgessauctions.com

Real Estate Agent:
Jason Snider | J. Snider Real Estate
RB14045952 | (317) 507-1692 | snidergroup@gmail.com

Title Company:
Fidelity National Title
Wire instructions provided upon seller's acceptance

THESE TERMS ARE BINDING UPON REGISTRATION TO BID
SALE SUBJECT TO SELLER'S CONFIRMATION WITHIN 24 HOURS
SUCCESSFUL BIDDER MUST EXECUTE PURCHASE AGREEMENT IMMEDIATELY

"Integrity in Every Lot. Care in Every Sale."
BURGESS AUCTIONS | www.burgessauctions.com

11005 Cornell Street Carmel, IN

Real Estate Auction

11005 Cornell Street, Carmel, Indiana 46280

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