1. Registration: Every bidder will need to register using a valid email address, phone number, and mail address. Bid.genkc.com will prompt each bidder to create a username and password. 2. Bid Permission: To participate in the auction, each bidder is asked to provide a bank letter of guarantee or a pre-approval letter. 3. Soft Close: The auction is designed to offer all registered bidders the opportunity to participate and bid at the auction. The auction will begin to close on Tuesday, April 18, 2023 6:00pm (Central). If a bid is placed before the closing time, the auction will remain open for five additional minutes. If another bid is placed within that time, the auction will remain open until all "dynamic" bids have ceased. 4. Buyer's Premium: A 10% buyer's premium will be applied to the final bid. The final, winning bid PLUS ten percent buyer’s premium, are combined for the contract sales price. 5. Earnest Deposit: $2,500.00, balance due upon closing, not to exceed 30 days. Thomson Affinity Title to hold earnest money and handle closing. Title insurance fee paid by seller. 6. Inspection: A Whole House Inspection is ordered from Crown Home Inspections, with a 4/12/2023 completion date. An electronic link to the inspection will be made available upon completion and posted on the auction bidding site and as a supplement in MLS. 7. Open House: An open house is scheduled for Sunday, April 16, from 1:00-3:00pm. All prospective buyers are encouraged to attend. 8. Property sells as is/where is without warranty expressed or implied. 9. The auction legal description is: OLATHE VIEW S 3' LT 4 ALL LT 5& N 2' LT 6 BLK 1 & E1/2 VAC ALLEY ADJ ON W OLC-3068 0005 10. Due Diligence: All information is from sources deemed reliable. Every effort has been taken to provide descriptions and photos that best represent the property. However, accuracy is not guaranteed, and each bidder is responsible for conducting their own due diligence concerning the property. Bidders may have the property inspected at their expense. 11. Property sells subject to easements, restrictions, and covenants if any of record. 12. The auction is with reserve, and property sells subject to seller confirmation. Sellers are Perry Allen Reed and Debra G. Reed (AMC). 13. The successful winning bidder must agree to execute the purchase agreement immediately following the auction. The form used is the Kansas Association of Realtors “Auction Residential Real Estate Contract.” The completed form will be delivered for electronic signatures immediately following the close of auction and seller confirmation. Failure to sign the purchase agreement may result in a remedy of specific performance. If not understood, please consult an attorney. 14. The broker, Generations Real Estate, Inc. is agent of seller only. 15. Buyer Agency is compensated at 3% of the final bid amount. The Broker Participation Agreement must be completed and signed by the salesperson and broker. 16. Written offers received prior to the close of the auction will be presented to the seller. All such offers are subject to the entirety of the terms and conditions. 17. Generations Real Estate, Inc. reserves the right to extend or cancel the auction for any reason, including the possible acceptance of an offer prior to the close of the auction. Please contact Lenny Mullin, Listing Broker / Auctioneer (913) 915-0468 or Maggie Ross, Listing Agent, (816) 665-2518, with any questions concerning the property or the auction process.