Gates Auction

704 735-1977


Court Ordered Real Estate Liquidation

Saturday June 24 @ 11AM

1251 Buffalo Shoals Road

Lincolnton, NC 28092

Lincoln County Parcel ID# 24328

​Open House / Inspection - Sunday June 18 2-5 PM

Auctioneer's Note:  Attention Investors, Landlords, Flippers, Realtors . . .Gates Auction has been selected to offer at public auction the real estate belonging to the late Leonard Bynum in order to settle Medicaid debt.  Join us on auction day and bid your price.

Real Estate Terms And Conditions
This is a live auction subject to Lincoln County Clerk of Court 10 day upset bid process.

Announcements day announcements take precedence over all previously printed material or oral statements.

The successful bidder/s shall sign an auction purchase agreement and present a deposit amount equal to 10% of total contract price in US dollars immediately following the auction but no later than three (3) days after being declared the successful bidder by certified funds. Purchase of real estate is not contingent upon obtaining a loan.  Auctioneer reserves the right to request prior to or day of the auction a pre-qualification letter, proof of funds, irrevocable letter of credit or any other manner auctioneer deems relevant for proof of buyers ability to complete the transaction if declared the high bidder.

The deposit shall be placed in escrow with Gates Realty And Auction, Lincolnton, NC. Balance of total purchase price is due within 30 days of auction day or at closing by cash equivalent.  In the event that the current bid is upset, the Lincoln County Clerk of Court shall have authority of of the process from that time forward until closing.  The property is offered As Is, Where Is with no warranties implied or expressed by the owner or Gates Realty And Auction with any and all faults. 

Closing costs:  Seller/estate shall pay for the deed preparation, revenue stamps and pro-rated taxes for year ending 2017. Buyer shall pay for pro-rated taxes for year ending 2017, closing representation, attorney, title insurance, inspections or any other costs relating to the closing of the transaction.

Your bidding and ability to purchase the property is not contingent upon financing, inspections, surveys so be sure you have arranged the immediate availability of your funds and completed all pre-auction inspections. Property sells as-Is, no warranties expressed or implied with any and all faults

Final closing is NOT contingent upon financing.  The buyer may purchase title insurance policy at closing. The buyer will pay attorney and any other fees associated with buyer’s duty to close. Real estate taxes will be prorated to the day of closing. Seller will pay for deed preparation and revenue stamps. Possession will be granted as of the recording of the deed. The successful Bidder shall execute an “Auction Real Estate Sales Contract” for the property immediately after being declared the Successful Bidder by the Auctioneer. Each potential Bidder is responsible for conducting at their own risk, their own independent inspections, investigations, and due diligence concerning the property prior to auction time. Gates Realty and Auction and their representatives are exclusive agents of the Seller.

All announcements made up to the final close of the Auction bidding take precedence over all advertising, oral or printed material. All information was gathered from reliable sources and is believed to be correct as of the date this brochure is published; however the seller or auctioneers have not independently verified this information. Auction plats and drawings are for representation purposes only and buyer/s assume all liability whether to rely upon provided materials as it’s accuracy is not warranted in any way by the seller or auctioneer. There are no obligations on the part of the sellers or auctioneer to update this information.

It is the responsibility of all potential buyer/s, buyer’s agents to inspect property and determine for themselves the accuracy of information given that is deemed to be true and accurate but not guaranteed and thus bid accordingly relying solely upon their own findings or by inspection by qualified inspectors or contractors hired by and paid for by buyer. Buyers may make inspections prior to the auction. However, sale of the property is not contingent upon inspection results or ability to obtain a loan in order to purchase.

Default:  If any conditions contained herein are not complied with by the buyer, Gates Realty And Auction, in addition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either, a) cancel the sale, retaining as liquidated damages any payments made by such buyer, b) resell the property at public auction or privately on seven days notice to such buyer, or c) take such other action as it deems necessary or appropriated.  If Gates Realty And Auction resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. In any event, the buyer’s earnest money deposit will be retained by Gates Realty And Auction as liquidated damages.


Buyer’s Acknowledgment of Terms and Conditions: ______________________________________Date:_____________