Court-Ordered: Hilton Head Condo Auction | 4-Unit Portfolio
Bid on one or multiple Hilton Head condos across three desirable communities. A perfect opportunity to secure a personal retreat or rental investment!
Auction Starts Ending: March 26th at 5pm EST
Public Open House: Sunday, March 15th
100 Kensington Blvd, Unit 1106 - 11:00am-Noon EST
239 Beach City Rd., Unit 3218 - 1:00pm-2:00pm EST
663 William Hilton Pkwy, Unit 4405 & 4408 - 2:30pm-3:30pm EST
Realtors can show by appointment, contact Alex at Alex@AuctionByPearce.com or 843-860-7141.
Earnest Money: A 10% earnest money deposit (per property) will be required from the successful purchaser within 24 hours of the auction ending, with the balance due within 45 days. Earnest money deposit can be made by cashier's check or bank wire transfer.
Agents/Brokers: Agent representation is not required to participate in the auction. If you are an agent or represented by an agent, please fill out and submit a completed Broker Participation Form before bidding. The form can be found under the documents tab below. Completed forms can be sent to Alex@AuctionByPearce.com.
Questions? Contact Alex (SC BIC #119902/SCAL #4772) at 843-860-7141 or Alex@AuctionByPearce.com
For more information and pertinent documents, navigate to the "Documents" tab.
United States Bankruptcy Court, District of South Carolina, Bankruptcy Case No. 25-01384-JD
REAL ESTATE AUCTION TERMS
United States Bankruptcy Court, District of South Carolina
Case No. 25-01384-JD
1. Announcements & Authority
These terms supersede any prior oral or printed statements and will be attached to and become part of the Contract of Sale.
This sale is conducted pursuant to Order of the United States Bankruptcy Court, District of South Carolina, and is subject to Bankruptcy Court approval. In the event of any inconsistency, the Bankruptcy Court’s Order shall control.
2. Contract & Earnest Money
The winning bidder must sign a non-contingent purchase contract and pay a ten percent (10%) earnest money deposit within twenty-four (24) hours of the conclusion of the auction.
Earnest money shall be paid by cashier’s check or bank wire.
3. Closing
The balance of the purchase price is due at closing within forty-five (45) days of auction end unless otherwise approved by the Bankruptcy Court.
Time is of the essence with respect to all obligations of the purchaser.
4. Buyer’s Premium
A buyer’s premium of ten percent (10%) will be added to the high bid to determine the total purchase price.
Example:
$100,000 bid price + $10,000 buyer's premium = $110,000 total purchase price.
5. Conveyance
The property will be sold by legal description and conveyed by Quit Claim Deed.
This sale is conducted pursuant to 11 U.S.C. §363(f) and shall be free and clear of liens, claims, judgments, encumbrances, and other interests, which shall attach to the net sale proceeds pursuant to the Bankruptcy Court Order.
6. Possession
Purchaser shall receive possession pursuant to the Bankruptcy Court Order and upon delivery of the deed at closing.
Units are being sold as furnished units and shall include all contents and personal property located within the units unless otherwise provided in Court filings.
7. Closing Costs & Title
At closing, the Trustee is authorized to pay normal seller closing costs, including but not limited to attorney fees, deed stamps, recording fees, real property taxes, and approved auction expenses.
Purchaser shall pay customary buyer closing costs.
The Trustee makes no warranties of title beyond those provided in the Quitclaim Deed.
8. Taxes
All prior years’ taxes are the expense of the Seller and shall be paid by the Seller at closing, if not previously paid. The current year’s taxes shall be prorated as of the day of the closing, unless otherwise directed by the Bankruptcy Court.
9. Bidding Format – Extend-One, Extend-All
This auction uses extend-one, extend-all bidding across all four condominium units.
If a bid is placed on any unit within the final five (5) minutes, bidding on all units extends five (5) minutes.
Extensions continue in five-minute increments until no bids are placed for five consecutive minutes.
10. Subject to Existing Conditions
Property is sold subject only to those matters permitted under the Bankruptcy Court Order.
This sale is free and clear pursuant to 11 U.S.C. §363(f). Any disputed liens shall attach to the net sale proceeds pursuant to 11 U.S.C. §363(f)(4) pending further Order of the Court.
11. Property Inspection & Condition
Bidders are responsible for inspecting the property and reviewing all documents before bidding.
PROPERTY IS SOLD AS-IS, WHERE-IS, WITH ALL FAULTS, with no warranties expressed or implied.
The Trustee specifically disclaims any implied warranty of merchantability or fitness for a particular purpose.
Failure to inspect does not relieve the buyer of obligation.
12. Buyer Due Diligence
Bidders represent that they have conducted their own due diligence regarding the Property(s) and possess the financial ability to complete the purchase. Bidders acknowledges that prior to bidding, bidders have been allowed to independently investigate and review all matters relating to the Property(s), including but not limited to: condominium documents, homeowners association rules and regulations, rental restrictions, regime fees and assessments, pending or proposed special assessments, property condition, zoning, and governmental regulations. Bidders further acknowledge that they are not relying upon any statements, representations, or warranties made by the Seller, Trustee, Auctioneer, or their agents, whether written or oral, except as expressly outlined in these terms or in the Order of the Bankruptcy Court. Bidders agree that all due diligence must be completed prior to bidding, and that the bidder waives any right to terminate, renegotiate, or delay closing based upon matters that could have been discovered prior to the auction.
13. Information Disclaimer
All information is believed to be reliable but not guaranteed. Bankruptcy Court filings and Orders govern in the event of any discrepancy.
14. Seller (Trustee) Default
If the Trustee is unable to convey the property as authorized by the Bankruptcy Court, earnest money shall be returned and all obligations terminated.
15. Buyer Default
If the buyer fails to perform, the earnest money shall be retained as liquidated damages, and the Trustee may pursue remedies permitted by law and Court Order.
16. Bidder Qualification
Auctioneer reserves the right to reject bids from anyone not complying with auction terms or Bankruptcy Court requirements.
Mortgage lien holders or property owners associations with valid liens may credit bid up to the amount of their allowed debt pursuant to Bankruptcy Code provisions.
17. Seller Confirmation
Sale is subject to the approval of the United States Bankruptcy Court, District of South Carolina.
The successful bidder shall be deemed a good faith purchaser for value pursuant to 11 U.S.C. §363(m), and the validity of the sale shall not be affected by any reversal or modification of the Bankruptcy Court Order unless such sale is stayed pending appeal.
18. Broker Participation
Broker participation is subject to advance registration, timely submission of required forms, and compliance with auction requirements.
A cooperating broker commission equal to two percent (2%) of the winning bid price (excluding the buyer’s premium) shall be paid from the buyer’s premium at closing pursuant to Auctioneer guidelines and Bankruptcy Court approval.
19. Auctioneer Liability
Auctioneer is acting solely as agent for the Trustee and shall not be liable for: property condition, title matters, bankruptcy court rulings, errors or omissions in marketing materials, or bidder due diligence.
20. Agency Disclosure
Alexander P. Bourland represents the Trustee/Seller only and has not represented the Buyer in this transaction.