Auction Terms & Conditions
334 East 7th Street, Indianapolis, IN 46202
Auction Date: Friday, June 12, 2026 at 12:00 PM (Noon)
Auction Location: On-Site at 334 East 7th Street, Indianapolis, IN 46202
Online Bidding Opens: June 10, 2026 at 12:00 PM
1. PROPERTY DESCRIPTION
Legal Description: 334 East 7th Street, Indianapolis, Marion County, Indiana 46202
Parcel ID: 49-11-01-206-020.000-101
Property Type: Single Family Residential — Condominium
Subdivision: Renaissance Place
Property Specifications:
- 1 Bedroom + Loft (convertible to 2nd bedroom)
- 1.5 Bathrooms
- 1,120 Square Feet (550 main level / 570 upper level)
- 1-Car Attached Garage (350 sq ft)
- Year Built: 1982
- HOA Fee: $210/month
2. SELLER INFORMATION
This property is being sold by the Guardianship of Diana Goddard, represented by Sienna Knight.
Auctioneer: Zack Burgess, CAI, AMM
Burgess Auctions LLC
Indiana Auctioneer License: AU19600029
Phone: (765) 445-7814
Email: [email protected]
Real Estate Agent: Jason Snider
J. Snider Real Estate
Indiana License: RB14045952
Phone: (317) 507-1692
Email: [email protected]
3. OPENING BID
The opening bid for this property is $150,000. The Guardianship is motivated to sell.
4. BUYER'S PREMIUM
A 10% Buyer's Premium will be added to the final bid amount to determine the total contract purchase price.
Example: Final Winning Bid of $160,000 + 10% Buyer's Premium ($16,000) = Total Contract Purchase Price of $176,000
The Buyer's Premium is non-negotiable and applies equally to all bidders, whether bidding in-person or online.
5. EARNEST MONEY DEPOSIT
Amount: $10,000.00
Due: Upon confirmation of sale by Sienna Knight for Guardianship of Diana Goddard
Payable To: Fidelity National Title
Acceptable Forms: Wire transfer, cashier's check, certified check, or personal check
IMPORTANT: The earnest money deposit is NON-REFUNDABLE except in the event of:
- Uncurable title defects discovered prior to closing
- Non-confirmation of sale by Seller
The earnest money will be applied toward the total purchase price at closing.
6. PROPERTY CONDITION
This property is sold "AS-IS, WHERE-IS" with NO WARRANTIES OR GUARANTEES of any kind, express or implied, including but not limited to:
- Condition of improvements
- Structural integrity
- Mechanical systems
- Appliances or fixtures
- Compliance with building codes
- Environmental conditions
- Fitness for any particular purpose
BUYER ACCEPTS FULL RESPONSIBILITY for determining the condition of the property through their own inspections, investigations, and due diligence.
7. INSPECTIONS
All inspections must be completed PRIOR to the auction on June 12, 2026.
The property is available for inspection by appointment. Contact Jason Snider at (317) 507-1692 to schedule a showing.
There are NO post-auction inspection contingencies. By bidding, you confirm that you have either:
- Inspected the property to your satisfaction, OR
- Waived your right to inspect and accept the property as-is
8. NO CONTINGENCIES
This sale contains NO CONTINGENCIES of any kind, including but not limited to:
- NO financing contingency
- NO inspection contingency
- NO appraisal contingency
- NO sale of other property contingency
- NO attorney review contingency
CRITICAL NOTICE: If you are obtaining financing, you must secure a firm loan commitment BEFORE bidding. Denial of financing, low appraisal, or changes in your financial circumstances do NOT excuse you from the obligation to close.
9. SUBJECT TO SELLER'S CONFIRMATION
This sale is subject to confirmation by Sienna Knight for the Guardianship of Diana Goddard within 24 hours of the auction.
The high bidder will be notified of confirmation status within 24 hours of the auction. If the sale is not confirmed, the earnest money deposit will be returned to the high bidder.
10. CLOSING
Closing Timeline: The winning bidder must close within 30 days of Seller's confirmation.
Closing Deadline: On or before July 12, 2026
Closing Location: Fidelity National Title, Marion County, Indiana
Time is of the Essence: Failure to close by the deadline constitutes a default.
Seller Responsibilities at Closing:
- Provide Owner's Policy of Title Insurance through Fidelity National Title
- Pay transfer taxes per Marion County custom
- Resolve any title defects necessary to convey marketable title
- Pay all outstanding liens required to convey clear title
- Pay May 2026 real estate tax installment
- Convey title by Personal Representative's Deed
Buyer Responsibilities at Closing:
- Pay balance of purchase price (total contract price minus earnest money deposit)
- Pay lender's title insurance (if financing)
- Pay all loan origination fees and lender costs
- Pay recording fees for deed and mortgage
- Assume all real estate taxes due and payable after May 2026
- Pay homeowner's insurance and all other costs customary to buyers in Marion County
11. REAL ESTATE TAXES
Tax Year 2024: $3,462 annually ($1,731 per installment)
Parcel ID: 491101206020000101
Tax Proration:
- Seller Pays: May 2026 installment ($1,731)
- Buyer Assumes: All real estate taxes due and payable after May 2026, including the November 2026 installment and all subsequent taxes
12. HOMEOWNERS ASSOCIATION
HOA Name: Community Association
Management Company Phone: 800-808-4882
Monthly Fee: $210.00
HOA Fee Includes:
- Property Insurance
- Lawn Care and Landscaping
- Exterior Maintenance
- Interior Common Area Maintenance
- Snow Removal
Buyer acknowledges and accepts responsibility for all HOA fees, assessments, rules, and regulations effective at closing.
13. POSSESSION
Possession of the property shall transfer to Buyer at closing. The property will be delivered vacant and broom-clean.
14. REGISTRATION REQUIREMENTS
All potential bidders must register prior to bidding. Registration requires:
- Completed and signed Bidder Registration & Acknowledgment Form
- Valid government-issued photo identification
- Proof of financial capability (bank statement, proof of funds, or current pre-approval letter)
Online bidders must register at www.burgessauctions.com prior to placing any bids.
15. BIDDING PROCEDURES
In-Person Bidding:
- Auction conducted at property location on June 12, 2026 at 12:00 PM
- Registered bidders will receive a bidder number
- Raise your bidder number to place a bid
- All bids are binding and irrevocable
Online Bidding:
- Online bidding opens June 10, 2026 at 12:00 PM
- Online bids compete simultaneously with in-person bids
- All online bids are binding and irrevocable
- Internet connectivity issues do not excuse bid obligations
Bid Increments:
The auctioneer reserves the right to establish bid increments and accept or reject any bid.
16. DEFAULT
In the event the winning bidder fails to close the transaction by the closing deadline, the following remedies are available to Seller:
- Earnest money deposit is forfeited to Seller
- Seller may retain all earnest money as liquidated damages
- Seller may pursue specific performance to force closing
- Seller may pursue actual damages in excess of earnest money
- Seller may pursue all legal and equitable remedies available under Indiana law
- Defaulting buyer is responsible for all attorney fees and costs incurred by Seller
Time is of the essence for all deadlines in this agreement.
17. BUYER BROKER COMPENSATION
Commission Offered: 3% of the final hammer price (winning bid amount, NOT including Buyer's Premium)
Paid By: Seller at closing
Paid When: Upon successful close of transaction only
Buyer Broker Registration Requirements:
- Completed Broker Participation Form must be received by 5:00 PM on Thursday, June 11, 2026
- NO EXCEPTIONS to this deadline
- Broker must attend auction with client OR actively assist client's online bidding
- Broker must ensure client complies with all auction terms
- Commission paid only upon successful close
- Broker participation may be modified or withdrawn at auctioneer's sole discretion
Submit Forms To: [email protected] or (765) 445-7814
18. ANNOUNCEMENTS
Auctioneer's announcements made on auction day supersede all printed materials, advertising, and online content.
In the event of any conflict between these written terms and oral announcements made by the auctioneer on auction day, the oral announcements shall control.
19. DISCLAIMERS
Property Information:
All property information, measurements, square footage, lot sizes, room dimensions, and features are approximate and deemed reliable but not guaranteed. Buyers are responsible for independent verification of all information.
Comparable Sales:
Any comparable sales data, valuation estimates, or equity potential projections mentioned in marketing materials are for informational purposes only and do not constitute an appraisal, warranty, or guarantee of value.
Title:
Seller will convey marketable and insurable title as shown by commitment for title insurance. Buyer is responsible for reviewing the title commitment and raising any objections before closing.
Survey:
No new survey will be provided unless required by Buyer's lender. Property is sold based on legal description and parcel identification.
20. ENTIRE AGREEMENT
These Terms and Conditions, together with the Purchase Agreement executed at auction, constitute the entire agreement between Buyer and Seller. No verbal agreements, representations, or modifications shall be binding unless made in writing and signed by both parties.
21. GOVERNING LAW
This agreement shall be governed by and construed in accordance with the laws of the State of Indiana. Venue for any legal proceedings shall be Marion County, Indiana.
22. ATTORNEY FEES
In the event of any dispute arising from this agreement, the prevailing party shall be entitled to recover reasonable attorney fees and costs.
23. BINDING AGREEMENT
By registering to bid and/or placing a bid, you acknowledge that you have:
- Read and understood all Terms and Conditions
- Had the opportunity to inspect the property
- Had the opportunity to consult with legal and financial advisors
- Full legal authority to enter into a binding purchase contract
- Financial capability to close the transaction
All bids are binding and irrevocable. The high bidder, upon confirmation of sale, is legally obligated to complete the purchase under these terms.
24. SUCCESSORS AND ASSIGNS
This agreement is binding upon and inures to the benefit of the parties' heirs, executors, administrators, successors, and assigns.
25. SEVERABILITY
If any provision of these Terms and Conditions is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
26. ADDITIONAL INFORMATION & QUESTIONS
Property Showings:
Contact Jason Snider at (317) 507-1692 or [email protected]
Auction Information:
Contact Zack Burgess at (765) 445-7814 or [email protected]
Title & Closing:
Fidelity National Title
Wire instructions will be provided upon confirmation of sale
Download Forms:
