BURGESS AUCTIONS PRESENTS
Real Estate Auction
5918 N Olney St,
Indianapolis, IN
Saturday, October 4, 2025 • 10:00 AM
Opportunity is knocking in Fairfield Heights, Washington Township! This classic 3-bedroom, 1.5-bath home offers the perfect canvas for your vision—whether you’re an investor, flipper, or homeowner ready to create instant equity with a remodel.
Set on a beautiful 0.75-acre lot, the property is framed by mature trees and lush landscaping, giving you a sense of privacy while still being close to everything. Imagine morning coffee on your back patio, weekend gatherings under the shade, or simply enjoying the peace of your own outdoor retreat.
Inside, the home has been well cared for and is ready for your updates and personal style. With a little creativity, this residence can transform into a true showpiece in one of Indy’s most desirable neighborhoods.
All of this, plus unbeatable convenience—just minutes to top-rated dining, shopping, and entertainment.
This is more than just a house—it’s a rare opportunity in a premier location. Make plans to attend the auction—you won’t want to miss it!
AUCTION TERMS AND CONDITIONS
5918 N Olney St, Indianapolis, IN 46220
Saturday, October 4, 2025 • 10:00 AM
BURGESS AUCTIONS
"Trusted Auctions, Timeless Results"
AUCTION FORMAT
Live Auction with Simulcast Internet Bidding
- On-site bidding at property location
- Real-time online bidding platform available
- Internet bidding opens 24 hours prior (Friday, October 3, 2025 at 10:00 AM)
- Opening Bid: $250,000
REGISTRATION REQUIREMENTS
Live Bidders
- Registration begins at 9:00 AM on auction day
- Valid photo identification required
- Bidder numbers assigned at check-in
Internet Bidders
- Pre-registration required online
- Valid photo identification and credit card verification
- Stable internet connection required
DEPOSIT AND PAYMENT TERMS
A 10% ten-percent buyer’s premium will be added to the final bid price, to determine the final offer to purchase price.
Down Payment
- Amount: $25,000 (Twenty-Five Thousand Dollars)
- NON-REFUNDABLE under all circumstances
- Payment Method: Wire transfer to Fidelity National Title
- Due Date: Monday, October 6, 2025
Balance Payment
- Amount: Total purchase price minus $25,000 deposit
- Payment Method: Certified funds or wire transfer at closing
- Closing Deadline: Within 30 days of auction (by November 3, 2025)
- Cash buyers may close within 1-2 weeks
PROPERTY CONDITION
AS-IS SALE
- Property sold in current condition "AS-IS, WHERE-IS"
- No warranties, guarantees, or representations regarding:
- Condition or habitability
- Fitness for any particular purpose
- Compliance with codes or regulations
- Systems functionality
INSPECTION ACCEPTANCE
- Buyers acknowledge having full opportunity to inspect property
- All defects accepted, whether known or unknown, visible or latent
- No repairs will be made by seller prior to closing
FINANCING AND CONTINGENCIES
NO CONTINGENCIES
- No financing contingencies - buyer must close regardless of loan approval/denial
- No inspection contingencies
- No appraisal contingencies
- No sale of other property contingencies
Financing Responsibility
- Buyers responsible for arranging all financing prior to auction
- Failure to obtain financing does not excuse buyer performance
- Cash purchases encouraged for faster closing
TAX RESPONSIBILITY
Seller's Obligation
- Seller has paid 2024 real estate taxes due in May 2025
- Seller current on all tax obligations through May 2025
Buyer's Obligation
- Buyer responsible for all taxes due after May 2025, including:
- 2025 taxes due in May 2026
- All subsequent annual tax payments
- Any special assessments levied after closing
No Tax Proration
- No proration of taxes between buyer and seller
- Clear division at May 2025 payment date
TITLE AND CLOSING
Title Requirements
- Title Company: Fidelity National Title
- Seller provides owner's title insurance policy
- Property conveyed free and clear of liens (except standard easements)
- Deed Type: General Warranty Deed
- Recording: At buyer's expense
Closing Costs
Seller Pays:
- Owner's title insurance premium
- Standard transfer taxes and recording fees
- Costs to cure any title defects
Buyer Pays:
- All loan-related costs and fees
- Recording fees for buyer documents
- Property survey (if required)
- Homeowner's insurance
- Attorney fees and closing costs
- Additional title insurance for lender
DEFAULT PROVISIONS
Buyer Default
If buyer fails to complete purchase, provide required documentation, or meet obligations:
Consequences:
- Seller retains $25,000 deposit as liquidated damages
- Seller may pursue additional legal remedies
- Seller may resell property
- Buyer liable for deficiency and additional costs
Seller Default
If seller cannot convey clear title:
- Buyer's sole remedy is return of deposit
- No further obligations for either party
AUCTION DAY PROCEDURES
Bidding Process
- Auctioneer conducts live bidding on-site
- Simultaneous internet bidding accepted
- Bidding increments determined by auctioneer
- Highest bidder becomes purchaser upon seller’s acceptance
Purchase Agreement Execution
- Winning bidder signs purchase agreement immediately
- Terms non-negotiable and binding upon execution
- Time is of the essence for all deadlines
PROPERTY DISCLOSURES
Lead-Based Paint
- Property built in 1946 (prior to 1978)
- Federal lead-based paint disclosure provided
- Buyer acknowledges receipt of required pamphlet
Property Knowledge
- All known property information disclosed
- Buyers accept property with all known and unknown defects
LEGAL PROVISIONS
Governing Law
- Agreement governed by Indiana real estate law
- Marion County jurisdiction for disputes
Assignment
- Purchase agreement may not be assigned without written consent
Modifications
- Agreement may only be modified in writing signed by all parties
Entire Agreement
- These terms constitute complete understanding
- No verbal agreements or representations binding
BIDDER ACKNOWLEDGMENTS
By participating in this auction, bidders acknowledge:
- Having read and understood all terms and conditions
- Understanding that a 10% buyer's premium will be added to the winning bid
- Understanding the non-refundable nature of the deposit
- Accepting AS-IS condition with no warranties
- Having adequate opportunity to inspect the property
- Understanding all financing must be arranged independently
- Agreeing that time is of the essence for all obligations
CONTACT INFORMATION
Real Estate Agent:
Jason Snider, Licensed Realtor
J. Snider Real Estate
License: RB14045952
Phone: (317) 507-1692
Email: [email protected]
Auctioneer:
Burgess Auctions LLC
Zack Burgess CAI, AU19600029
45 W Carey St
Knightstown, IN
Office: 765-445-7814
Mobile: 317-508-5973
Title Company:
Fidelity National Title
IMPORTANT NOTICE
This auction represents a binding sale upon acceptance of winning bid. The $25,000 deposit is NON-REFUNDABLE under all circumstances except seller's inability to convey clear title.
All bidders participate at their own risk and expense. These terms are non-negotiable and become binding upon participation in the auction.
"Integrity in Every Lot. Care in Every Sale."
BURGESS AUCTIONS
Trusted Auctions, Timeless Results