GENERAL AUCTION TERMS & CONDITIONS
MICHAEL T. TABOR, CHAPTER 7 TRUSTEE
BANKRUPTCY CASE NO. 20-10769
4734 magnolia park circle – collierville, tn 38017
ON-LINE ONLY AUCTION!
BIDDING ENDS TUESDAY, NOVEMBER 24TH, 2020 AT 12:00 NOON
BIDDERS MUST REGISTER WITH ALEXANDER AUCTIONS & REAL ESTATE SALES
WEBSITE (www.alexanderauctions.com) TO OBTAIN A BID NUMBER.
PLEASE REVIEW ALL ONLINE TERMS PRIOR TO BIDDING
- Alexander Auctions & Real Estate Sales is commissioned by Michael T. Tabor, Chapter 7 Bankruptcy Trustee, to sell this property. Bankruptcy Case No. 20-10769.
- Real Estate: Residence and Lot located at
4734 MAGNOLIA PARK CIRCLE WEST IN MAGNOLIA PRESERVE PD PHASE 1, COLLIERVILLE, TN 38017.
Deed Reference: Instrument # 18129181 in the Register’s Office of Shelby County, TN.
Tax Map 206/C0258T, Parcel C000130 – Plat Book 274, Page 026 in Shelby County Tax Assessor’s Office.
Property located in the C Civil District of Shelby County, Tennessee.
- Purchaser to assume the 2020 Shelby County Property Taxes: $5,488.46
Purchaser to assume the 2020 City of Collierville Taxes: $2,480.11.
- Property sells subject to approval of the Bankruptcy Trustee and the Bankruptcy Judge, United States Bankruptcy Court for the Western District of Tennessee, Eastern Division.
- The Bankruptcy Trustee will approve acceptance of the sale and purchase agreement/contract by providing a copy of the Order submitted to the bankruptcy court for approval of the sales and transfer of the property.
- BUYER’S PREMIUM: A 10% buyer's premium will be added to the final bid on the real estate to reach the total sales price and total contract price.
- BIDDING INCREMENTS: Alexander Auctions may have difference bidding increments. The bidding software will calculate the next bid amount before you submit the bid. Alexander Auctions retains the right to change bidding increments at any time.
- PURCHASE AGREEMENT: After the close of the Auction, the successful bidder will be emailed a Sale and Purchase Agreement/Contract to be returned to Alexander Auctions & Real Estate Sales within 24 hours of completion of the Auction, along with the earnest money deposit.
- Bidders and Buyers should review the Sale and Purchase Agreement/Contract online before bidding.
- EARNEST MONEY: The successful bidder is required to make an earnest money deposit of 15% of the contract price deposit (non-refundable), within 24 hours after the Auction closes, when the Purchase Agreement is signed.
- Earnest money payable by cash, wire transfer, cashier’s check or personal check with current Bank Letter of Guarantee made to Alexander Auctions & Real Estate Sales to Alexander Auctions & Real Estate Escrow. No credit card payments accepted.
- Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e., financing, appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. This property is being sold for cash “as-is, where-is” with a closing deadline.
- CLOSING DATE: Balance of the Purchase Price shall be due on or before 45 days, subject to the approval of the bankruptcy court. In the event court approval has not been received within 45 days, the Purchase Agreement shall extend until 15 days after the purchaser is notified the court order approving the sale is signed by the bankruptcy judge.
- Prospective purchaser(s) should inspect and review the property to become familiar with the property divisional lines and the physical condition of the residence and complete their own due diligence research.
- CONDITIONS OF SALE: Property is being offered in an Online Only Auction.
- EXTEND ALL FEATURE: Alexander Auctions & Real Estate Sales Online Auctions are timed events and all bidding will close at a specific time. Alexander Auctions & Real Estate Sales also have an auto-extend feature. Any bid placed in the final five minutes of an auction, the auction ending will be automatically extended five (5) minutes from the time the bid was placed. Example: If an auction scheduled to close at 2:00 receives a bid at 1:56 the close time will automatically extend to 2:05. The auto-extend feature remains active until no further bids are received within a five (5) minute time frame.
- REFRESH BIDDING: Refresh your screen constantly during the closing minutes of the bidding or enable the “auto-refresh” feature.
- TIME INCREASE OR DECREASE: Alexander Auctions & Real Estate Sales my increase or decrease the extended time amount at any time during the auction until the close of bidding.
- COMPLIANCE WITH THE TERMS OF SALE: Successful Bidder and or Buyer not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. In the event a winning Bidder and or Buyer fails to submit the signed Contract for Sale of Real Estate and earnest money deposit, the winning bidder and or buyer shall pay to Alexander Auctions & Real Estate Sales ad damages, an amount equal to the Buyer’s premium or commission percentage as set forth in said Contract, and any and all expenses incurred by the said Alexander Auctions & Real Estate Sales for said auction. Should buyer’s earnest money check be returned for any reason whatsoever, this shall constitute an item of default, and in addition to the remedies previously stated hereinabove, Buyer shall also pay an additional penalty of five percent (5%) of the earnest money check to Alexander Auctions & Real Estate Sales. Buyer shall also pay a reasonable attorney’s fee and costs incurred in the collection of these monies owed by Buyer as a result of Buyer’s default. Buyer shall also pay the Seller any damages caused by said breach of contract, including attorney’s fees and costs. This shall not preclude the Seller from suing for specific performance of the Contract of Sale, in addition to said damages. It is specifically understood and agreed by and between the Seller and Alexander Auctions & Real Estate Sales that in the event the Buyer should default in the terms of this Contract in any manner whatsoever, that the earnest money, or sufficient sums therefore, shall be paid first to the agent for the Buyer’s premium or commission percentage, and the balance, if any, to the Seller. Any disputes will be tried in a court of jurisdiction in Weakley County, Tennessee. Alexander Auctions & Real Estate Sales reserves the right to sell to the next highest qualified Bidder and or Buyer in the event the successful high Bidder and or Buyer does not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default.
- Failure to pay the balance due at closing will require Buyer to forfeit the earnest money and is subject to all Terms stated in the Purchase Agreement/Purchase Contract.
- If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made and could additionally be liable for any and all cost incurred, in a subsequent resale of the property, by Seller and Alexander Auctions & Real Estate Sales. If such action occurs, Alexander Auctions & Real Estate Sales hereby has the right to disperse the deposit as stated in the Listing Agreement and the buyer has no claims to such money or property being sold. Liquidated damages are to cover the auctioneer’s commission, cost of Auction, cost incurred by Seller, labor cost and additional cost of Auction as not defined in this agreement. These liquidated damages do not restrict the Seller from suing the buyer for performance damages and/or any additional damages the Seller suffers by the default of the buyer.
- Possession of the property given upon delivery of deed at closing.
- TITLE: Deed transfer will be by special trustee’s deed as specified in the Purchase Contract Agreement.
- Property will be sold according to the legal description in the owner’s deed.
- Purchaser and purchaser’s representatives have had the opportunity to inspect this property and agree all bids are made subject to their inspections and due diligence results and purchase said property as a result of their inspection.
- Alexander Auctions & Real Estate Sales and Seller has not made, does not make, and expressly disclaims, any warranties, representations, covenants or guarantees, expressed or implied or arising out by operation of law, as to the merchantability, habitability, quantity, quality or environmental condition of the property or its suitability or fitness for any particular purpose or particular use.
- Property and improvements are being sold in their present condition “as is”. No improvements will be made. There are no warranties or guarantees expressed or implied as to condition or fitness for use. The warranties of habitability and fitness for a particular purpose and particular use are expressly excluded.
- TIME EXTENSION: Alexander Auctions & Real Estate Sales Online Auctions have an auto-extend feature.
- AUCTIONEER’S DISCRETION: Alexander Auctions & Real Estate Sales has full discretion to modify date and time, order and details of the Auction for any reason or no reason at all, including but not limited to technical issues, emergencies and convenience of Alexander Auctions & Real Estate Sales or the Seller. Alexander Auctions & Real Estate Sales reserves the right to modify, change or remove usernames at any time.
- SERVER & SOFTWARE TECHNICAL ISSUES: In the event that there are technical difficulties related to the server, software or any other online Auction related technology, Alexander Auctions & Real Estate Sales reserves the right to extend bidding, continue the bidding or close the bidding. Neither the company providing the software nor Alexander Auctions & Real Estate Sales will be held responsible for a missed bid or the failure of the software to function properly for any reason.
- AGENCY: Alexander Auctions & Real Estate Sales agents and representatives are agents for the Seller. Buyer and or Bidder agrees to hold harmless and indemnify Alexander Auctions & Real Estate Sales and its representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
- BACK-UP BIDS: If you are not the successful bidder on the real estate and wish to make a back-up bid in case of default by the high bidder, please contact Alexander Auctions & Real Estate Sales to receive a back-up bidder form. Email notification may be sent to registered bidders with updated information as deemed necessary by Alexander Auctions & Real Estate Sales.
- Bidders who bid off-site and do not make an inspection understand and acknowledge that they may not be able to inspect the property as well as if they examined it in person. It is the bidder’s responsibility to determine condition, age, genuineness, value or any other determinative factor.
- Alexander Auctions & Real Estate Sales reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the Seller. The identity of all bidders will be verified, bidding rights are provisional and if complete verification is not possible, Alexander Auctions & Real Estate Sales will reject the registration, and bidding activity will be terminated.
- AUCTION CANCELLATION – BID REJECTION: Alexander Auctions & Real Estate Sales reserves the right to reject any and all bids for any reason. Alexander Auctions & Real Estate Sales reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed.
- ACCEPTANCE OF BID PRICES: ALL BIDS ARE SUBJECT TO SELLER CONFIRMATION UNLESS NOTED AS ABSOLUTE. The auctioneer and/or Seller shall make the sole and final decision as to the winning high bid amount. Acceptance by the online bidding platform does not necessarily constitute an accepted bid by the auctioneer. Successful Bidder and or Buyer(s) will be required to enter into a purchase agreement contract immediately following the close of the Auction. Alexander Auctions & Real Estate Sales will email documents to be executed and fax or email back to Alexander Auctions & Real Estate Sales within 24 hours of the end of the auction. Successful Bidder and or Buyer(s) not executing and returning contracts with earnest money deposit within 24 hours will be considered in default. Alexander Auctions & Real Estate Sales reserves the right to sell to the next highest qualified Bidder and or Buyer if the winning Bidder and or Buyer is in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modification, additions or deletion.
- ALEXANDER AUCTIONS & REAL ESTATE SALES INVOLVEMENT IN THIS CONTRACT: The Seller and buyer hereby agree that Alexander Auctions & Real Estate Sales is a part of this contract and shall receive compensation as stated in the agreement hereto or as stated in the listing agreement hereby made a part of.
- Prerequisite to bidding is that the Real Estate is purchased absolutely “as is” with no warranty whatsoever as to the condition of the same.
- No one should make a bid that he/she does not want to honor or is not financially able to honor.
- No purchase or bid is contingent on financing, appraisals, property or home inspections or any other contingencies.
- Purchasers should contact their attorney or title company to complete their Title Opinion immediately. Contract does not provide for an extension due to an attorney or title company failing to complete Title Work or your loan closing not being set up in time to meet the forty-five (45) day closing period.
- ZONING: R-1, Low Density Residential
- RESTRICTIONS: All real estate sells subject to any and all existing matter of records, easements, city, county and state, building, use or zoning laws and restrictions.
- ADDITIONAL AUCTION INFORMATION: All information published, announced or contained herein was derived from sources believed to be correct; however, it is not guaranteed by the Seller or the Auctioneer. Personal on-site inspection of all property is recommended. The failure of any bidder to inspect, or to be fully informed as to the condition of the property, will not constitute grounds for any claim or demand for adjustment or withdrawal of bid, offer or deposit money after its opening tender. This includes but is not limited to public information such as easements, restrictions, zoning, rights-of-way, or any other information that can be obtained as public record in the appropriate County Courthouse concerning subject properties.
- Internet Bidders who desire to make certain their bid is acknowledged should leave their maximum bid 24 hours before the Auction ends. Email notifications may be sent to registered bidders with updated information as deemed necessary by Alexander Auctions & Real Estate Sales.
- If you have any problems with the website, call Marknet Customer Service at 1-888-307-6545 and/or Alexander Auctions & Real Estate Sales at (731) 587-4244 or (731) 225-1157.
- Property is being sold subject to these terms which will be attached to the Purchase and Sale Agreement/Contract as Exhibit “A” for future reference.
- All bidders agree and accept these terms and conditions and agree to bid according to these terms when they register for a bid number.
WE APPRECIATE YOU ATTENDING THIS AUCTION AND WE WILL BE GLAD TO ANSWER ANY QUESTIONS YOU MAY HAVE.
ALEXANDER AUCTIONS & REAL ESTATE SALES
MARVIN E. ALEXANDER, CIA, Auctioneer - TL9
239 University Street. Martin, TN 38237
Office: (731) 587-4244 * Email: [email protected]