|Seven Bank Owned Building Lots in the |
Delvin Downs Subdivision in Nashville (Antioch), TN
|Date & Time:||Sold Online - May 18, 2012|
These seven bank owned building lots sold at absolute online auction for a total of $86,900 to 2 distinct buyers.
Gross Auction Sales: $86,900.00
Number of Lots: 7
Participating Bidders: 11
Dates and Times
|Home Owner's Association Dues:||$25 per month|
|Area:||0.18 +/- Acres|
|Zoning:||RS10 (Single Family Residential: 10,000 sf Lot)|
|Elementary School:||Shayne Elementary School|
|Middle School:||W.H. Oliver Middle School|
|High School:||John Overton High School|
|Electricity:||Nashville Electric Service|
|Water:||Metro Water Services|
|Wastewater:||Metro Water Services.|
|Sample Agreement of Purchase and Sale|
Terms and Conditions
By participating in this auction the bidder agrees to the following terms and conditions:
- Absolute Auction:
The property will sell to the highest bidder(s) without reserve at absolute auction.
- No Buybacks:
The owner is contractually prohibited from bidding on its own property.
- Buyer's Premium:
A buyer's premium of ten (10%) percent of the high bid price will be added to the high bid price to determine the total contract sales price for the property. For example: A $100,000 bid, plus the 10% ($10,000) buyer's premium, equals the $110,000 total contract sales price.
- Auction Ending:
Beginning at the stated closing time, the auction software will conclude bidding for one lot every 5 minutes in catalog order with the following exception: if a bid is placed in the last five (5) minutes remaining for that auction lot, bidding for that lot will remain open for an additional five (5) minutes.
- Grouped Extension:
This auction uses the grouped extension bidding feature. All auction lots in this auction have been placed in an extension group. Any bid within the last five minutes of bidding for an auction lot that causes an automatic extension of bidding on that auction lot will automatically extend the bidding on ALL auction lots in that group. When no more bidding has occurred on any assets in a group for the specified time, then bidding on all assets in that group will close simultaneously. For questions about the grouped extension feature email Will McLemore at email@example.com or call 615-543-6281.
- Outbid Notification:
Until the auction begins to close, the bidding software will notify bidders by email when they have been outbid. After that, bidders may find out if they have been outbid by clicking the "Review Bids" button at the bottom of each page. Items the bidder is no longer winning will be marked with a red indicator.
- Agreement of Purchase and Sale:
Buyer shall execute an Auction Purchase and Sale Agreement ("Auction PSA") for the property immediately after being declared the successful bidder by auctioneer. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND BUYER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time.
The Purchaser(s) shall pay a deposit to the Escrow Agent. Earnest moneydeposit payment may be made by cash, verifiable funds, or cashiers check onlyimmediately upon signing the Auction Purchase & Sale Agreement at the conclusion ofthe auction. The earnest money deposit is non-refundable. Earnest money requirement is based upon purchase price (calculated by adding the high bid amount plus a 10% buyer's premium) using the following formula:
Total Purchase Price (Bid Plus 10% BP) Earnest Money
Up to $100,000 20%
Above $200,000 10%
The above not withstanding, there is a minimum deposit of $2,500.
- Escrow Agent:
The deposit, earnest and purchase monies in respect of the property shall be paid to and deposited with First American Title Insurance Company, 100 Bloomfield Hills Parkway, Suite 195, Bloomfield Hills, MI.
Closing must occur no later than Friday, June 15th, 2012 unless extended in writing by mutual consent of the parties. Balance of purchase price will be paid in full at closing. All payments (i.e., Earnest Money, Closing Funds) must be in the form of cash,verifiable funds, wire transfer or cashiers check only. Buyer not closing within the contractual time period to close will forfeit his/her earnest money deposit. The Escrow Agent will schedule and conduct closing.
Real property to be conveyed by Special Warranty Deed.
- Closing Costs:
Each party shall pay its own attorneys' fees. Only the following sale closing costs will be paid by seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) reasonable title corrective expenses, in Seller's sole determination; (3) 50% of closing fees charged by Closing Agent; and (4) Prorated property taxes as set forth in the Purchase and Sale Agreement and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, title insurance, transfer taxes, 50% of closing fees charged by Closing Agent, loan closing costs, and purchaser's attorney fees are at the expense of the Buyer.
- Auction Registration:
Registration for this auction will take place online. Please visit here to register.
- Auction Information:
All available material and updates are posted at www.mclemoreauction.com and www.auctionebid.com. Due diligence materials, Auction Purchase and Sale Agreement, Broker Registration forms, and other information may be obtained by calling 877-980-9565, or by visiting the websites.
- Broker Participation:
A broker commission of up to (2%) of winning bid will be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by mail, email, fax or hand delivery the prospect?s name and address on the Broker Registration form available as a download at www.mclemoreauction.com and www.auctionebid.com website listing for this auction before bidder registration. The form must be signed by the prospect and the Broker, and must be received at the office of McLemore Auction Company, LLC or Auction Management Corporation at least 48 hours before the published auction date. Broker must also be present with their prospect during bidding and sign the Auction Real Estate Sales Contract if their client is the winning bidder. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction.
- Cash Sale:
Please note that financing is NOT a contingency of this transaction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.
- As-Is Sale:
The Purchaser shall accept the property in an as-is condition with all faults as of the closing date and the purchaser shall specifically agree that the seller has not and does not make any representations or warranties of any kind whatsoever, expressed or implied, to the purchaser regarding the property or any improvements thereon. The property is selling subject to anything an accurate survey or personal inspection of the property may reveal, including any existing rights-of-way, easements or claims to easements, encroachments, rights or claims of parties in possession, restrictive covenants and easements, flood zones, zoning or subdivision regulations, building codes, governmental agencies regulations, environmental conditions, lead-based paint, asbestos, radon gas, hazardous materials, any mineral rights, water rights, riparian or littoral rights, and reservations or conveyances, if any. The purchaser shall have satisfied himself as to the location and condition of the property, and all descriptions thereof, before bidding. All information contained in the brochure and all promotional materials, including, but not limited to, square footages, acreage, dimensions, maps, taxes, etc., was provided by the seller and is believed to be correct; however, neither the seller nor the auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information.
- Plats, Sketches, Drawings, And Photos:
Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy.
All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.
Purchaser will receive possession at closing.
- No New Survey:
The property will be conveyed according to the existing legal description.
McLemore Auction Company, LLC and Auction Management Corporation and all of their representatives are exclusive agents of the seller and are agents of no other party to this transaction.
All decisions of the auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person the right to participate in the auction or to ban anyone from the auction who attempts to disrupt it. Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Information was gathered from reliable sources and is believed to be correct as of the date this material is published, however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. The sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction PSA. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.
- Equal Opportunity Clause:
All bidding is open to the public. The property is available to qualified purchasers without regard to a prospective purchaser's race, color, religion, sex, familial status, national origin, or physical handicap.
- Debt Collection And Interest:
The bidder agrees to pay all reasonable attorney fees and other costs incurred by McLemore Auction Company, LLC in its efforts to collect unpaid funds from the bidder. The bidder agrees that a fee of 2% of the outstanding balance per month be added to any unpaid balance due McLemore Auction Company, LLC. Any debt collection or dispute proceedings will be heard in Davidson County, Tennessee.
- Guaranty Agreement:
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment of any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorney's fee.
- Age Requirement:
All bidders must be 18 years of age or older.
- Bidder Information And Security:
All registration information the bidder provides to McLemore Auction Company, LLC shall be current, complete, and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. The security of bidder information is the responsibility of the bidder. Bidders must notify McLemore Auction Company, LLC if they believe that their bidder number and password have been compromised.
Quality Properties Asset Management Company
In Conjunction With
|CONTACT:|| Jeb Howell|
Phone Number: (770) 980-9565
Number of Lots: 7
Participating Bidders: 11
|Categories:||Catalog Summary - ALL ITEMS (7) - REAL ESTATE RESIDENTIAL (7)|