On-line Terms & Conditions:
PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED in REGARD TO THIS PROJECT. PLEASE READ AND REVIEW THE TERMS POSTED HERE AND IN THE TERMS SECTION OF THIS AUCTION THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE TERMS FOR SALE OF REAL ESTATE, DO NOT BID.
Taylor Auction & Realty, Inc. has put forth every effort in preparing the catalog for this auction to provide accurate description of the property. The property is sold ’as-is’ with no warranty written or implied by Taylor Auction & Realty, Inc.
It is encouraged that you inspect the property you wish to purchase PRIOR TO THE ONLINE AUCTION. No sale will be contingent upon a property inspection by the successful bidder after the auction or is the sale contingent upon Buyer obtaining financing. It is the bidder’s responsibility to determine the exact condition. Printed statements or descriptions by staff or seller are provided in good faith and are matters of opinion.
Inspection: By appointment Call Benny or Ruthie Taylor @ 1.662.226.2080 or email us at [email protected] or [email protected]
Auction End Times:
All online only real estate auctions are timed events and all bidding will close at a specified time unless bids are placed in the last five minutes. Since this auction is utilizing the Ultimate Choice Bidding Method this auction employs the extend all feature. The extend-all feature extends the bidding for all lots on the auction. The auction has an extend-all feature of 10 minutes. This means if the end time is 6:00 pm and auto extend is set at 10 minutes, and a bid is placed 9 minutes before the end of the auction, this will only extend the auction to 6:01 pm. The actual end time shown for the auction is the end time for all items and other bidders are always given the amount of time supplied as auto extend to consider placing a bid. Please note that this feature changes the actual end time of the auction and that no notification of this extension is currently present. So stay present at the end of the auction to achieve your lot or if you are outbid on one lot, you may choose another. Refresh the time to stay abreast of the ending time.Bidding Procedures:
Our on-line auctions move quickly! If you are interested in bidding, bid quickly.
If you win you will be notified by email. In order to have enough time to conduct authorizations, registration must be completed at least 24 hours in advance of the auction. If the day before an auction falls on a holiday or weekend, the deadline is the day before the holiday or the Friday prior to the auction.
In order to better serve our customers, all bidders must provide their name, address,
daytime phone number or cell number, and email address at which they can be contacted. This is to insure good communication between Taylor Auction & Realty, Inc and the bidder throughout any transactions. Each bidder’s identity will be verified. Bidding rights are provisional, and if complete verification is not possible, Taylor Auction & Realty, Inc. will reject the registration, and bidding activity will be terminated.
ORDER OF AUCTION: Offering - The real estate will be offered by the lot by the whole dollar amount.
Ultimate Choice Bidding Method:
The Real Estate is being offered by the ultimate choice bidding method. The four lots will be offered and sold by the Total Dollar Amount. Parcels 1 – 4 will be featured in the catalog closing at 12:00 Noon unless extended bidding takes place due to activity
BUYER’S PREMIUM: A 10 % Buyer’s Premium will be added to your final bid to equal the contract price.
Buyer’s Premium example for Total Dollar Amount Bids
Bid price - $100,000.00
+ 10% Buyer’s Premium – $ 10,000.00
= Total Contract price - $110,000.00
Escrow Deposit - $11,000.00
To view an example of the Ultimate choice bidding method visit this link: This link is featured at the bottom of our home page.
You may bid on a combination of parcels or a single parcel. If a vacant lot or a building parcel is in a combination, the ultimate choice bid method will allow you to extract a single parcel from a combination subject to a specified increase over the current high bid.
Opening bids are entered on each parcel individually for a base price to begin the bidding of the tracts individually or to assist with combinations. This allows bidders to bid on any tract, group the tracts in any desired combination, or bid the whole property, subject to a specified increase over the current high bid.
There is an extended bidding feature at our website. Therefore, please be online before closing to bid further if activity extends the bids.
AUCTION CONTRACTS: Contract Documents will be sent by e-mail to the successful bidder, who must execute and fax or email back to the broker within 24 hours of the end of the auction. You will be closing on property on which you are the successful bidder in the final manner in which you bid at the auction.
Successful bidder 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 fails to submit the signed Contract for Sale of Real Estate and 10% of High Bid Price in earnest money deposit, the winning bidder will be charged a penalty fee of $1,000.00 for each failed bid /contract on the credit card provided at auction registration. Additional default remedies are reserved by Taylor Auction & Realty, Inc. and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate.
Taylor Auction & Realty, Inc. reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.
LIQUIDATED DAMAGES: If the buyer chooses not to close within the stated time and no written extension has been granted by the seller, the buyer will forfeit all of the deposit. If such action occurs, Taylor Auction & Realty, Inc. 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 cost of auction, cost incurred by seller, labor cost and additional cost of auction as not defined in this agreement.
Taylor Auction & Realty, Inc.’s INVOLVEMENT IN THIS CONTRACT: Taylor Auction & Realty, Inc. is the agent of the seller and their fiduciary duties of loyalty and faithfulness are owed to their client (the seller). Taylor Auction & Realty, Inc. is not acting as a buyer’s agent. TAR reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. The seller and buyer hereby agree that Taylor Auction & Realty, Inc. is a part of this contract and shall receive compensation as stated in agreement hereto or as stated in listing agreement hereby made a part of.
BIDDER BROKER PARTICIPATION: A Broker Participation Form with complete instructions is available at www.taylorauction.com
SPECIAL INSTRUCTIONS: Any special instructions must be written on sales contract.
CLOSING COSTS: Seller will prepare a deed. A 10% escrow deposit will be accessed based on the contract price with balance due at closing.
Buyer is responsible for survey fees, title work, and other fees associated with the closing unless a mutual agreement between buyer and seller takes place during negotiations.
TAXES: 2012 taxes are prorated and any prior year taxes will be paid by the Seller
CLOSING TIME: Within 30 days
POSSESSION: Purchaser shall receive possession of property at closing.
RESTRICTIONS: Subject only to all City of Memphis, Shelby County and State of Tennessee laws, ordinances and regulations. Property is selling to all easements of record. Seller is placing no restrictions on the property.
DISCLAIMER: The following information is provided to you as a matter of convenience only, and no representation or warranty, expressed or implied, is made as to its accuracy or completeness.
Prospective Purchasers of the auction property are responsible for conducting such due diligence of their own as they consider appropriate, prior to bidding at auction sale. Please review all information supplied and seek appropriate assistance prior to bidding at auction.
All information contained within this Property Information Packet was derived from reliable sources and is believed to be correct, but is not guaranteed. Buyers shall rely entirely on their own judgment and inspection. All documents and information are being furnished to the bidder for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the bidder’s risk. These documents are being provided without any warranty or representation, express or implied, as to its content, its suitability for any purpose or its accuracy, truthfulness or completeness.
All parties acknowledge and agree that the Property is being sold “AS IS” with any and all faults, the Seller shall have no obligation for repairs or replacements noted in any inspection(s) made by or for Purchaser. Such repairs or replacements shall be the sole responsibility of Purchaser.
Purchaser and Seller acknowledge and agree that the only auctioneer/broker involved in this transaction is Taylor Auction & Realty, Inc., and has acted as agent for the Seller in this transaction. Taylor Auction & Realty, Inc. has not acted as agent in this transaction for the Purchaser.
Auctioneer has the right to sell this Property in any form or fashion that is legal and ethical in order to produce the best offer to the Seller.
Announcements from the Auction block Website will take precedence over any previously printed material or any other oral statements made.
SERVER & SOFTWARE TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Taylor Auction & Realty, Inc., reserve the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor Taylor Auction & Realty, Inc. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Taylor Auction & Realty, Inc.
By bidding on any item, the bidder shows acceptance of the terms of the auction.
By checking this box, you are agreeing to the above terms.
Benny Taylor CAI AARE CAGA
Taylor Auction & Realty, Inc.
Real Estate Opportunity for bank owned lots in Barry Farms Subdivision, Memphis, TN.