GENERAL AUCTION TERMS & CONDITIONS
MARION S. DEAL PROPERTY – MICHAEL T. TABOR, CHAPTER 7 TRUSTEE BANKRUPTCY CASE NO. 19-10147
501 CHRISTIE STREET, DYERSBURG, TN 38024
ON-LINE ONLY AUCTION
BIDDING ENDS THURSDAY, AUGUST 6TH, 2020 AT 6:00 PM
BIDDERS MUST REGISTER AT ALEXANDER AUCTIONS & REAL ESTATE SALES
WEBSITE (www.alexanderauctions.com) TO OBTAIN A BID NUMBER.
1. Alexander Auctions & Real Estate Sales has been commissioned by Michael T. Tabor, Chapter 7 Bankruptcy Trustee for Marion S. Deal, to sell this property to the highest bidder. Bankruptcy Case
2. Real Estate consists of a Garage and Carport Building and Lot located at
501 Christie Street, Dyersburg, TN 38024
Tax Map 099O, Group C, Parcel 005.00, 4th Civil District of Dyer County, Tennessee
Warranty Deed: Record Book 725, Pages 188-190, Register’s Office of Dyer County, TN
Quitclaim Deed: Record Book 949, Pages 174-176, Register’s Office of Dyer County, TN
Southside Baptist Church to Marion S. Deal – Property Line Agreement
3. Purchaser agrees to assume the 2020 Dyer County and Dyersburg City Property Taxes. Purchaser agrees to assume any and all Dyer County and Dyersburg City Delinquent Property Taxes, including but not limited to 2018 and 2019 Dyer County and Dyersburg City Property Taxes and all penalties and interest.
4. Purchaser to assume the 2020 Real Estate Taxes and all Delinquent Taxes
2019 Dyer County Property Taxes - $34.00
2019 Dyersburg City Property Taxes - $35.00
2018 Dyer County and Dyersburg City Unpaid Property Taxes - $259.00 plus penalty and late fees
Buyer to verify tax amounts and any other unpaid taxes as interest and penalty changes each month until paid.
5. Property listed on Flood Map Firm Panel I.D. 47045C0194E, Zone Code AE, flood risk high. Purchaser should conduct their own due diligent survey.
6. New west boundary line agreement as described in Quitclaim Deed, Southside Baptist Church to Marion S. Deal, recorded in Record Book 949, Pages 174-176, Register’s Office of Dyer County, TN.
7. Property sells subject to approval of the Bankruptcy Trustee and the Bankruptcy Judge for United States Bankruptcy Court for the Western District of Tennessee, Eastern Division.
8. 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.
9. PURCHASE AGREEMENT: After the close of the Auction, the successful bidder will be emailed a Real Estate Purchase Agreement to be returned to Alexander Auctions & Real Estate Sales within 48 hours of completion of the Auction, along with the earnest money deposit.
10. EARNEST MONEY: The successful bidder is required to make an earnest money deposit of $2,500.00 of the contract price, within 48 hours after the Auction closes, at the time the Purchase Agreement is signed.
11. Earnest money payable by cash, cashier’s check or personal check with current Bank Letter of Guarantee made to Alexander Auctions & Real Estate Sales (required by all persons not personally known by Auction Company) to Alexander Auctions & Real Estate Sales Escrow. See Sample Bank Letter of Guarantee on Alexander Auctions & Real Estate Sales’ website. No credit card payments accepted.
12. 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.
13. Prospective purchaser(s) should inspect and review the property to become familiar with the property divisional lines and the physical condition of the residence.
14. CONDITIONS OF SALE: Property is being offered in an Online Only Auction.
15. OTHER CONDITIONS: 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.
16. COMPLIANCE WITH THE TERMS OF SALE: In default of payment of bills in full within the time announced for this Auction, the Auctioneer, in addition to all other remedies allowed by law, may retain all moneys received as deposit or otherwise, as liquidated damages. Lots not paid for within the time specified herein may be resold at public or private sales without further notice. Any resulting deficiency together with all expense and costs of resale will be the responsibility of the defaulting purchaser.
17. Failure to pay the balance due will require you to forfeit your earnest money and be subject to all Terms stated in the Purchase Agreement.
18. LIQUIDATED DAMAGES: Successful bidders not executing and returning their purchase agreement along with earnest money deposit within forty-eight (48) hours of the conclusion of the Auction will be considered in default. 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 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.
19. Possession of property given upon delivery of deed at closing.
20. Deed transfer will be by special trustee’s deed.
21. Purchaser and purchaser’s representatives have had the opportunity to inspect this property and will agree to all bids and purchase said property as a result of their inspection.
22. Purchaser is to make their own inspection of the buildings, structures and lots and bid according to their inspection and due diligence research.
23. 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.
24. 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.
25. Seller will not clean out or make any repairs. Owner allowed to remove any personal property on site.
26. Purchaser(s) are informed that the Sellers and Alexander Auctions & Real Estate Sales are not experts or qualified to offer any information concerning structural condition, stage of repair, stage of completion, including utility connections, conditions and cost to fix, repair, or complete for use.
27. Auctioneer & Broker is not an expert in determining environmental hazards and hazardous material. Purchaser accepts this property in its present condition, agrees to hold harmless the Broker, his agents and Alexander Auctions & Real Estate Sales from any environmental hazards and the cost to defend himself, his agents or Alexander Auctions & Real Estate Sales from any claims.
28. Auctioneer, Broker & Seller has no knowledge as to the existence or condition of any plumbing, water supply, electric wiring, structural condition, termites or other conditions of the building, improvements and lot.
29. Property has not been recently surveyed and will be sold according to the legal description in the Warranty Deed recorded in Record Book 725, Pages 188-190 and in the Quitclaim Deed recorded in Record Book 949, Pages 174-176, in the Register’s Office, Dyer County, TN.
30. AUCTION ENDING: Alexander Auctions & Real Estate Sales Online Auctions are timed events and all bidding will close at the specified time, subject to extended bidding described below.
31. TIME EXTENSION: Alexander Auctions & Real Estate Sales Online Auctions have an auto-extend feature.
32. EXTEND ALL FEATURE: Each time a Bid is placed in the final five (5) minutes of the Auction, the Auction ending time will be automatically extended five (5) minutes from the time the bid was placed on each tract of Real Estate. Example: If an Auction is scheduled to end at 6 P.M. and receives a bid at 5:59 PM, the close time of the Auction automatically extends to 6:05 P.M. The auto-extend feature remains active on all tracts until no further bids are received within a five-minute time frame.
33. REFRESH BIDDING: Refresh your screen constantly during the closing minutes of the bidding or enable the “auto-refresh” feature.
34. 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.
35. BID INCREMENTS are $250.00. Alexander Auctions & Real Estate Sales has full discretion to