ONLINE PRE-BIDDING AUCTION TERMS FOR LIVE AUCTION
REBECCA M. SHELTON – 200 STERLING STREET, MARTIN, TN 38237
LIVE AUCTION: THURSDAY, OCTOBER 17TH, 2019 – 5:15 P.M.
HIGHEST BID WILL BE ENTERED AT THE LIVE AUCTION

PROPERTY SELLS AT LIVE AUCTION WITH PRE-AUCTION INTERNET BIDDING & SIMULCAST BIDDING

SIMULTANEOUS BIDDING AT THE LIVE AUCTION PROVIDED INTERNET RECEPTION WORKS.

ALL BIDDERS MUST REVIEW LIVE AUCTION TERMS AND THESE ONLINE PRE-BIDDING TERMS AND CONDITIONS AND AGREE TO ENTER BIDS ACCORDING TO THESE TERMS AND CONDITIONS BY REGISTERING FOR A BUYER’S NUMBER.

ALL BIDDERS ON-LINE MUST REGISTER AND BE PRE-APPROVED BY ALEXANDER AUCTIONS & REAL ESTATE SALES. CALL ALEXANDER AUCTIONS & REAL ESTATE SALES AT (731) 587-4244.

1. Alexander Auctions & Real Estate Sales has been Commissioned by Michael Murphey, POA for Rebecca M. Shelton, to sell this property to the highest bidder.

2. A copy of Seller’s deed is attached including the legal description.

3. TERMS ON REAL ESTATE: 15% down (Earnest Money), day of auction. Balance due within 30 days upon delivery of deed. Payable in 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.

4. 2019 Taxes Pro-rated date of closing.

5. Prospective purchaser(s) should inspect and review the property to become familiar with the property boundary lines and the physical condition of the residences.

6. Property has not been recently surveyed and will be sold according to the legal description in the owner’s deed.

7. CONDITIONS OF SALE: Property is being offered in a Live Auction with Online Bidding.

8. AUCTION ENDING: Auction will not close until the Property is declared sold at the Live Auction.

9. TERMS OF SALE: All property is sold “As Is” and “Where Is” and neither Alexander Auctions & Real Estate Sales nor the Seller makes any expressed or implied warranty or representation of any king or nature with respect to the property being sold. In no event shall Alexander Auctions & Real Estate Sales or the Seller be responsible for the correctness of or be deemed to have made any representation or warranty of merchantability, fitness for purpose, description , size, genuineness, year of manufacture, attribution, provenance or condition concerning the property or any warranty that any item complies with any applicable federal or state laws. No statement set forth in the attached list or made at the sale or in the bill of sale or invoice or elsewhere, whether oral or written, shall be deemed such a warranty or representation or an assumption of liability. Alexander Auctions & Real Estate Sales makes no representation or warranty as to the accuracy of the descriptions or representations which were provided by the Seller and are listed on the attached or as to the condition of the item.

10. If you have any questions or problems, call Alexander Auctions & Real Estate Sales at (731) 587-4244.

11. 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.

12. 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.

13. 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.

14. 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.

15. Alexander Auctions & Real Estate Sales and Sellers reserve the right to set and change minimum starting bids and minimum bid increments to raise the bid.

16. Minimum Online bid increments: $ 1.00 to $20,000.0 - $ 250.00
$ 20,001.00 & up - $ 500.00

17. Possession of property given upon delivery of deed at closing.

18. Deed transfer will be by warranty deed.

19. 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.

20. PURCHASE AGREEMENT AND PAYMENT: At the close of the auction, the successful bidder will be emailed a Sales and Purchase Agreement to be executed and returned to Alexander Auctions & Real Estate Sales within 48 hours of completion of the Auction along with the earnest money deposit.

21. The successful bidder is required to make an earnest money deposit of $500.00 or 15% of the contract price, whichever is greater, within 48 hours after the auction closes, at the time the Purchase Agreement is signed.

22. Earnest money payable by cash, cashier’s check or personal check to Alexander Auctions & Real Estate Sales Escrow, along with current Bank Letter of Guarantee made to Alexander Auctions & Real Estate Sales (required by all persons not personally known by Auction Company). No credit card payments accepted.

23. CLOSING DATE: Balance of the Purchase Price due within thirty (30) days upon delivery of deed.

24. 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.

25. 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 see Alexander Auctions & Real Estate Sales to receive a back-up bidder form.

26. 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.

27. CONDITION OF PROPERTY: Purchaser should be aware that the residence needs repairs. The hot water heater line erupted after the owner moved. The House was damaged due to the water running onto the floors and parts of the living room, kitchen, hall, baths and some trim, door and sheetrock. Purchaser will have to make their own improvements.

28. 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.

29. 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.

30. 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.

31. 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.

32. 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.

33. The purchaser does hereby acknowledge that the subject property is purchased at public auction and that a prerequisite to bidding is that the Real Estate is purchased absolutely “as is” with no warranty whatsoever as to the condition of the same.

34. No one should make a bid that he/she does not want to honor or is not financially able to honor.

35. No purchase is contingent on financing, appraisals, property or home inspections or any other contingencies.

36. 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.

37. Purchaser is to make their own inspection of the buildings, structures and lots and bid according to their inspection and due diligence research.

38. Purchaser to make all repairs.

39. Purchasers should contact their attorney to complete their Title Opinion immediately following the close of the auction. Contract does not provide for an extension due to an attorney failing to complete Title Work or your loan closing not being set up in time to meet the thirty (30) day closing period. Contact your attorney immediately! Alexander will be glad to assist you in getting your title prepared.

40. 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.

41. RESTRICTIONS: All real estate sells subject to any and all existing matter of records and all easements, city, county and state, building, use or zoning laws and restrictions.

42. Purchaser(s) are informed that the Sellers and Alexander Auctions & Real Estate Sales are not experts or qualified to offer any information concerning environmental hazards, asbestos hazards, lead base paint, etc. and make no warranty, guarantee or statements in connection with such.

43. 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, conditions and cost to fix, repair, or complete for use.

44. 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.

45. Purchasers and purchaser’s representatives have had the opportunity to inspect property and agree to make all bids and purchase said property as a result of their inspection.

46. Alexander Auctions & Real Estate Sales and all agents are acting as an agent for the Sellers.

47. Any real estate terms and information supplied in the terms and conditions concerning tax amounts and other information are supplied to accommodate the purchaser(s). It is the purchaser’s sole responsibility to have completed their own due diligence survey, research, inspection and checking and shall bid according to their research.

48. 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.

49. All information used in the advertising and promotion of this auction has been obtained from public records and other sources deemed to be reliable and are believed to be true and correct. No warranties are made to this effect.

50. Property is being sold subject to these terms which will be incorporated into the sales contract for future reference.

51. All bidders agree and accept these terms and conditions and agree to bid according to these terms by your registering for a bid number.

WE APPRECIATE YOUR INTEREST IN THIS AUCTION AND WE WILL BE GLAD TO ANSWER ANY QUESTIONS YOU MAY HAVE.

REBECCA SHELTON ABSOLUTE AUCTION - 200 STERLING STREET, MARTIN, TN