ONLINE ONLY AUCTION
REAL ESTATE - GENERAL TERMS
329 CHURCH STREET ~ 2336 MT. PELIA ROAD ~ 1956 HIGHWAY 431
BIDDING ENDS MONDAY – AUGUST 26TH, 2019 AT 6:00 P.M.
MARTIN, TENNESSEE 38237


ALL BIDDERS MUST REVIEW THESE AUCTION TERMS AND CONDITIONS AND AGREE TO ENTER BIDS ACCORDING TO THESE TERMS AND CONDITIONS BY GETTING 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 Marjorie Hazlewood, Owner, to sell these properties to the highest bidder.

2. Real Estate consists of the following: (Tract 1 & Tract 2 are being offered separate and combined)

TRACT 1 – 329 CHURCH STREET, MARTIN, TN 38237 – Frame residence and Lot. Part of Map 073L, Group A, Parcel 008.00 in the tax assessor’s office of Weakley County, TN. Deed Recorded in Deed Book 51, Page 255 and Deed Book 55, Page 103 in the Register’s Office of Weakley County, TN.
City Taxes: $171.00
County Taxes: $240.00
Zoned: R-2 Medium Density Residential

House is under contract with Albright West TN Termite Company and was serviced May, 2019. Contract may be transferred.

TRACT 2 – VACANT LOT WEST OF 329 CHURCH STREET, MARTIN, TN 38237 – 75 FT. x 180 FT. level building Lot located West of Tract 1. Part of Map 073L, Group A, Parcel 008.00 in the tax assessor’s office of Weakley County, TN and recorded in Deed Book 51, Page 255 and Deed Book 55, Page 103 in the Register’s Office of Weakley County, TN.

TRACT 3 – 2336 MT. PELIA ROAD, MARTIN, TN 38237 – Frame residence located Map 076, Parcel 016.00 in the tax assessor’s office of Weakley County, TN and recorded in Deed Book 356, Page 187 in the Register’s Office of Weakley County, TN.
County Taxes: $228.00

TRACT 4 – 1956 HIGHWAY 431, MARTIN, TN 38237 – Frame residence located Map 056, Parcel 001.01 in the tax assessor’s office of Weakley County, TN and recorded in Deed Book 193, Page 106 in the Register’s Office of Weakley County, TN.
County Taxes: $191.00

3. A copy of Seller’s deed is attached including the legal description for each tract.

4. TERMS ON REAL ESTATE: 20% down (Earnest Money), day of auction. Balance due within 30 days upon delivery of deed. Payable in cash, cashiers 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.

5. 2019 Taxes Pro-rated date of closing calculated on the 2018 taxes.

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

7. Properties have not been recently surveyed and will be sold according to the legal description in the owner’s deed.

8. Bidder should review the old Deed Descriptions.

9. House and Lot 2336 Mt. Pelia Road property has a general Warranty Deed Description.

10. CONDITIONS OF SALE: Properties are being offered in an Online Only Auction.

11. 329 Church Street is being offered in 2 separate Tracts and combined. Tract 1 is the House includes a second tract north of the Residence. Total lot size 75 ft. x 300 ft.

12. Tract 2: Vacant lot (75 ft. x 180 ft.) is west of the residence.

13. The Seller installed a new septic tank and field line at each house since she purchased each one.

14. AUCTION ENDING: Alexander Auctions & Real Estate Sales Online Auctions are timed events and all bidding will close at the specified time subject to the time extension.

15. TIME EXTENSION: Alexander Auctions & Real Estate Sales Online Auctions have an auto-extend feature. The auto extension will apply to all tracts of Real Estate in the Auction.

16. AUTO-EXTEND 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 a 05:59 P.M., 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.

17. REFRESH BIDDING: Refresh your screen constantly during the closing minutes of the bidding or enable the “auto-refresh” feature.

18. The Current Catalog for this auction is being divided into two catalogs to give a bidder a chance to bid on the 329 Church Street property in two difference tracts and as a whole.

19. The two Difference catalogs are posted. All Bidders must register and sign into each of the two auction catalogs to continue bidding.

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

21. 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.

22. 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.

23. 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.

24. 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.

25. 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.

26. Minimum starting bid on any property is $100.00.

27. Minimum bid increments: $ 100.00 to $ 3,000.00 - $ 50.00
$ 3,001.00 to $ 5,000.00 - $ 100.00
$ 5,001.00 to $ 8,000.00 - $ 200.00
$ 8,001.00 & up - $ 250.00

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

29. Deed transfer will be by warranty deed.

30. 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.

31. 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.

32. The successful bidder is required to make an earnest money deposit of $500.00 or 20% of the contract price, whichever is greater, within 48 hours after the auction closes, at the time the Purchase Agreement is signed.

33. 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.

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

35. 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.

36. 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.

37. 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.

38. 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.

39. CONDITION REPORT: These houses are being sold in their current condition “As Is”. Each of the houses show signs of deferred maintenance and are in need of repair. As previously stated, the houses were rented at auction set-up time. The renters were asked to vacate in order to give possession to the new buyer. Buyer will be responsible for making all repairs and all improvements.

40. 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.

41. 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.

42. 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.

43. 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.

44. 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.

45. 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.

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

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

48. 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.

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

50. Purchaser to make all repairs.

51. 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.

52. 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.

53. 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.

54. 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, septic tank conditions, utility connections, conditions and cost to fix, repair, or complete for use.

55. 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.

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

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

58. 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.

59. 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.

60. 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.

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

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


ALEXANDER AUCTIONS & REAL ESTATE SALES
MARVIN E. ALEXANDER CAI – LIC.9, FL 107
239 University Street ~ P. O. Box 129 ~ MARTIN, TN 38237
Office: (731) 587-4244 Cell: (731) 225-7368
Email: alexanderauctions@frontiernet.net
SEE OUR WEBSITE: www.alexanderauctions.com