Terms for United States Bankruptcy Court Real Estate Auction
Jonathan David Williams Case NO 21-11181-JDW
PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED. PLEASE READ AND REVIEW THE TERMS THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY.
Following your review of these terms, do not bid if you do not agree or accept. By placing a bid, you are accepting the terms of this auction and will be held to the terms as they are presented and updated. These terms create a legal binding contract between you and Taylor Auction & Realty, Inc. and the seller which is bankruptcy court. Documents presented at the website are a part of the terms. Terms are per the seller. Seller is Mr. Will Fava, Chapter 7 Trustee representing United States Bankruptcy Court for the Norther District of Mississippi.
This online auction is set for automatic approval. You may register for the auction and download any documents in regard to this auction. However, before you bid, please print from the Documents Section a Working with a Real Estate Broker. After printing and reviewing, please acknowledge by your signature above the Customer line your acknowledgement of non-representation. 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. (The following information, i.e. maps, tax information, survey & legal description 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 by the auctioneer. All information obtained came from the seller or third party sources.)
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. 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 by the auctioneer. All information obtained came from the seller or third party sources.
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. You are expected to pre-qualify yourself with a lender before the auction. Printed statements or descriptions by staff or the seller are provided in good faith and are matters of opinion. Bidders must conduct and rely solely upon their own investigations and inspection in regard to the condition and feasibility of the bidder’s intended use. The real property is being sold AS IS with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding at auction.
Inspection: Please call our office at 662.226.2080
In order for us to have enough time to conduct authorizations, it is encouraged that your register and bid early. Waiting till the last minute to register and/or become comfortable with the system could negatively affect your bidding. We encourage you to register at least 24 hours in advance of 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.
Online auctions move quickly! If you are interested in bidding, bid quickly; especially at the close of bidding time. The bidding software will notify bidders by email or text when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information or the entire screen. Due to varying internet connection speed, please place a max bid or constantly monitor the auction at close of bidding. Sometimes email or text notifications can be delayed. If you win you will be notified by email.
AUCTION END TIMES:
All online only real estate auctions are timed events and are subject to auto extend. Online Auctions have an auto extend feature of 5 minutes. Any bid placed in the final 5 minutes of an auction, the auction ending time will be automatically extended 5 minutes from the time the bid was placed. The auto-extend feature remains active until no further bids are received within the 5 minute time frame. At close of auction, all bidders are encouraged to watch the catalog in case in goes into extension. All lot(s) will remain open during the extension period.
Offering: The real estate is offered as a whole.
A 10 % Buyer's Premium will be added to your final bid to equal the contract price. The hammer bid and the buyer’s premium establish the final price.
Buyer's Premium example:
Bid price ($100,000.00) + 10% Buyer's Premium ($ 10,000.00) = Total Contract price ($ 110,000.00)
BUYER'S PREMIUM: Purchaser agrees to pay a premium of 10% of the bid price upon closing, which is equal to the agreed upon commission between Seller, Agent and Purchaser. Purchaser recognizes and agrees that the 10% premium paid as commission in this transaction does not constitute purchaser representation
CLOSING: The sale is to be closed (30) days of the date of execution hereof unless additional authority or approval is required of the Bankruptcy Court. Time is of the essence. The seller will pay for preparation of the deed of conveyance and prior real estate taxes past due. All other closing costs i.e. survey fees, title work and other fees associated with the closing are the buyer's responsibility. If additional authority or approval of the Bankruptcy Court is required and the authority or approval is not granted by the Court or otherwise cured by the Trustee then Purchaser’s entire deposit shall be returned to Purchaser.
CLOSING LOCATION AGENT:
Closing agent/location will be provided no later than ten (10) days after the auction date.
2021 Taxes will be prorated to the day of closing. Any prior year taxes will be paid by the seller.
Purchaser shall receive possession of property at closing.
ACREAGE AND AERIAL PHOTOS: Parcel Dimensions and acreages are based on legal descriptions but are not guaranteed.
BIDDER BROKER PARTICIPATION: If you are utilizing a broker for bidding assistance, a Bidder Broker Participation Form is available. Please call our office for the form.
Property restrictions are subject to all Specific City, County and State of Mississippi laws, ordinances and regulations. Property is selling to all easements of record. The owner does warrant that they have good merchantable title to the real estate and that they will convey the same with a deed, free from all encumbrances, liens or judgments at the time of closing.
Any special instructions must be written on sales contract today. Complete terms and conditions will be provided prior to auction day and specified within the Contract for the Sale and Purchase of Real Estate showcased in the Documents section of the project.
At the close of the auction, if the bid is accepted by the seller, the bidders will be emailed a contract to be executed and returned to Taylor Auction & Realty, Inc. Successful bidders will deposit 10% of contract price per property in the form of cashier's check or wire transfer to Taylor Auction & Realty, Inc. within 24 hours of contract ratification by seller. The entirety of the remaining balance is due at closing. Purchaser will be responsible for all wire transfer fees. You will be closing on property on which you are the successful bidder in the final manner in which you bid at the auction.
AUCTION BID DEFAULT:
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 the Sale and Purchase 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 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.
If the buyer does not close within the stated time on the contract and a written extension has not been granted by the seller, the buyer will forfeit all of the 10% escrow 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...