ON-LINE REAL ESTATE AUCTION
TERMS & CONDITIONS
CECIL SEWELL JR. ESTATE
SHARON SEWELL, OWNER
2784 PLEASANT HILL ROAD
RIVES, TN 38253
ON-LINE ONLY AUCTION!
BIDDING ENDS THURSDAY, MAY 20TH, 2021 AT 5:00 P.M.
BIDDERS MUST REGISTER WITH ALEXANDER AUCTIONS & REAL ESTATE SALES
WEBSITE (www.alexanderauctions.com) TO OBTAIN A BID NUMBER.
PLEASE REVIEW ALL ONLINE TERMS PRIOR TO BIDDING
1. Alexander Auctions & Real Estate Sales is commissioned by Cecil Sewell III, Power Of Attorney for Sharon Sewell to sell this real estate at Auction.
2. Real Estate: Residence and Land located at 2784 Pleasant Hill Road, Rives, TN 38253
Being Lot No. 29 in Windram Hills Subdivision, as shown on plat of the same recorded in Plat Book 14, page 47, in the Register’s Office of Obion County, Tennessee, to which reference is here made.
3. Deed Reference: Record Book 85, Pages 791-793 in the Register’s Office of Obion County, TN.
Tax MAP 80, PARCEL 61.27 in Obion County Tax Assessor’s Office.
Property located in the 4th Civil District of Obion County, Tennessee.
4. Taxes to be prorated to date of closing based on the 2020 Obion County Property Taxes: $1,729.00
5. 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.
6. BIDDING INCREMENTS: Alexander Auctions will set the bidding increments. The bidding software will calculate the next bid amount before you submit the bid. Alexander Auctions retains the right to change bidding increments at any time.
7. PURCHASE AGREEMENT: After the close of the Auction, the successful bidder will be emailed a Sales and Purchase Agreement/Contract to be returned to Alexander Auctions & Real Estate Sales within 24 hours of completion of the Auction, along with the earnest money deposit.
8. Bidder should review these terms and conditions, Sales & Purchase Agreement (Contract) and Real Estate Exhibits.
9. EARNEST MONEY: The successful bidder is required to make an earnest money deposit of 15% of the contract price deposit (non-refundable), within 24 hours after the Auction closes, when the Purchase Agreement is signed.
10. Earnest money payable by cash, wire transfer, cashier’s check or personal check with current Bank Letter of Guarantee made to Alexander Auctions & Real Estate Sales to Alexander Auctions & Real Estate Escrow. No credit card payments accepted.
11. 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.
12. CLOSING DATE: Balance of the Purchase Price shall be due on or before 30 days from date of auction.
13. Sellers retain the right to conduct and hold a public or online auction on this property before and until the possession date.
14. Prospective purchaser(s) should inspect and review the property to become familiar with the property divisional lines and the physical condition of the residence and complete their own due diligence research.
15. CONDITIONS OF SALE: Property is being offered in an Online Only Auction.
16. TIME EXTENSION: Alexander Auctions & Real Estate Sales Online Auctions have an auto-extend feature.
17. EXTEND-ALL FEATURE: Alexander Auctions & Real Estate Sales Online Auctions are timed events and all bidding will close at a specific time. Alexander Auctions & Real Estate Sales have an auto-extend feature. Any bid placed in the final five minutes of an auction, the auction ending will be automatically extended five (5) minutes from the time the bid was placed. Example: If an auction scheduled to close at 12:00 receives a bid at 11:56 the close time will automatically extend to 12:05. The auto-extend feature remains active until no further bids are received within a five (5) minute time frame.
18. TIME INCREASE OR DECREASE: Alexander Auctions & Real Estate Sales my increase or decrease the extended time amount at any time during the auction until the close of bidding.
19. REFRESH BIDDING: Refresh your screen constantly during the closing minutes of the bidding or enable the “auto-refresh” feature.
20. COMPLIANCE WITH THE TERMS OF SALE: Successful Bidder and or Buyer 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 and or Buyer fails to submit the signed Contract for Sale of Real Estate and earnest money deposit, the winning bidder and or buyer shall pay to Alexander Auctions & Real Estate Sales ad damages, an amount equal to the Buyer’s premium or commission percentage as set forth in said Contract, and any and all expenses incurred by the said Alexander Auctions & Real Estate Sales for said auction. Should buyer’s earnest money check be returned for any reason whatsoever, this shall constitute an item of default, and in addition to the remedies previously stated hereinabove, Buyer shall also pay an additional penalty of five percent (5%) of the earnest money check to Alexander Auctions & Real Estate Sales. Buyer shall also pay a reasonable attorney’s fee and costs incurred in the collection of these monies owed by Buyer as a result of Buyer’s default. Buyer shall also pay the Seller any damages caused by said breach of contract, including attorney’s fees and costs. This shall not preclude the Seller from suing for specific performance of the Contract of Sale, in addition to said damages. It is specifically understood and agreed by and between the Seller and Alexander Auctions & Real Estate Sales that in the event the Buyer should default in the terms of this Contract in any manner whatsoever, that the earnest money, or sufficient sums therefore, shall be paid first to the agent for the Buyer’s premium or commission percentage, and the balance, if any, to the Seller. Any disputes will be tried in a court of jurisdiction in Weakley County, Tennessee. Alexander Auctions & Real Estate Sales reserves the right to sell to the next highest qualified Bidder and or Buyer in the event the successful high Bidder and or Buyer do not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default.
21. Failure to pay the balance due at closing will require Buyer to forfeit the earnest money and is subject to all Terms stated in the Purchase Agreement/Purchase Contract.
22. 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 the auctioneer’s commission, 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.
23. Possession of the property given upon delivery of deed at closing.
24. TITLE: Deed transfer will be by a warranty deed as specified in the Purchase Contract Agreement.
25. Property will be sold according to the legal description in the owner’s deed.
26. No New Survey will be provided by the Seller.
27. Sellers retain the right to conduct and hold a public or online auction on this property before and until the possession date.
28. Purchaser and purchaser’s representatives have had the opportunity to inspect this property and agree all bids are made subject to their inspections and due diligence results and purchase said property as a result of their inspection.
29. 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.
30. 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.
31. 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.
32. 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...