STATEMENT OF SALE & ONLINE BIDDING TERMS 7/12/14 AUCTION
10% BUYERS PREMIUM WILL BE ADDED TO EACH SUCCESSFUL BID
The sale of LOTS #1, 8, 9, 12, 14, 15, 16, 17, 54, 57, & 59 OF RIVER ISLAND SUBDIVISION UNIT 1 and LOTS #65, 66, 67, 72, 78, 79, 82, 83, 86, 134, 135, 155, 160, 163, 190, 191 & 209 OF RIVER ISLAND SUBDIVISION UNIT II. This is a Court-Ordered Auction in the United States Bankruptcy Court for the Eastern District of Tennessee at Greeneville Case No 14-50274 and will be sold pursuant to said court order which allows property to be sold free of liens and to be sold as is and as follows:
All newspaper or other publications and all oral and verbal statements as to advertising made by owners of said property and by McCarter Auction, Inc., or any agent of said company, or by Scott E. McCarter are hereby revoked.
ALL ONLINE BIDS ON THIS JULY 12TH 2014 AUCTION START WEDNESDAY, JULY 9TH AT 10:30 AM EDT AND WILL END ON SATURDAY, JULY 12TH DURING LIVE AUCTION BEGINNING AT 10:30 AM EDT. BY PLACING AN ONLINE BID FOR LIVE EVENT, YOU AUTHORIZE MCCARTER AUCTION, INC. OR ITS AFFILIATES TO IMPLEMENT YOUR BIDS AT THE LIVE AUCTION. NOTE: during the live close of this simulcast auction a system operator will sit next to the auctioneer and offer online bidders the same bid opportunities that are being offered to the onsite bidders. If a bid is made via the internet, the operator will represent that bidder. Note that the operator may be bidding for several different online bidders at the same time. No preference is made for either onsite or online bidders; the bid will go to the first accepted by the auctioneer. Any tie bid or other issues regarding who has the high bid are always resolved by the Auctioneer, who has complete and final authority. THE FINAL SALE OF PROPERTIES USING INTERNET BIDS AND LIVE ONSITE BIDS WILL DETERMINE THE WINNING BIDDERS OF PROPERTIES AS ADVERTISED.
The sale will be an absolute auction and will sell to the highest and best bidder. Auctioneer is in full charge of auction having the right to set bid increments throughout the sale, settle any bid disputes, and accept or reject any bids at his discretion.
Terms for Real Estate are: 10% down today, balance at closing within 30 days or as soon as all aspects of court order is completed. Buyer to pay one-half of closing fee, in addition to their other individual closing costs. Please note that Johnson, Murrell and Associates will be the exclusive closing agent for this transaction.
NOTICE!! A 10% Buyers Premium will be added to all successful bids. The highest bid price plus the 10% (Ten percent) Buyers Premium will be the total sales price. Any changes made to buyers paperwork, including Warranty Deed, must be made by this Wednesday, July 16th, or buyer may be charged for double paperwork at closing.
Property will be sold in individual tracts using high bidder choice method and adopt the sale which brings the highest and best bid. There will be no re-grouping of lots. The contract you sign is final and binding. Successful bidders will be required to sign a note for the deposit amount with the contract, in addition to deposit paid day of sale. Note shall become null and void when buyer shall complete all requirements for closing as set out in their contract.
Taxes for the 2014 year to be prorated at closing. All back taxes will be paid from proceeds per court order. Closing will be on or before 30 days from today or as soon as all aspects of court order is completed . Possession of all properties to be given at closing. All properties to be sold in as is condition with no guarantees or warranties, expressed or implied by Sellers, Bankruptcy Court or by McCarter Auction, Inc. Please inspect property to your satisfaction prior to purchase. Property is zoned PR Knox County and copies of these regulations are available online and here today. Anywhere there is a conflict between Knox County Zoning Regulations and River Island Property Owners Associations Restrictions and By-Laws the more restrictive document applies. All lots have been evaluated by Knox County Health Department for drain fields. Some lots have designated reserve areas as shown on recorded maps. Also, please note other Knox County Health Department notes on final maps. Note Lots 8, 9, 12, 14, 15, 16, and 17 are subject to the 500 year, 100 year, and the flood way along edge of the French Broad River as shown on recorded maps. Copies of maps, restrictions, and by-laws are available online and here today. All buyers must join Property Owners Association, pay all appropriate fees and abide by their Restrictions and By-Laws. Property Owners Association fees are presently $250.00 per lot per year and are due on or before January 2nd each year. The 2014 POA dues will be prorated at closing. All new construction plans must be submitted to the POA Board of Directors for approval at least 30 days prior to the start of construction. Note there may be some things that are not completed in this development. These 28 lots are being sold as is today per Court-Ordered Auction in the United States Bankruptcy Court for the Eastern District of Tennessee at Greeneville Case No 14-50274. Developer has assigned all rights to Property Owners Association.
REMEMBER, this is an Absolute Auction and all sales are final. Do not bid unless you are prepared to pay appropriate deposit today and meet all conditions to close as set out in your contract.
The property will be sold subject to all restrictions, by-laws, easements, zoning of record, and pursuant to above mentioned court order and will be sold from maps dated October 17, 2003, by Timothy D. Robinson, Registered Land Surveyor and maps dated April 12, 2006 by Jeffery A. Miller, Registered Land Surveyor. The property will be sold free from all encumbrances and a Warranty Deed will be executed by the owner to the purchaser for said land.
BID PACKAGE: Auction Sales Contract & Promissory Note Package, along with any other paperwork pertaining to the properties, will be sent by e-mail from McCarter Auction Inc to the successful online bidder, who must execute and fax or email back to McCarter Auction Inc within 24 hours of receipt. Successful online bidders not executing and returning their contract & promissory note with earnest money deposit (10% non refundable deposit of total purchase price (certified funds or wire) made payable to McCarter Auction Inc) within 24 hours of receipt will be considered in default and subject to an Administrative Fee (as defined below). All Administrative Fees are non-refundable. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees and closing fees as set out in Auction Sales Contract and Auction Statement of Sale.
Auction Administrative Fee: In the event a winning online bidder fails to submit the signed Auction Sales Contract, signed Promissory Note, and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning online bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by McCarter Auction Inc and the Seller as provided in the Auction Statement of Sale, the Auction Sales Contract and the Promissory Note. All Administrative Fees are non-refundable.
AUCTION SALES CONTRACT, PROMISSORY NOTE, and STATEMENT OF SALE: Each property is offered under specific terms provided in the auction sales contract, promissory note, and statement of sale. The Auction Sales Contract, Promissory Note, Statement of Sale are available at www.mccarterauction.com in the View Documents section of this auction website. Please read and review the contract, promissory note, and statement of sale thoroughly prior to bidding on any property. If you have not read and reviewed the Auction Sales Contract, Promissory Note, Statement of Sale and all other materials available plus completed your own due diligence to satisfy all questions, please Do Not Bid! Buyers Premium: A 10% buyers premium will be added to the bid price on all properties to determine the final contract price. McCarter Auction Inc has the sole authority to resolve any bidding disputes as they may arise. McCarter Auction Inc is providing internet/online bidding as a service to Bidder. Bidder acknowledges and understands that this service may or may not function correctly the ending day of the auction. Under no circumstances shall Bidder have any kind of claim against McCarter Auction Inc or anyone else if the internet service fails to work correctly before or during the ending of the auction. McCarter Auction Inc will not be responsible for any missed bids from any source.
10% BUYERS PREMIUM TO BE ADDED TO EACH SUCCESSFUL BID