Minimum Bid Deposit: 10% of Bid Amount
Bid Deposits will be accepted in the form of cash, cashiers checks, bank wire or personal check with a bank letter guaranteeing the amount or a combination of these payment types. The high bidder will pay the Bid Deposit upon signing the sales contract at the auction.
Inspection
All inspections must be done prior to the auction date. See website for Preview Dates.
No Contingencies
All auction properties are sold in “as is” condition. No purchase may be contingent on financing or any other contingencies. Potential buyers are given ample time to inspect properties prior to auction.
Terms and conditions are preset and non-negotiable.
Selling Subject to Back Property Taxes
All sales are subject to the past property taxes due on the property, meaning that the high bidder will be responsible for the payment of any past or current property taxes due to the city or county. These amounts may be found on the Shelby County Property Assessor’s website. Any amounts posted on Morris Realty & Auction’s website are the best available information that we have and Morris Realty & Auction does not warranty the accuracy of that information.
Buyer's Premium
A buyer's premium of ten percent (10%) will be added to the high bid to determine the total price to be paid.
Closing
The successful bidder will pay the minimum Bid Deposit on the Auction Date and agrees to sign a real estate sales contract at the auction. The entire purchase price must be paid by Cashier's or Certified Check, or wired funds within thirty (30) days from the Auction Date. The Substitute Trustee will prepare and deliver a Substitute Trustee’s Deed in exchange for the full payment. The Substitute Trustee’s offices are:
Walter N. Winchester, Esq.
Winchester, Sellers, Foster & Steele, PC
Suite 1000, First Tennessee Plaza
Knoxville, TN 37929
Phone: (865) 637-1980
Fax: (865) 637-4489
Broker Participation
All licensed real estate brokers are encouraged to participate by bringing your buyers to the auction. A commission will be paid to the licensed and qualified broker whose properly registered buyer is the successful bidder at the auction, and whose buyer purchases the property. Brokers must register their prospective buyer on the required Broker Participation Form (completely filled out and signed). The form may be obtained by calling 901-565-7770. This form must be submitted to Morris Auction Group no later than 24 hours prior to the Auction.
Disclaimer
Announcements made at the auction supersede all printed material. All information included herein was derived from sources believed to be correct, but is not guaranteed.
Governing Law
These Bidder Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Tennessee, including its statues of limitations, but without regard to its rules governing conflict of laws. All claims, disputes and other matters between the parties shall be brought in the state or federal courts sitting in and for Shelby County, Tennessee, which courts shall have exclusive jurisdiction, and shall be the exclusive venue, for any and all such claims, disputes, and other matters. By submitting a Bidder Registration and accepting a Bidder Number, each Registered Bidder irrevocably and unconditionally (i) agrees that any claim, suit or cause of action relating to these Bidder Terms and Conditions, or the transactions contemplated hereby, shall be brought in the state or federal courts sitting in and for Shelby County, Tennessee, (ii) consents to the jurisdiction of such courts for any such claim, suit or cause of action, (iii) waives any objection that such party may have to the laying of venue of any such claim, suit or cause of action in such courts; and (iv) waives any objection to the bringing of such claim, suit or cause of action in such courts on the grounds of forum non conveniens.
