Who May Attend This Auction:
This is a PUBLIC ONLINE AUCTION and everyone is invited to register, bid and buy at this auction. There is no cost to register and bid. All bidders are required to enter a valid credit card to register. We do NOT automatically charge your credit card so please be prepared to pay for your items when you pick them up.
Online Auction:
This is an ONLINE ONLY auction. NO live bidding will be held onsite.
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.
Sales Contract
Once the auction is closed, the winning bidder will be required to sign the Sales Contract via email. The total Purchase Price will be the high bid plus the Buyer’s Premium. A non-refundable Bid Deposit must accompany the Sales Contract to make the contract binding.
Bid Deposit: 10% of Bid Amount
Bid Deposits will be accepted in the form of cash, cashiers checks or personal check with a bank letter guaranteeing the amount or a combination of these payment types.
Closing
Once the successful bidder has signed the sales contract and paid the Bid Deposit, then the remaining purchase price must be paid by Cashier's or Certified Check, or wired funds at closing. The closing shall take place not later than thirty (30) days after the auction as per the sale contract.
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
Bidding Procedures:
If you are interested in bidding, bid quickly, especially at the close of the bidding time. The bidding software will notify bidders by email 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 connections speed, please place a maximum or “MAX” bid or constantly monitor the auction at close of bidding. Email notifications can be delayed. If you win you will be notified by email. It is recommended that you watch the auction at the extended bidding time session to make sure you are the high bidder.
By placing a bid, you acknowledge that your bid is a legally binding offer to purchase the property being auctioned. Times shall be of the essence. MRA reserves the right to update, lower bids, withdraw bids or re-catalog items in this auction. Winning high bidders are notified by email when all items in the auction have closed. Bidders are responsible for checking their email to receive notification that they have won a lot(s). Auction company employees and/or Auction Company may bid on auction for absentee bidders or at the direction of interested and approved bidders who refuse to create an online account but desire to bid at the auction.
Extended Bidding:
This auction features EXTENDED BIDDING. Any lot that receives a bid within 5 minutes of its Scheduled Closing Time will automatically have the clock extended on that lot for an addition 5 minute and that lot shall remain open for bids past its normal close. The extension provision for that lot will continue until there is no additional bidding.
Maximum or “MAX” BIDS:
Internet bidders who desire to make certain their bids are acknowledged should use the internet bidding feature and leave their maximum bid. When you bid your max, the current bid price does not automatically go to your max bid. There must be another bid to increase the current price and the computer will automatically bid up to your max in the preset bid increments. Max bids are taken in the order of date and time placed.
Browser Information:
Google Chrome and Mozilla Firefox is the preferred Internet Browser for our bidding platforms. Because Microsoft is phasing out support for Internet Explorer 8, 9 and 10, bidders are more likely to have issues with Internet Explorer when using our website.
No Warranties:
All auction properties are sold in “as is, where is” condition. Seller makes no warranty as to the condition or the specific usefulness of any item sold. There are no refunds or exchanges.
Inspection:
Property should be inspected must be made prior to the auction date. Inspection Dates are published on our website.
Disclaimer:
Morris Realty & Auction has attempted to provide accurate descriptions of all items, however, it is the bidder’s responsibility to determine the condition and suitability of each lot. Printed statements or descriptions by Morris Realty & Auction’s staff are provided in good faith and are matters of opinion. All lots sell as is, with all faults. Morris Realty & Auction and the seller do not give or make any type of guarantee or warranty regarding the lots to be sold, implied or otherwise.
Technology: Morris Realty & Auction is not responsible for any technical problems that you experience while bidding that are beyond our control such as Internet connection or computer.
Default of Buyers:
Successful bidder not paying for items at the end of the auction will be considered in default. Such default by the Successful Bidder will result in that Bidder’s liability to both the Seller and Auction Company. Seller shall have the right to (a) declare this contractual agreement cancelled and recover full damage for its breach, (b) to elect to affirm this contractual agreement and enforce its specific performance or (c) Seller can resell the items either publicly or privately with Morris Realty & Auction and in such an event, the Buyer shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding/transporting/storage costs of the items, the expenses of both sales, legal and incidental damages of both the Seller and Morris Realty & Auction. In addition, Morris Realty & Auction reserves the right to recover any damages separately from the breach of the Buyer. The purchaser agrees to pay all reasonable attorney fees and costs incurred by Morris Realty & Auction, Inc. in the collection of funds. Morris Realty & Auction reserves the right to refuse bidding privileges to any person(s).
Hold Harmless:
Buyer and or bidder agrees that Morris Realty & Auction is a representative of the Seller and agrees to hold harmless and indemnify Morris Realty & Auction and its Agents, Owner, Directors, Employees and its Representatives from any and all claims, demands, expenses, damages which bidder/buyer may claim on account of or any way growing out of said auction and to look solely to the Seller for any remedy demanded.
Bidder Information and Security: All registration information the bidder provides to Morris Realty & Auction shall be current, complete, and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. The security of bidder information is the responsibility of the bidder. Bidders must notify Morris Realty & Auction if they believe that their bidder number and password have been compromised believed to be correct, but is not guaranteed.
Information is SUBJECT TO CHANGE:
Announcements in the form of updated terms posted on the website will take precedence over any prior viewed terms at registrations, previously material or any other oral statements made. Please view the terms periodically for any changes.
