Inspection
All inspections must be done prior to the auction date. Inspection may be done anytime.
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.
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.
Pets
No pets are allowed in this condominum HOA
Special Assessment
The buyer assumes responsibility to pay the Special Assessment of $20,000.00
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 Group no later than 24 hours prior to the Auction.
Bidder Registration
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, credit card information and email address at which they can be contacted. This is to insure good communication between MRA and the bidder throughout any transactions. Each bidder's identity will be verified. Bidding rights are provisional, and if complete verification is not possible, MRA may reject the registration, and bidding activity will be terminated.
Bidding Procedures
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 item 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 minutes 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 for 5 minutes.
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.
Techinical Issues
TECHNICAL SOFTWARE ISSUES: NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR THE AUCTION COMPANY SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. MRA is providing online bidding as a service to Bidder. Bidder acknowledges and understands that this service may or may not function correctly the day of the auction. Under no circumstances shall Bidder have any kind of claim against MRA or anyone else if the internet service fails to work correctly. MRA will not be responsible for any missed bids from any source.
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.
