14 Investor Properties
Wednesday, June 26, 2019 @ 12:00 Noon
Ready to start your investment journey or would you like
to add to your already established property management company?
This is a great opportunity to bid your price on occupied rental properties!
110 Oakhurst Ave. Apt. #'s 1-4
523 Mississippi Ave., Apt. A & B
152 Catalpa St., Apt. A & B
519 Mississippi St.
524 Boliver St.
1510 Martin Luther King Blvd.
610 Desoto Ave.
1421 Herrin St.
143 15th St.
124 Adams St.
636 Maple Ave.
443 Anderson Blvd.
427 Corbin St.
114 9th St.
10% Buyers Premium in effect for this auction
PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED. PLEASE READ AND REVIEW THE TERMS THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE TERMS and all DOCUMENTATION PROVIDED IN THE FILES TAB IN REGARD TO THE CONTRACT OF THE PURCHASE AND SALE OF REAL ESTATE, DO NOT BID.
This is an online auction only, with the bidding ending on Wednesday, June 26, 2019 at 12 noon.
This online auction is set for automatic approval. You may register for the auction. However, before you bid, please print from the Files Section a Working with a Real Estate Broker. After printing and reviewing, please acknowledge by your signature above the Customer line your acknowledgement of non-representation. In addition, please print the Property Condition Disclosure Statement, review and acknowledgement receipt of the report before you bid, by signing above Buyer before offer on page 2 of the INFORMATIONAL STATEMENT FOR MS PCDS AND on page 6 of the PCDS above PURCHASER(s) ACKNOWLEDGE RECEIPT OF REPORT. Please email to [email protected] or fax to 1.662.227.1653. If you have questions about these forms, please call us at 1.662.226.2080.
Taylor Auction & Realty, Inc. has put forth every effort in preparing the catalog for this auction to provide an accurate description of the property. Real Estate selling AS IS and neither the Seller nor Taylor Auction & Realty, Inc. make any warranties or representations, express or implied, as to the habitability or condition of the real property. It is encouraged that you inspect the property you wish to purchase PRIOR TO THE ONLINE AUCTION. No sale is contingent upon a property inspection by the successful bidder after the auction or is the sale contingent upon Buyer obtaining financing. Printed statements or descriptions by staff or the seller are provided in good faith and are matters of opinion. Bidders must conduct and rely solely upon their own investigations and inspection in regard to the condition and feasibility of the bidder’s intended use. The property is being sold 'AS IS' with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding.
In regard to Inspection, please do not disturb the occupants of each residence. Please call 662-226-2080 for more information in regard to how you may inspect the property.
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.
In order to better serve our customers, all bidders must provide their name, address, daytime phone number or cell number, and email address at which they can be contacted. This is to insure good communication between Taylor Auction & Realty, Inc. and the bidder throughout any transactions. Each bidder's identity is verified. Bidding rights are provisional, and if complete verification is not possible, Taylor Auction & Realty, Inc. will reject the registration, and bidding activity will be terminated.
Our online auctions move quickly therefore bid quickly especially at the close of bidding time. If you are a first time bidder, I encourage you to not wait till the last minute. Bid early so you are familiar with the system. The bidding software will notify bidders by email or text 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 max bid or constantly monitor the auction at close of bidding. Sometimes email or text notifications can be delayed. If you win you are notified by email.
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. Someone else has to bid to increase the current price and the computer will automatically bid up to your max in the increments specified.
RESERVE NOT MET: If the reserve has been met, the statement “reserve not met” will disappear. You can only see the “reserve not met” if you are logged in to the platform.
FORCE BIDS/JUMP BID: "Forced Bid/Jump Bid" is a bidding strategy by which a bidder increases the bid by more than the next accepted bid (placing your bid at $150 when the next accepted bid is $125). This practice is used by some bidders to discourage others from bidding in hopes of acquiring an item at a lower price. There are many theories on the effectiveness of this practice and a bidder who wishes to apply it does so at their own discretion. The auction company will not lower the price of an item that has been won by a "forced" bid with no other competing bids.
This feature extends the bidding for the entire catalog in the auction. Every time any bid is placed on one lot, the entire catalog will extend. The auction is extended for the amount of time supplied in the Auto Extend field which is 5 minutes. This behaves differently than normal Auto Extend. If the End Time is 12:00 PM, Auto Extend is set at 5 minutes, and a bid is placed 4 minutes before the end of the auction, this will only extend the auction to 12:01 PM. The actual end time shown for the auction is the end time for all items and other bidders are always given the amount of time supplied as Auto Extend to consider placing a bid. Please note that this feature changes the actual end time of the auction and that no notification of this extension is currently given to bidders. All bidders are encouraged to watch the catalog for bidding purposes because of the system’s extend-all feature.
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. Taylor Auction & Realty, Inc. 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 Taylor Auction & Realty, Inc. or anyone else if the internet service fails to work correctly. Taylor Auction & Realty, Inc. will not be responsible for any missed bids from any source.
Time Increase or Decrease: In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Taylor Auction & Realty, Inc., reserve the right to extend bidding, continue the bidding, or close the bidding, or increase of decrease the extended time amount at the end of the auction by either changing the time and / or date.
ORDER OF AUCTION:
OFFERING - The real estate will be offered by online catalog bidding.
A 10 % Buyer's Premium will be added to your final bid to equal the contract price.
Buyer's Premium example:
Bid price ($50,000.00) + 10% Buyer's Premium ($ 5,000.00) = Total Contract price ($ 55,000.00)
Time being of the essence, this contract shall be closed as soon as possible within the 30 day period. The seller will pay for preparation of the deed of conveyance and any prior past due taxes. All other closing costs i.e. survey fees, title work and other fees associated with the closing are the buyer's responsibility.
Closing agent/location will be provided no later than ten days after the auction date.
Prior year taxes will be paid by seller. Current year taxes will be prorated to the day of closing.
Purchaser shall receive possession of property at closing.
RENTAL INFORMATION/ SECURITY DEPOSITS: Information provided by the seller in regard to monthly rental amounts and occupancy at the beginning of this project date being May 2019. Auctioneer, Managers or Trustee are not guaranteeing that any house stated that is rented in the catalog is rented during the bid process or at closing. Nor are we guaranteeing that a vacant house is rented. Some of the leases are on a month to month basis and some are on a year to year basis and we cannot guarantee that a renter will not decide during this auction process for various reasons to vacate. If a security deposit is on record, a credit will be transferred at closing to the buyer. Security deposit credits are not guaranteed for houses that are currently rented at closing.
ACREAGE AND AERIAL PHOTOS: Parcel Dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.
Property restrictions are subject to all Specific City, County and State of Mississippi laws, ordinances and regulations. Property is selling to all easements of record. Seller is placing no restrictions on the property. The owner does warrant that they have good merchantable title to the real estate and that they will convey the same with a deed, free from all encumbrances, liens or judgments at the time of closing.
Terms: At the close of the auction, successful bidders will execute a real estate contract. Successful bidders will deposit 10% of the contract price per property in the form of cashier's check or wire transfer to Taylor Auction & Realty, Inc. The entirety of the remaining balance based upon proration and adjustments is due within 30 days of closing. This online auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by Bidder and or Buyers at registration prior to bidding and specified in the Contract for Sale of Real Estate.
AUCTION CONTRACTS: After the auction closes, we will call the successful bidder and arrange a time for immediate contract execution. If needed we can e-mail contracts to the successful bidder, who must execute and fax or email back to Taylor Auction & Realty, Inc. within 24 hours of the end of the auction and wire transfer the 10% escrow deposit. Purchaser is responsible for all wire transfer fees. You will close on the property on which you are the successful bidder in the final manner in which you bid at the auction.
AUCTION BID DEFAULT: Successful bidder not executing and returning the contract with earnest money deposit within 24 hours of the conclusion of the auction are considered in default. Taylor Auction & Realty, Inc. reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.
If the buyer does not close the transaction within the stated time, the buyer forfeits his escrow deposit. No extension will be granted. If such action occurs, Taylor Auction & Realty, Inc. 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 cost of auction, cost incurred by seller, labor cost, and additional cost of auction as not defined in this agreement.
Any special instructions must be written on sales contract today. Complete terms and conditions will be provided prior to auction day and specified within the Contract for the Sale and Purchase of Real Estate showcased in the files section of the project.
CLOSING: Time is of the essence, the contract shall be closed as soon as possible within the 30 day period. The Seller will convey clear title to the property and is responsible for only deed preparation. All other closing costs are the responsibility of purchaser.
Taylor Auction & Realty, Inc.'s INVOLVEMENT IN THIS CONTRACT: Taylor Auction & Realty, Inc. is the agent of the seller and their fiduciary duties of loyalty and faithfulness are owed to their client (the seller). Taylor Auction & Realty, Inc. is not acting as a buyer's agent. Please sign and return the “Working with a Real Estate Broker” before you bid acknowledging your understanding of agency. TAR reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. The seller and buyer hereby agree that Taylor Auction & Realty, Inc. is a part of this contract and shall receive compensation as stated in the Contract to Purchase Real Estate.
BIDDER BROKER PARTICIPATION: A Broker Participation Form with complete instructions is available at www.taylorauction.com. If you are utilizing a broker for bidding assistance the Bidder Broker Participation Form should be completed by you and your broker, notarized and sent to our office 24 hours before the auction begins.
DISCLAIMER: All information contained herein was provided by the seller or obtained by third party information. It is believed to be accurate to the best of the auctioneer's knowledge; however, the information is being furnished to bidders for the bidder's convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient's risk. Bidders must conduct and rely solely upon their own investigations and inspection in regard to the condition and feasibility of the bidder’s intended use. The property is being sold 'AS IS' with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding.
SOLE AND EXCLUSIVE VENUE & JURISDICTION OF ALL DISPUTES: Any and all claims, including debt collection and all other disputes of any kind, nature, or character whatsoever arising from this auction sale shall be brought in the appropriate court of Grenada County, Mississippi, and shall be governed by the laws of the State of Mississippi; Seller, Bidder and Buyer each individually and collectively by virtue of participating in the Auction conducted by Taylor Auction and Realty, Inc. do hereby irrevocably agree to submit themselves and any claims to the jurisdiction and venue of the courts of Grenada County, Mississippi, and the laws of the State of Mississippi, which shall be the sole venue and jurisdiction for the resolution of any claims between them and Taylor Auction and Realty, Inc. regardless of the nature or location of the property sold or purchased or the physical location of the Auction. The successful purchaser agrees to pay any and all reasonable attorney fees and costs incurred by the Auction Company, the seller and / or their servants, agents or employees in the commencement or defense of any actions hereunder as well as in the collection of any obligations hereunder. The purchaser agrees that a fee of 2% per month be added to the balance of any unpaid balance due the Auction Company and any other costs or losses incurred by the purchasers’ failure to adhere to these terms.
HOLD HARMLESS: Buyer and or bidder agrees that Taylor Auction and Realty, Inc. is a representative of the Seller and agrees to hold harmless and indemnify Taylor Auction & Realty, Inc. 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 Acknowledgment: Bidder acknowledges that no relationship of any nature or type, agent, employee, independent contractor or otherwise is created between bidder and auctioneer, affiliated auction companies, affiliated software companies and/or any servant, agent or employee of the same by bidder’s participation in this auction. Bidder acknowledges and agrees that Auctioneer is acting solely as the agent for the seller in this auction. Disclaimer of warranties: There are no understandings, agreements, representations or warranties, express or implied not specified herein, respecting this contract or the item or property sold hereunder, including but not limited to the merchantability or fitness for a particular purpose.
Bidder Responsibilities: Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the web site you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or Auction Company may bid on auction for absentee bidders or at the direction of interested bidders.
Guaranty Agreement in regard to bidding for a business entity: By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Taylor Auction & Realty, Inc. and completion of the transaction.
By bidding on any item, the bidder shows acceptance of the terms of the auction.
For information in regard to the auction process call us at 662.226.2080 or email [email protected] or [email protected]
Please email, fax or personally deliver the required documents. Fax: 1.662.227.1653 Email addresses are provided above.
Thank you for your interest in this auction.
Benny Taylor CAI AARE CAGA
Taylor Auction & Realty, Inc.
INFORMATION IS SUBJECT TO CHANGE
ANNOUNCEMENTS SENT PRIOR TO AUCTION OR UPDATED IN TERMS WILL TAKE PRECEDENCE