OFF GRID CABIN REAL ESTATE AUCTION
BUCKINGHAM LANE LEBANON TN REAL ESTATE AUCTION
Online Only - LEBANON, TN
Own your own OFF GRID, Gatlinburg getaway, located in Lebanon, TN.
This newly constructed cabin is a great opportunity for a weekend retreat or getaway. The exterior of the home is hardy board with a metal roof and interior of the home is constructed with tongue and groove knotty pine with vaulted ceiling. The cabin is nestled on 7+ acres, with a gentle slope.
BIDDING OPENS: Oct. 15th, 2021
AUCTION PREVIEW: Oct. 31, 2021 2:00—4:00 p.m.
AUCTION ENDS: Wed., Nov. 3, 2021 6:00 p.m.
This will make someone a great little get away or home. This property has electricity available, up to a three bedroom perk site and no city water. The home has an efficiency style layout and includes a combined living area, kitchen and bath. There are two porches on the front and back of the home, with 7+acres.
General Terms: Online only auction. A valid drivers license will be required to register to bid. Closing on the property will be no later than Dec. 3rd, 2021. All information is believed to be correct, but not warranted or guaranteed. Online terms and conditions take precedence over all printed or verbal representation. Complete terms and conditions at www.MikeWalkerAuctions.hibid.com
Walker Auction and Realty is offering a Broker Participation for this auction. Form must be filled out completely and signed by prospective buyer and buyer representative and submitted by TUESDAY, NOVEMBER 2ND, 3:00 P.M. CST. CALL MIKE WALKER AT 615-308-9009 FOR FORM.
Walker Auction and Realty is a full service real estate and auction company, with 35+ years of full time service.
Seller: Amber Maxfield
Bidding Starts: October 15, 2021, at 10:00 a.m. CST
Bidding Ends: Wednesday, November 3, 2021, at 6:00 p.m. CST
• Open House Preview will be held on Sunday, October 31st, 2021, from 2:00 p.m. – 4:00 p.m. CST
Buyer’s Premium: There is a 10% Buyer’s Premium in effect for this auction. Your high bid price will have 10% added to establish the contract sales price. Example: $ 50,000 high bid plus 10% Buyer’s Premium = $55,000 Contract Price
• Agreement of Purchase & Sale
Immediately following the close of the bidding, the high bidder will be required to enter into a Purchase and Sale Agreement via email DocuSign and wire a 20% down payment of the contract purchase price as earnest money, which is a non-refundable earnest money deposit. This wire must be received by 4:00 PM the following day of the auctions closing to Walker Auction and Realty LLC, Lebanon, TN 615-308-9009.
• Buyer’s Premium
A 10% Buyer’s Premium will be added to the high bid price to determine the total contract sales price for the Property. Example: $ 50,000 high bid plus 10% Buyer’s Premium = $55,000 Contract Price
• Bid Deposit / Authorization
All bidders must receive a bid number to bid. A valid driver’s license and credit card is required to bid. All bidders will be required to send the auctioneer a copy of your driver’s license either by email or a photo texted to the auctioneer at 615-308-9009. Your name on your driver’s license MUST match the name on your credit card. Upon request to bid and submitting your information, you will receive a call from the auctioneer to be qualified to bid. After speaking with the auctioneer, then, at the auctioneer’s discretion, you will be approved to bid. We require all Onsite auction bidders to supply a valid driver’s license as well as all Online bidders of real estate and personal property. Bidder agrees that a $500.00 hold can AND may be placed on their credit card for an internet service fee and that if they are the winning bidder and fail to close under the terms of this agreement, the $500 internet service fee is non-refundable and will be charged to their credit card. This authorization is not actually charged to your card. If they are not the winning bidder, the $500 internet service fee will be released, and the credit card will not be charged. The successful bidder will be required to sign the “Purchase and Sale Agreement” within 24 hours of auction close and deposit 20% of the total contract price into the Auction Company’s escrow account, by 4:00 pm November 4th, 2021. Failure to do so will be considered a breach of contract.
• Debit Card Warning
We require bidders to secure their accounts with a credit card. Some of our auctions further require a deposit. If you use a credit card to secure your account, the auction deposit will take the form of a credit card authorization and will count against your credit limit for the duration of the authorization (up to 10 business days). Walker Auction & Realty, LLC highly recommends you secure your account with a credit card and is not responsible for any issues arising from the use of a debit card to secure your bidding account. Add a debit card at your own risk.
• Auction Ending
Beginning at the stated closing time, the auction software will conclude bidding with the following exception: if a bid is placed in the last 5 minutes remaining for that auction lot, bidding for that lot will remain open for an additional 5 minutes; and will continue to be extended until there are no more increases within the 5-minute time frame.
• Soft Close Groups
This auction will be using the soft close method. If a bid is placed in the last 5 minutes remaining in the auction, the bidding will remain open for an additional 5 minutes.
• Payment and Closing
The Purchaser shall pay a non-refundable amount equal to 20% of the total contract sales price to the Escrow Account of the auction company by 4:00 p.m. CST on the first business day following the conclusion of the auction. The Auction Company will only accept payment by wire transfer. The Purchaser will be charged for the wire transfer fee (typically $15.00). Purchaser shall pay the remainder of the total contract sales price at the real estate closing. Closing shall take place within 30 days of the conclusion of the auction or within 15 days of the presentation of the applicable closing documents to the Purchaser, whichever is later. The Escrow Agent / Closing Attorney will schedule and conduct the closing.
• Escrow Agent / Closing Attorney
The purchase monies, in respect to the real estate shall be paid to and deposited with:
Walker Auction and Realty LLC. The closing agency will be Lee & Lee Attorneys at Law, 109 East Gay St., Lebanon, TN 37087 615-444-1312 / Closing Attorney
The Seller will provide a boundary survey document of record. The survey also includes the soils map which states the property can accommodate a three bedrooms residence. See Survey in documents.
Seller shall provide a warranty Deed.
• Evidence of Title
Auctioneer shall post a preliminary title of opinion on its website before the conclusion of the auction. Seller agrees to provide merchantable title to the Property subject to matters of record, general conditions of title and similar or related matters identified in the preliminary title commitment.
• Title Insurance
The Purchaser may obtain an owner’s title insurance policy in the amount of the purchase price from the Closing Attorney at the Purchaser’s cost. If you have questions concerning title, call Lee & Lee Attorney’s at 615-444-3900
• Real Estate Taxes
2021 taxes will be prorated at the time of closing. 2020 Real estate taxes were $ 319.48
The seller shall pay the following closing costs:
o Title commitment fee
o Costs to prepare the deed
o 50% of the closing agent’s cost to close the sale
o Any legal counsel retained by Owner in connection with the conveyance of the Property
The Purchaser shall pay the following costs:
o The cost of the standard owner’s ALTA title policy, if Purchaser chooses to have a title policy issued:
o Any special endorsements to the title policy;
o Any costs associated with title insurance issued in favor of Purchaser’s lenders, if any;
o All costs arising from or relating to any loan sought by Purchaser to finance the conveyance;
o All recording costs, transfer taxes and mortgage taxes arising from the deed, deed of trust and any other financing documents required by Purchaser’s lenders, if any;
o 50% of the closing agent’s cost to close the sale; and
o Any legal counsel retained by Purchaser in connection with the conveyance of the Property
• Cash Sale
This is a cash sale and is not contingent on Purchaser’s ability to obtain financing, or any other buyer contingency. (Buyer’s may use financing; however, this sale is not contingent on financing, appraisals, or inspections that might be required by a lender and must be closed by the stated closing date)
The Purchaser will receive possession at closing, subject to the rights of parties in possession and existing leases, if any. (Currently no known leases)
• As-Is Sale
The Purchaser shall accept the property in an as-is condition with all faults as of the closing date and the Purchaser shall specifically agree that the Seller has not and does not make any representations or warranties of any kind whatsoever, expressed or implied, to the purchaser regarding the property or any improvements thereon. All real estate, Land, buildings and improvements are being sold and purchased “AS-IS” without any warranties or guarantees, and representations as to fitness, use, habitability, merchantability, condition, age, shape, size, quality, quantity, environmental impact, conditions or hazards, condition of wells or subsurface conditions being expressed by sellers or their agents. The personal property that is present, will convey with the Real Estate.
The property is selling subject to:
Anything an accurate survey or personal inspection of the property may reveal, including any existing right-of-way(s), easements or claims to easements. Subject to, any encroachments, easements, rights or claims of parties in possession, restrictive covenants (Warranty Deed Book 177, Page 466 and Record Book 1440, Page 966, Register’s Office, Cumberland County, TN), zoning or subdivision regulations, building codes or building permits, governmental agency regulations, environmental conditions, lead-based paint, asbestos, radon gas, hazardous materials, any mineral rights, water rights, riparian or littoral rights, and reservations or conveyances, if any. The Purchaser shall have satisfied himself as to the location and condition of the property and all descriptions prior to bidding. All information contained in the brochure and all promotional materials, including, but not limited to, square footages, acreage, dimensions, maps, taxes, soils work, perk test, etc., as provided by the Seller and is believed to be correct; however, neither the Seller nor the Auctioneer makes any guarantee or warranty as to the accuracy or completeness of such information.
The structure that is on the property was never used. The 20 x 20 structure is not listed on the tax map. We have no records nor permits of any kind. The property has no utilities on the property. Electricity is at the road and no city water is available. The buyer would have to dig a well.
• Soils/Perk Utility Water Information
We have a survey that shows the soils information located on the survey. The notes state that the property should accommodate a three-bedroom structure. See the survey posted.
• Agency Disclosure
Walker Auction & Realty, LLC and its representatives are exclusive agents of the Seller and are agents of no other party to this transaction.
All decisions of the Auctioneer are final as to the methods of bidding, disputes among bidders, increments of bidding and any other matters that may arise before, during, or after the auction. Seller reserves the right to deny any person the right to participate in the auction or to ban anyone from the auction who attempts to disrupt it.
• Equal Opportunity Clause
All bidding is open to the public. The Property is available to qualified purchasers without regard to a prospective Purchaser’s race, color, religion, sex, familial status, national origin or physical handicap.
• Debt Collection & Interest Charge
The bidder agrees to pay all reasonable attorney fees and other costs incurred by Walker Auction & Realty, LLC in its efforts to collect unpaid funds from the bidder. The bidder agrees that a fee of 2% of the outstanding balance per month be added to any unpaid balance due Walker Auction & Realty, LLC. Any debt collection or dispute proceedings will be heard in Wilson County, Tennessee.
• Guaranty Agreement
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 payment of any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorney fee.
• Age Requirement
All bidders/purchasers must be 18 years of age or older.
• Bidders Information and Security
All registration information the bidder provides to Walker Auction & Realty LLC shall be current, complete and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. Bidders must notify Walker Auction & Realty LLC if they believe that their bidder number and password have been compromised 615-308-9009. Under no circumstances shall Bidder have any kind of claim against Walker Auction & Realty LLC , or anyone else if the internet service fails to work correctly before or during the auction. Bidder agrees that by registering for the online auction, they have accepted all of these Terms and Conditions. Bidder is responsible for any and all bids placed by their account.
• Before Bidding
Potential bidders are encouraged to make their own inspections and due diligence prior to bidding on the property. NO BIDS WILL BE CANCELED OR RETRACTED FOR ANY REASONS! READ ALL MATERIALS PRIOR TO BIDDING.