ENDED – Online Real Estate Auction – Subject to Loudon County Chancery Court Confirmation

AUCTION LOCATION2055 Shaw Ferry Rd, Lenoir City, TN

AUCTION DATEJanuary 23, 2017

AUCTION TIME 12:00 pm

TIME ZONEEST

INSPECTION DATEProperty may be inspected at any time.

INSPECTION TIMEProperty may be inspected at any time.

CONTACTRob Strickland or Chuck Fisher, 865-546-3206

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Auction Information

THIS AUCTION HAS ENDED.

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  PROPERTY DETAILS:
  • 1.67 Acre Residential Development Lot
  • 210' Frontage on Shaw Ferry Rd
  • Conveniently located close to Lenoir City and West Knoxville
  • Electric & Water Available

PAYMENT TERMS


Online Bidding Real Estate Terms and Conditions   Bidding Starts:  Thursday, January 19th at 12 Noon, EST Bidding Ends:     Monday, January 23rd at 12 Noon, EST (If a bid is placed in the last five (5) minutes remaining, bidding for the lot will remain open for an additional five (5) minutes).   Location:  2055 Shaw Ferry Rd., Lenoir City, TN  37772   Inspection:  Vacant Land Inspect at any time   Payment:  The Successful bidder shall pay an amount of 20% of the purchase price (including Buyer’s Premium) (Earnest Money) and is due by 4pm on January 23, 2017 in the form of cash, cashier’s check or wire transfer, plus a real estate sales contract must be signed. Balance is due in certified funds at closing.  CLOSING MUST OCCUR WITHIN 20 DAYS OF COURT CONFORMATION.  NO EXTENSIONS AVAILABLE.   Buyer’s Premium: There is a 10% Buyer’s Premium in effect for this auction.   Terms for Online Bidding: The online registration will need to be completed, including credit card information which will be verified and approved, and the credit card will be charged $1.00 for this process.  If you are the successful bidder and do not deliver the earnest money as outlined above, a charge of 20% of the Purchase Price will be placed on the credit card plus a 3% credit card fee.  The card is for verification purposes to ensure we have serious bidders.  The balance of the contract price will be paid in full at closing 20 days after court confirmation.  The successful online bidder will be notified immediately following the closing of the auction and issued the sales contract.  The executed sales contract shall be submitted per the instructions received with the contract.  If you have any questions, please call our office at 865-546-3206.   BUYER’S PREMIUM: A 10% buyer’s premium will be added to the high bid. Example:  For each $10,000 a 10% buyer’s premium of $1,000 will be added to arrive at the total purchase price.   AGENCY: Furrow Auction Company, auctioneer/broker, is acting exclusively as agent for the seller.   CLOSING ATTORNEY: Closings will be conducted by Tennessee Valley Title, Knoxville, TN.  Purchaser will pay all closing costs, including, but not limited to, deed preparation and attorney’s fees to prepare such deed recording fees, title examination, transfer tax and purchaser’s legal fees.  Taxes for 2016 will be paid by seller.  Purchaser assumes all of the 2017 taxes.  Title insurance may be required at the purchaser’s expense.  For questions regarding closings contact Rob Strickland, Furrow Auction Company, 865-546-3206 or email rob@furrow.com.   DISCLAIMER: Property is selling “as-is, where-is” with all faults and is selling subject to easements, leases, restrictions, covenants, conditions, zoning HOA and POA fees and all other matters which would be revealed by a current survey or an inspection of the property or which is contained in public records.  Seller reserves the right to cancel the sale.  Property will be conveyed by a “Special Warranty Deed”.  Information contained herein was obtained from sources deemed reliable.  The seller and their agents reserve the right to place bids on the property up to the seller’s reserve at their sole discretion.  The property will sell “as-is, where-is” with no warranty, expressed or implied, as to improvements, soil condition, environmental and wetlands, or zoning.  No personal property conveyed with real estate.  Neither the seller, Furrow Auction Company nor their agents will be responsible for any errors or omissions herein.  Bidders should carefully verify all information and make their own decisions as to the accuracy thereof before submitting their bid.  Purchaser or purchaser’s representative will acknowledge by signature of the Contract of Sale they have inspected the property.  The terms of the Contract of Sale are controlling in the event of any perceived inconsistency between its terms and any statements or other advertisement.   Cash Sale: This is a cash sale and is not contingent on Purchaser’s ability to obtain financing.   Possession: Purchaser will receive possession at closing.   No New Survey: The Property shall be conveyed by the existing legal description.   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, material status, national origin, or physical handicap.   Debt Collection and Interest Charge:  The bidder agrees to pay all reasonable attorney fees and other costs incurred by Furrow Auction Company 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 Furrow Auction Company.  Any debt collection or dispute proceedings will be heard in Knox. County.   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’s fee.   Age Requirement: All bidders must be 18 years of age or older.  

ZONING


The subject property is zoned as follows:
  • R-1:  Suburban Residential (Loudon County)

UTILITIES

  • Electricity: Lenoir City Utilities Board
  • Water: Lenoir City Utilities Board
  • Sewer: Not Available
  • Gas: Not Available

SCHOOLS

  • Highland Park Elementary
  • North Middle
  • Lenoir City High

TAXES


Estimated Real Estate Taxes:
  • Estimated County Taxes:  $184.01

DIRECTIONS
From Dixie Lee Junction at the Knox County/Loudon County line, take Hwy 11 west towards Lenoir City for approx 2.8 miles.  Turn left onto Shaw Ferry Rd and travel approx .94 miles to property on right.

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