Online Only Bank Owned Real Estate Auction

Terms for Sale of Real Estate: 20% down with contract. Balance with deed in 30 days. 10% Buyers Premium.
Financing available to preapproved bidders by contacting Citizens Tri-County Bank, Dunlap, TN. Phone Number (423)949-2173.
Closings coordinated through Austin, Davis & Mitchell, Attorneys, 109 East Cherry St., Dunlap, TN. 37327. Phone Number (423)949-4159.

All properties conveyed by special or limited warranty deed with title insurance available at purchaser’s expense. All properties are bank-owned foreclosures. All information contained herein was obtained from sources believed to be correct, but is not guaranteed. All properties sell in “AS IS” conditions. In All transactions the Auction Company is acting as agent for the seller, not as buyer’s agent. Under title IX structures built before 1978 are subject to lead based paint inspection. This inspection period runs from May 1 through May 10, 2018. No post auction testing allowed. Buyer will sign waiver of post auction testing period.

Ultimate Choice Bidding System: Properties with more than one tract will be offered in single tracts, combinations of tracts or as a whole. Bidders may bid on individual tracts even when they are assembled in groups. When a group of tracts has been disassembled by someone bidding on an individual tract, the top bidder for the group is no longer obligated as high bidder. The remaining tracts in the group revert back to the original bidders before the group was assembled. As a result, an original bidder may be in the winning position again. Once you have bid on a property, always check your position by going to “all bids” on the bidding page. You will receive a notice by e-mail or text, (your choice when registering) stating you have been outbid or still in the winning position. If you decide to bid on different tracts in the auction always check to see that you have been outbid on an individual tract basis (original tract you placed a bid) or you may be put in the winning position on more than one tract at the same time. As long as your original bid has been raised on a tract, you can move to another group or tract without being put into the winning position on multiple tracts at the same time. If you have questions regarding the Ultimate Choice bidding process, please contact the Auctioneers.
Contract for Sale of Real Property: Each property is offered under the specific terms provided in the contract. The Contract for Sale of Real Property is available at www.pottsbrothers.com, in the pre-bid package located from within the files tab. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract for Sale of Real Property and all other materials available plus completed your own “due diligence” to satisfy all questions, please Do Not Bid!

INTERNET BIDDING INCREMENTS
Range Minimum $1,000.00 – Range Maximum $2500.00 = Increment $50.00
Range Minimum $2,500.00 – Range Maximum $10,000.00 = Increment $100.00
Range Minimum $10,000.00 – Range Maximum $50,000.00 = Increment $ 500.00
Range Minimum $50,000.00 – Range Maximum $100,000.00 = Increment $1,000.00
Range Minimum $100,000.00 – Range Maximum $250,000.00 = Increment $2,500.00
Range Minimum $250,000.00 – Range Maximum $500,000.00 = Increment $5,000.00
Range Minimum $500,000.00 – Range Maximum $3,000,000.00+ = Increment $10,000.00

Potts Brothers Land and Auction, LLC has the sole authority to resolve any bidding disputes as they may arise.

Auction End Times: Potts Brothers Land and Auction, LLC Online Only Real Estate Auctions are timed events and subject to extended bidding due to bidding activity. Potts Brothers Land and Auction, LLC reserves the right to adjust the auto extension time period.

Example: Potts Brothers Land and Auction, LLC Online Only Real Estate Auction have an auto extend feature. Any bid placed within 10 minutes of the auction ending will automatically extend the auction for 10 minutes from the time the bid is placed.

Example: If an auction scheduled to end at 10:00 a.m. receives a bid at 9:59 a.m., the close time of the auction automatically extends to 10:09 a.m. The auto-extend feature remains active until no further bids are received on the entire bidding group of properties within the 10 minute time frame. Potts Brothers Land and Auction, LLC reserves the right to adjust the auto extension time period.

Bidder Verification: The identity of bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Potts Brothers Land and Auction, LLC will reject the registration, and bidding activity will be terminated. The Seller and Potts Brothers Land and Auction, LLC reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. Bidders agree to keep their user-name and password confidential as they are responsible for ANY and ALL activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges.

Terms: At the close of the auction, successful bidders will be emailed the contract package to execute and return to Potts Brothers Land and Auction, LLC. Successful bidders will deposit escrow funds as listed on the contract price in form of auction company approved check or wire transfer. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.

Buyers Premium: A 10% buyer’s premium will be added to the bid price on all properties to determine the final contract price.

10% Buyers Premium Example:

Bid Price: $10,000.00
Plus 10% Buyers Premium: $ 1,000.00
Total Contract Price: $11,000.00

Contracts: Contract Packages will be sent by e-mail from Potts Brothers Land and Auction, LLC to the successful bidder, who must execute and fax or email back to Potts Brothers Land and Auction, LLC within 48 hours of receipt. Successful bidders not executing and returning their contract with earnest money deposit within 48 hours of receipt will be considered in default and subject to an Administrative Fee.

Auction Administrative Fee: In the event a winning bidder fails to submit the signed “Contract for Sale of Real Property” and deposit earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Potts Brothers Land and Auction, LLC and the Seller as provided in the Auction Terms & Conditions and the “Contract for Sale of Real Property”. All administrative fees are non-refundable.

Closing: Time being of the essence, these sales shall be closed on or before 30 days from sale as listed on sales contract. The purchaser will pay for all normal closing costs associated with the transaction, depending upon the state where purchased. The ad valorem taxes will be the prorated.

Broker Participation: A two percent (2%) bid price commission is available to properly registered brokers. A Broker Participation Form with complete instructions is available at www.pottsbrothers.com

Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as a buyer’s agent. Potts Brothers Land and Auction, LLC reserves the right to remove or cancel the bids or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. At auctions with reserve, the seller andor auctioneer reserves the right to bid. On all other auctions, auctioneer reserves the right to bid on auctioneers behalf when permitted by law.

New Data, Corrections and Changes: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information. Disclaimer & Absence of Warranties: All information contained in this information packet and all related materials are subject to the terms and conditions outlined in the Contract for Sale of Real Estate agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or Potts Brothers Land and Auction, LLC Agents or Representatives. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure and on the website is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by Seller, Potts Brothers Land and Auction, LLC, Agents or Representatives. Conducting the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of Potts Brothers Land and Auction, LLC are final.

Any dispute between Potts Brothers Land and Auction, LLC, its agents or Representatives and Buyer(s) will be tried in a court of jurisdiction in Walker County, Georgia. By bidding on the property, buyer agrees to all terms and conditions set forth.

Disclaimer: All information contained herein is believed to be correct to the best of the auctioneers’ knowledge. The information is being furnished to bidders for the bidders’ 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 inspections. The property is being sold “AS IS” with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding.

Refresh your screen constantly during closing minutes of the bidding.

Server & Software Technical Issues: In the event there are technical difficulties related to the service, software or any other on-line auction related technologies Potts Brothers Land and Auction, LLC reserves the right to extend bidding, continue bidding or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE NOR POTTS BROTHERS LAND AND AUCTION, LLC SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. E-mail notifications will be sent to the email address provided in your registration with updated information as deemed necessary by Potts Brothers Land and Auction, LLC.