PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED. PLEASE READ AND REVIEW THE TERMS THOROUGHLY BEFORE BIDDING ON ANY PROPERTY.
Following your review of these terms, do not bid if you do not agree or accept. By placing a bid, you accept the terms of this auction and will be held to them as presented and updated. These terms create a legally binding contract between you and Taylor Auction & Realty, Inc. The documents presented on the website are part of these terms. The bankruptcy trustee has determined the terms. Bids cannot be canceled.
The terms are set by the Chapter 7 Trustee and the United States Bankruptcy Court for the Northern District of Mississippi. Specific terms are that the Trustee requests authority from the Court to sell the Subject Property free and clear of liens, interests, encumbrances, and claims. This online auction is set for automatic approval. You may register for the auction and download any related documents. However, please print the "Documents Section: Working with a Real Estate Broker" before bidding. After printing and reviewing, please acknowledge your acknowledgment of non-representation by your signature above the Customer line.
Taylor Auction & Realty, Inc. has made every effort to prepare the catalog for this auction to provide an accurate description of the property. The property is sold with no warranty written or implied by Taylor Auction & Realty, Inc. The following information is provided to you as a matter of convenience only, and no representation or warranty, expressed or implied, is made as to its accuracy or completeness by the auctioneer. All information obtained came from the Chapter 7 Trustee or third-party sources.
You are encouraged to inspect the property you wish to purchase before THE ONLINE AUCTION. The sale will not be contingent upon a property inspection by the successful bidder after the auction, nor will it be contingent upon the Buyer obtaining financing. You are expected to pre-qualify yourself with a lender before the auction. Printed statements or descriptions by staff or the Chapter 7 Trustee are provided in good faith and are matters of opinion. Bidders must conduct and rely solely upon their investigations and inspections regarding the condition and feasibility of the bidder’s intended use. The real property is being sold AS-IS with any faults. Please review all information and seek appropriate assistance before bidding at the auction.
Inspection: Drive-by inspection allowed.
BIDDER REGISTRATION:
To allow sufficient time for authorizations, we encourage you to register and bid early. Waiting until the last minute to register and become comfortable with the system could negatively affect your bidding. We encourage you to register at least 24 hours before the auction.
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 ensures clear communication between Taylor Auction & Realty, Inc. and the bidder throughout the transaction. Each bidder's identity will be verified. Bidding rights are provisional; if complete verification is impossible, Taylor Auction & Realty, Inc. will reject the registration and terminate bidding activity.
BIDDING PROCEDURES:
Online auctions move quickly! If you are interested in bidding, bid quickly, especially at the close of bidding time. The bidding software will notify bidders by email or text when they have been outbid. Bidders may also discover if they have been outbid by refreshing the individual lot information or the entire screen. Due to varying internet connection speeds, please place a maximum bid or continuously monitor the auction at the close of bidding. Sometimes, email or text notifications can be delayed. If you win, you will be notified by email.
AUCTION END TIMES:
All online-only real estate auctions are timed events and are subject to auto-extend. Online Auctions have an auto-extend feature of 5 minutes. Any bid placed in the final 5 minutes of an auction will automatically extend the auction for 5 minutes from the time the bid was placed. The auto-extend feature remains active until no further bids are received within 5 minutes. At the close of the auction, all bidders are encouraged to monitor the catalog in case the auction is extended. All lot(s) will remain open during the extension period.
A 10% Buyer's Premium will be added to your final bid to bring the contract price to the final bid amount. The hammer bid and the buyer’s premium establish the final price.
Buyer's Premium example:
Bid price ($100,000.00) + 10% Buyer's Premium ($ 10,000.00) = Total Contract price ($ 110,000.00)
BUYER'S PREMIUM: The purchaser agrees to pay a 10% premium on the bid price at closing, equal to the agreed-upon commission between the Chapter 7 Trustee, the Agent, and the Purchaser. The purchaser recognizes and agrees that the 10% premium paid as the commission for this transaction does not constitute purchaser representation. Taylor Auction & Realty, Inc.'s fiduciary duty is to the seller. Buyers are treated with fairness and honesty.
CLOSING TIME:
Given the time being of the essence, this contract shall be closed as soon as possible, within 45 days. The Chapter 7 Trustee will pay for the preparation of the deed of conveyance and any past-due real estate taxes. The buyer is responsible for all other closing costs, including additional survey fees, title expenses, and any other fees associated with the closing.
CLOSING LOCATION AGENT:
The closing agent/location will be provided no later than ten (10) days after the auction date.
TAXES:
2026 Taxes will be prorated to the day of closing. The Seller or Trustee will pay any taxes from the prior year.
POSSESSION:
Purchaser shall receive possession of the property at closing.
ACREAGE AND AERIAL PHOTOS: Parcel Dimensions and acreages are based on legal descriptions.
BIDDER BROKER PARTICIPATION: A bidder broker participation form is available upon request. Please call our office for the form.
RESTRICTIONS:
Property restrictions are subject to the laws, ordinances, and regulations of the City, County, and State of Mississippi. The property is selling with all easements of record. The owner warrants that they have good merchantable title to the real estate and will convey the same by deed, free from all encumbrances, liens, or judgments, at closing.
SPECIAL INSTRUCTIONS:
Any special instructions must be written on the sales contract today. The complete terms and conditions will be provided before auction day and specified in the Contract for the Sale and Purchase of Real Estate, as showcased in the Documents section of the project.
If the Seller accepts the final bid from the auction. In that case, the bidder will be emailed a contract to execute and return to Taylor Auction & Realty, Inc. Successful bidders will deposit 10% of the contract price per property in the form of a cashier's check or wire transfer to Taylor Auction & Realty, Inc. within 24 hours of contract ratification by the Chapter 7 Trustee. The remaining balance is due in full at closing. The purchaser will be responsible for all wire transfer fees. You will be closing on the property on which you are the successful bidder in the final manner you bid at the auction.
AUCTION BID DEFAULT:
A successful bidder who does not execute and return the contract with an earnest money deposit within 24 hours of the conclusion of the auction will be considered in default. Suppose the bidder fails to submit the signed Contract for the Sale and Purchase of Real Estate and 10% of the High Bid Price as an earnest money deposit. In that case, the winning bidder will be charged a $1,000.00 penalty fee to the credit card provided at the auction registration. Additional default remedies are reserved by Taylor Auction & Realty, Inc. and the Chapter 7 Trustee as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Taylor Auction & Realty, Inc. reserves the right to sell to the second-highest bidder if the successful high bidder does not comply with the terms of the sale.
LIQUIDATED DAMAGES:
If the buyer does not close within the time stated in the contract and the Chapter 7 Trustee has not granted a written extension, the buyer will forfeit the 10% escrow deposit. If such action occurs, Taylor Auction & Realty, Inc., 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 the cost of the auction, the cost incurred by the Seller's, labor costs, and additional costs of the auction, as not defined in this agreement.
Taylor Auction & Realty, Inc.'s INVOLVEMENT IN THIS CONTRACT:
Taylor Auction & Realty, Inc. is the Chapter 7 Trustee's agent, and their fiduciary duties of loyalty and faithfulness are owed to their client (the Chapter 7 Trustee). Taylor Auction & Realty, Inc. is not a buyer's agent. TAR reserves the right to remove or cancel the bids, bidding rights, and privileges of any party deemed not in the Chapter 7 Trustee's best interest. Taylor Auction & Realty, Inc. reserves the right to cancel the auction at any time. The Chapter 7 Trustee and buyer now agree that Taylor Auction & Realty, Inc. is a part of this contract and shall receive compensation as stated in the agreement hereto or as stated in the listing agreement at this moment made a part of. Auctioneer has the right to sell this Property in any form or fashion that is legal and ethical to produce the best offer to the Chapter 7 Trustee.
BROWSER INFORMATION: Google Chrome and Mozilla Firefox are the preferred Internet browsers 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.
SERVER & SOFTWARE TECHNICAL ISSUES:
If there are technical difficulties with the server, software, or other online auction-related technologies, Taylor Auction & Realty, Inc. reserves the right to lower the starting bids, extend, continue, or close bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor Taylor Auction & Realty, Inc. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders by Taylor Auction & Realty, Inc., with updated information as deemed necessary.
Hold Harmless: Buyer and bidder agree that Taylor Auction and Realty, Inc. is a representative of the Chapter 7 Trustee and agrees to hold harmless and indemnify Taylor Auction & Realty, Inc. and its Agents, Owners, Directors, Employees, and Representatives from any claims, demands, expenses, and damages which bidder/buyer may claim on account of or in any way growing out of the said auction and to look solely to the Chapter 7 Trustee for any remedy demanded.
SOLE AND EXCLUSIVE VENUE & JURISDICTION OF ALL DISPUTES: Any claims, including debt collection and all other disputes of any kind, nature, or character whatsoever arising from this auction sale shall be brought to 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 participating in the Auction conducted by Taylor Auction and Realty, Inc. do at this moment 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/purchased or the physical location of the Auction.
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 any servant, agent, or employee of the same by bidder’s participation in this auction. The bidder acknowledges and agrees that the Auctioneer is acting solely as the Seller's agent 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 include, but are not limited to, the following: Bidders agree to keep their username and password confidential and are responsible for any activity involving their account. You must obey local, state, and federal laws when using the website. Violations will result in the termination of website use privileges. Auction company employees and the Auction Company may bid on the auction for absentee bidders or at the direction of interested bidders.
Guaranty Agreement regarding 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 guaranteeing the payment of earnest money to Taylor Auction & Realty, Inc. and the completion of the transaction.
Reasonable Accommodation: Taylor Auction & Realty, Inc. is an employer and professional service organization with no intention to discriminate on the basis of disability or any other legally protected characteristic. We are an affirmative action, equal opportunity employer and service provider. Our decisions are made without regard to race, color, religion, sex, disability, sexual orientation, gender identity, national origin, veteran status, or genetic information. Accommodations are made regarding hiring employees or assisting clients or customers in our services, unless the accommodation would impose an undue hardship.
Requests for reasonable accommodations should be directed to Ruthie Taylor @ [email protected].
By bidding on any item, the bidder accepts the auction's terms.
I appreciate your interest in this auction.
Benny Taylor-Broker
Taylor Auction & Realty, Inc.
Announcements in the form of updated terms posted on the website will take precedence over any previously viewed terms at registrations, previous material, or other oral statements. Please view the terms periodically for any changes.
