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REAL ESTATE AUCTION – SUBJECT TO COURT CONFIRMATION: COMMERCIAL DEVELOPMENT LOT

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Address: 109 Farlow Drive, Knoxville, TN 37934

 LIVE AUCTION: FRIDAY, MAY 5th, 2023 at 11:00AM

INSPECTION: Property Can Be Viewed at Any Time

BUY LIVE OR ONLINE

BUY ONLINE (Online Bidding Starts Wednesday, April 19th at 8:00am)

• Approx. 0.55 Acre Lot
• Located just off Kingston Pike in West Knoxville
• Located directly across from The Korean Church of Knoxville
• Approx. 120 Feet Frontage on Farlow Drive
• Commercial Zoning
• All Utilities Available

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Samuel J. Furrow | TN PBL #26

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[accordian title=”Bid Online”]

BUY ONLINE (Online Bidding Starts Wednesday, April 19th at 8:00am)

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[accordian title=”Real Estate Terms & Conditions”]

REAL ESTATE AUCTION – SUBJECT TO COURT CONFIRMATION: COMMERCIAL DEVELOPMENT LOT

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Address: 109 Farlow Drive, Knoxville, TN 37934

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REAL ESTATE AUCTION TERMS

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Real Estate Auction Terms & Conditions:  SUBJECT TO COURT CONFIRMATION

NOTICE: All Bidders and other persons participating in this sale agree that they have read and have full knowledge of these terms and agree to be bound thereby.

1. Buyer’s Premium: A 10% buyer’s premium will be added to the high bid.
   1. Example: For each $10,000 bid, an 10% buyer’s premium of $1,00 will be added to arrive at the total purchase price of $11,000.
2. Payment Terms: The successful bidders will deposit 10% of the purchase price (including Buyers Premium) and is due immediately at the conclusion of auction in the form of Wire, cashier’s check, personal or company check, plus a real estate sales contract must be signed. Balance is due in certified funds at closing WITHIN 20 DAYS OF  COURT CONFIRMATION. NO EXTENSIONS AVAILABLE. The purchaser will acknowledge by the signature of the Contract of Sale they have inspected the property. The terms of the Contract of Sale are controlled in the event of any perceived inconsistency between its terms and any statements or other advertisement.
3. Sales Tax: NONE
4. Title Commitment: The Property shall be conveyed by the legal description as depicted in the title commitment.
5. Cash Sale: This is a cash sale and is not contingent on the Purchaser’s ability to obtain financing or any other contingencies.
6. Registration: By registering as a Bidder and/or participating as a Bidder at the auction sale, Bidder is bound by the Terms & Conditions set forth. Bidder agrees that such Terms & Conditions are binding on the Bidder. Bidder agrees that Auctioneer is in control of the conduct of the auction sale and has the right to reject any bid by any Bidder at the auction sale. It is at the sole discretion of the Auctioneer as to whether or not any bid is in conformity with the Terms & Conditions of the auction sale. Furthermore, Auctioneer may refuse to accept a bid whenever in his sole discretion bid is not in good faith. ALL PERSONS must be registered to bid.
7. Guaranty Agreement: By submitting a bid 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, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorneys fee.
8. Conveyance: Property is being conveyed “as-is, where-is” with all faults and is selling subject to rights of tenants in possession (if applicable), pro-ration of rents (if applicable), any recorded or visible roadway rights of way, railroad or utility easements, subdivision restrictions, leases, restrictions, covenants, improvements, soil conditions, environmental, wetlands conditions, zoning, HOA, and POA fees, all back taxes to be paid for by the seller, all current year taxes to be prorated, and all other matters which would be revealed by an inspection of the property or which is contained in public records. Neither the seller nor Furrow Auction Company will be responsible for any errors or omissions in the description of the property. Bidders should carefully verify all information and make their own decisions as to the accuracy thereof before submitting their bid. Furrow Auction Company reserves the right to deny any person the right to bid and may revoke the privilege at any point during the auction sale.
9. Inspection: Furrow Auction Company will attempt to describe the property in advertising, on the internet, and at the auction but makes no representations. It is the responsibility of each bidder to inspect the property and do their own research.
10. Condition of Property: In no event shall Furrow Auction Company or the seller be held responsible for having made or implied any warranty of merchantability or fitness for a particular purpose. Bidder shall be the sole judge of value. Furrow Auction Company shall endeavor to describe any pertinent information. Buyer hereby acknowledges Buyer’s obligation to perform due diligence in regard to this transaction as well as the condition of the Property and agrees that an inspection of the Property has been made by Buyer, that the purchase is based upon such inspection and such additional independent investigation as Buyer has chosen to make, and not by or through any representations made by Seller or Furrow Auction Company. Buyer agrees that Buyer is acquiring the Property “as is”, “where is”, with all faults and defects, latent and patent, whether known, unknown, disclosed, or undisclosed by Seller, and Buyer acknowledges and agrees that Seller or Furrow Auction Company has not made, does not make, and Seller hereby specifically disclaims any representations, warranties, promises, covenants, agreements, or guaranties of any kind or character whatsoever, whether expressed or implied, oral or written, past, present, or future, of, as to, concerning or with respect to (a) the habitability, merchantability, or fitness of a particular purpose of the Property or any part thereof; (b) the compliance of or by the Property or its operation with any laws, rules, ordinances, or regulations of any governmental authority or body having jurisdiction including, without limitation, all applicable zoning laws or other land use regulations including those, without limitation, permitting and certificates of occupancy; (c) the nature, quality, or condition of the Property, including, without limitation, water, soil, and geology, or the presence or absence of any pollutant, mold, lead-based paint, radon, hazardous or toxic substance or material, hazardous or solid waste, termites or other wood destroying organism or any other type of insects, underground or above ground storage tank system, or any other contamination or environmental condition on, in, under, or about the Property; (d) the suitability of the Property for any and all activities and uses which Buyer may intend to conduct thereon; € any income to be derived from the Property; (f) the marketability, merchantability, age, quality, state of repair, or fitness for a particular purpose of any items of personal Property that may or may not be located upon the Property, including,  without limitation, any HVAC, cooking, refrigerating, dishwashing, plumbing, or electrical apparatus or equipment boilers, engines, motors, generating equipment, piping or plumbing fixtures, underground or above ground storage tank systems, ventilating or vacuum cleaning systems, irrigation systems, fire alarms, fire extinguishing apparatus, security systems, telephone systems, telephone jacks, cable jacks, gas and electric fixtures, elevators, mantels, built-in mirrors, screens, storm sashes, awnings, carpeting, under padding or drapes, (g)  any personal property remaining after closing will be considered abandoned; or (H)  any other matter related to or concerning the Property or any items of personal property which may or may not be located thereon.  Buyer shall not seek recourse against Seller or Furrow Auction Company on account of any loss, cost, or expense suffered or incurred by Buyer with regard to any of the matters described in above and hereby assumes the risk of any adverse matters related to the matters described above from and after the date of closing.  In addition, and without limiting the foregoing, Seller specifically makes no representations as to the existence, suitability, or the working condition of, of any system including but not limited to electric, gas, water, (public or well), septic (public or private), cable, internet, or the status of any available permits or approvals related thereto.   Buyer hereby expressly waives any and all claims for damages or rescission of this contract due to any representations made by Seller or Furrow Auction Company, except such representations as may be contained in this contract. THE PROPERTY SHALL BE TRANSFERRED TO AND ACCEPTED BY THE BUYER IN AS-IS CONDITION WITH NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, OTHER THAN THOSE EXPRESSLY CONTAINED HEREIN AND FREE OF ANY AND ALL LIENS, ENCUMBRANCES, SECURITY AGREEMENTS OR OTHER FINANCING DEVICES, EXCEPT AS EXPRESSLY ALLOWED HEREIN. Seller and Agent each makes no representations or warranties of any kind as to the suitability of the Property for any purpose whatsoever or as to the physical condition thereof (including, without limitation, environmental condition) or otherwise. It is expected that Buyer will rely on its own inspection to determine the condition of the Property, and will not rely on any statement or representation of Seller, or Seller’s agents (including Agent), representatives or consultants with respect thereto. Buyer agrees to accept the Property without recourse against Seller of any kind under applicable laws and regulations. By acceptance of the deed to the Property, Buyer shall have released and waived any claim against or rights of contribution against Seller or Agent under any Environmental Law for environmental conditions at the Property that may exist as of the closing date and such release and waiver shall survive the closing and the transfer of title to the Real Property. For purposes hereof, “Environmental Laws” includes, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (42 U.S.C. § 9601, et. Seq.), the Hazardous Materials Transportation Act, as amended (49 U.S.C. § 108, et. Seq.), the Resource Conservation and Recovery Act, as amended (42. U.S.C. § 6901, et. Seq.), the Toxic Substances Control Act, as amended (15 U.S.C. § 2601, et seq.), the Clean Water Act, as amended (33 U.S.C. § 1251, et. Seq.), and/or any corresponding state law and the regulations, rules, ordinances, decisions, orders, or determinations of a judicial or governmental entity.”
11. Possession: Purchaser will receive possession at closing.
12. 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.
13. Age Requirement: All bidders must be 18 years of age or older.
14. Agency:
    1. Auctioneer/Broker: Furrow Auction Company is acting exclusively as the agent for the seller.

Click here to download the Real Estate Auction Terms

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[accordian title=”Property Documentation”]

REAL ESTATE AUCTION – SUBJECT TO COURT CONFIRMATION: COMMERCIAL DEVELOPMENT LOT

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Address: 109 Farlow Drive, Knoxville, TN 37934

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PROPERTY DOCUMENTATION

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• Aerial Image
• CA Zoning Regulations (Knox County)
• KGIS Property Details
• Plat of Record
• Property Report
• Rev. 1 Title Commitment (Farlow Dr)
• Tax Information
• Tax Map
• Title Commitment – Farlow – Revised
• Title Commitment Exception Documents – Farlow
• Utility Information
• Zoning Information
• Zoning Map

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[accordian title=”Utilities”]

REAL ESTATE AUCTION – SUBJECT TO COURT CONFIRMATION: COMMERCIAL DEVELOPMENT LOT

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Address: 109 Farlow Drive, Knoxville, TN 37934

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UTILITIES AVAILABLE

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• Electric: LCUB
• Water: First Utility District
• Sewer: First Utility District
• Gas: KUB

*Indicated utilities are available but may not be currently connected

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[accordian title=”Estimated Real Estate Taxes”]

REAL ESTATE AUCTION – SUBJECT TO COURT CONFIRMATION: COMMERCIAL DEVELOPMENT LOT

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Address: 109 Farlow Drive, Knoxville, TN 37934

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ESTIMATED REAL ESTATE TAXES

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• County Approximately: $1,164.30
  • Buyer is responsible for pro-rata share of current year property taxes
  • Back taxes (if applicable) will be paid by seller

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[accordian title=”Zoning”]

REAL ESTATE AUCTION – SUBJECT TO COURT CONFIRMATION: COMMERCIAL DEVELOPMENT LOT

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Address: 109 Farlow Drive, Knoxville, TN 37934

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ZONING

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• CA: General Business Zone (Knox County)

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[accordian title=”Directions”]

REAL ESTATE AUCTION – SUBJECT TO COURT CONFIRMATION: COMMERCIAL DEVELOPMENT LOT

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Address: 109 Farlow Drive, Knoxville, TN 37934

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DIRECTIONS

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• In West Knoxville from the intersection of Lovell Rd. & Kingston Pike, travel west on Kingston Pike approx. 0.18 miles. Turn left onto Farlow Dr. and travel approx. 0.10 miles to property on right.

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