3 Commercial Properties and 3 Building Lots in Osceola, Arkansas (6)
All items closed
McLemore Auction Company, LLC will sell 6 Total Properties in Osceola, Arkansas at online auction. Following address locations are selling, 112 N Poplar (Building), 107 E Hale Street (Building), 109 E Hale Street (Building), 403 E Bard Ave, (Lot), 217 E Semmes Ave (Lot) and 211 Rear Semmes Ave (Lot). In Conjunction with Colbert Realty, Bruce Colbert, Arkansas PB00056170 (501) 884-6605. 10% buyer's premium applies.
Auction Manager:
Dwayne Smith
615-509-2428
dwayne@mclemoreauction.com
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Please make sure you have read the terms of this auction before bidding.
Bidding Starts: Monday, February 20, 2023 at 04:00:00 pm CT
Bidding Ends: Thursday, March 23, 2023 between 12:00:00 pm and 12:32:33 pm CT
See individual items for exact closing times.
Extended Bidding: i
Location: Osceola, AR 72370
Please make arrangements to meet an auction representative at the Property by contacting Dwayne Smith at 615-509-2428 or dwayne@mclemoreauction.com.
Buyer's Premium: There is a 10% Buyer's Premium in effect for this auction.
- Agreement of Purchase and Sale
Immediately following the close of the bidding, the high bidder will be required to enter into a Purchase and Sale Agreement in the form provided by the Auctioneer. - 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. - Absolute Auction - Applies to Lots 2-6 Only
The Property will sell to the highest bidder without reserve or minimum bid at absolute auction. The Seller is prohibited from bidding on the Property. - Reserve Auction - Applies to Lot 1 Only
Unless otherwise indicated, all lots in this auction are offered subject to a reserve, which is the confidential minimum price below which such lot will not be sold. Reserves are agreed upon between the Seller and Auctioneer and are not disclosed to any potential bidder. The Auctioneer reserves the right, in its sole and absolute discretion, to bid as agent for the Seller (and not for its own account) up to the amount of the reserve by placing successive or consecutive bids for a lot or by placing bids in response to other bidders. The Auctioneer is not required to disclose to any bidder when it is placing bids as agent for the Seller. The Auctioneer shall have no liability to any bidder for any exercise of Auctioneer's discretion as described herein. All final bid prices are subject to the Seller's acceptance or rejection. By placing any bid in this auction, all bidders acknowledge their understanding of and consent to these terms. - Soft Close Groups
Items in this auction have been placed in soft close groups. The above notwithstanding, if a bid is placed in the last 5 minutes remaining for any item in the soft close group, bidding for all items in the soft close group will remain open for an additional 5 minutes. - Auction Ending
Beginning at the stated closing time, the auction software will conclude bidding for 5 lots each minute in catalog order 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. - Payment and Closing
The Purchaser shall pay an amount equal to 15% of the total contract sales price to the Escrow Agent / Closing Attorney by 4:00 PM CT on the first business day following the conclusion of the auction. The Escrow Agent / Closing Attorney will only accept payment by wire transfer or cashier's check. The 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. - Escrow Agent / Closing Attorney
The purchase monies in respect of the property shall be paid to and deposited with Real Estate Transfer Service, 611 Chickasawba St, Blytheville, AR 72315 sandra@realestatetransferservices.com, (870) 763-9000. The Escrow Agent / Closing Attorney will schedule and conduct the real estate closing. - No New Survey
The Property shall be conveyed to the Purchaser according to the existing legal description. Neither the Auctioneer nor the Seller has ordered a survey of the Property. Neither the Auctioneer nor the Seller shall be obligated to order a survey of the Property. - Deed
Seller shall provide a general warranty deed. - Evidence of Title
Auctioneer shall post a preliminary title commitment 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 Escrow Agent / Closing Attorney at the Purchaser's sole cost and expense and subject to Seller and Purchaser complying with all requirements of the title company. Alternatively, the Purchaser may procure title insurance from a title insurance company of its choice, at its sole cost and expense. Auctioneer makes no representation or warranty that Seller will cooperate or furnish any information or documentation that may be required to induce any title insurance company to issue a policy of title insurance. - Real Estate Taxes and Assessments
Real estate taxes and assessments shall be pro-rated to the date of Closing. Closing Costs
- The Seller shall pay the following closing costs:
- Costs to search the title and prepare the title commitment;
- Costs to prepare the deed;
- 50% of the closing agent’s cost to close the sale; and
- Any legal counsel retained by Seller in connection with the conveyance of the Property.
The Purchaser shall pay the following costs:
- The cost of the standard owner’s ALTA title policy, if Purchaser chooses to have a title policy issued;
- Any special endorsements to the title policy;
- Any costs associated with title insurance issued in favor of Purchaser’s lenders, if any;
- All costs arising from or relating to any loan sought by Purchaser to finance the conveyance;
- 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;
- 50% of the closing agent’s cost to close the sale; and
- Any legal counsel retained by Purchaser in connection with the conveyance of the Property.
- The Seller shall pay the following closing costs:
- Cash Sale
This is a cash sale and is not contingent on Purchaser's ability to obtain financing. - Possession
The Purchaser will receive possession at closing, subject to the rights of parties in possession and existing leases, if any. null - As-Is, Where-Is Sale
The Purchaser shall accept the property in an as-is, where-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. The property is selling subject to anything an accurate survey or personal inspection of the property may reveal, including any existing rights-of-way, easements or claims to easements, encroachments, rights or claims of parties in possession, restrictive covenants and easements, flood zones, zoning or subdivision regulations, building codes, governmental agencies 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 thereof, before bidding. All information contained in the brochure and all promotional materials, including, but not limited to, square footages, acreage, dimensions, maps, taxes, etc., was 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. - Disclaimer
All due diligence is the bidder's responsibility. By placing any bid in this auction, you represent that you have conducted all due diligence you believe to be necessary or appropriate to enable you to make an informed decision about whether to bid on the Property. - No Personal Property
No personal property shall be conveyed to the Purchaser at Closing. - Agency Disclosure
McLemore Auction Company, LLC and its representatives are exclusive agents of the Seller and are agents of no other party to this transaction. - Miscellaneous
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. Auctioneer 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 and Interest Charge
The bidder agrees to pay all reasonable attorney fees and other costs incurred by McLemore Auction Company, 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 McLemore Auction Company, LLC. Any debt collection or dispute proceedings will be heard in the federal and state courts located in Davidson 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's fee. - Age Requirement
All bidders must be 18 years of age or older. - Bidder Information and Security
All registration information the bidder provides to McLemore Auction Company, LLC shall be current, complete, and accurate. All bidders are responsible for any bids placed under their bidding numbers and passwords. Bidders must notify McLemore Auction Company, LLC if they believe that their bidder number and password have been compromised. - Seller
Disco Cowgirl Holdings, LLC
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