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902 Stoneway Dr., Lebanon TN Real Estate Auction

April 28

CHARMING RANCHER IN THE HEART OF LEBANON, TENNESSEE

Crown Harbor Luxury Lot Auction

Situated In the heart of Lebanon, TN this 3+BD, 2BA, 2,466+/- sq ft., charming brick rancher sits on a .62+/- acre lot and is located in an established and desirable neighborhood minutes from the popular Lebanon Square, and a short distance to the James E Ward Event Center which holds Tennessee’s largest fair at the Wilson County State Fair Grounds and less than 45 minutes from Nashville.

This ranch style homes interior hosts spacious oversized rooms, hardwood floors throughout the living room, dining area, den, and bedrooms. An open and inviting kitchen with a large island and the kitchen sink has a window overlooking the backyard. A Jack and Jill bathroom connects two of the spacious bedrooms. The main bathroom has a jacuzzi tub with shower. The attached garage space has a separate walkout entry and has been converted into an entertainment room which could also be used as an additional bedroom, office, or has the potential to be converted to a small apartment.

This home has a whole house water filtration and softener system. Approx. 2 years ago the owners installed a new roof, gutters, and solar fan was placed on the roof of the house and the garage. Approx. 5 years ago the owners installed radiant barrier attic insulation. The HVAC was installed approx. 10 years ago and all the ductwork was cleaned. Additionally, the owners also updated the electrical and plumbing.

Step outside to the covered patio which was installed approx. 1 year ago and enjoy a nice cool breeze from the two remote controlled fans. Relax and enjoy your new backyard on this private, level, oversized, fenced lot with mature trees and plenty of space available for a garden, pool, or other outdoor activities. Sorry the pool pictured doesn’t stay with the home but as you can see it’s the perfect space to establish your own backyard oasis.

The backyard also features a large detached 24x28ft garage which has plenty of space for a vehicle and a workshop or craftsman area with an upper level storage loft. Or perhaps convert this space to a mini home.

This house holds all of the potential for you to make it your own and craft into your perfect home.

PUBLIC ONLINE ONLY AUCTION. Thursday April 28, 2022 @ 7pm CT. Contact auction agent Paige Holt for additional details. 423.702.6287
Realtors welcome, broker participation offered.

OPEN HOUSE
Sunday April 24th – 1:00-4:00pm Central

VIDEO TOUR

PROPERTY INFORMATION PACKET LINK:

Brokers we welcome you and your client’s participation in the auction. Below is a guide to assist you in providing the service and conditions required by Compass to be eligible for the Broker Participation commission.

Brokers Please Note All Details Below.

  • Broker Participation Form must be completed using the Compass Auctions participation form.
  • Broker Participation is available: 3%
  • Form MUST be submitted by stated deadling. Attach the Buyer Representation Agreement to the form.
  • Brokers this form is to entitle you for the commission offered. This constitutes and offer by your client.
  • Clients MUST complete all steps of the auction bidder registration.
  • Realtors should not register and bid on behalf of their clients without a Power of Attorney stating they have the legal right, power and agreement to do so. The registered auction bidder is the party financially responsible for closing on the property.
  • Your clients are required to enter their highest and best/offer bids indicated on this form and enter that amount in the max bid section of the auction.
  • Realtors you are paid up to or on the offer amount entered by your client on this form. They should enter their top offer amount.
  • This does not prohibit bidders from increasing their bids during the auction. 

DEADLINE: Wednesday, April 27, 2022 @ 3:00pm CT.

**Forms received after this date and time will not be eligible for the broker commission **

We highly recommend that you (broker) submit the participation form and have your client complete the auction registration and deposit 72 hours in advance of the auction to ensure bidder approval.

Bidder approvals are completed during normal business hours M-F 8am-5pm ET.

The offer amount indicated on this form is required to be entered into the max bid section of the auction by your client. If your clients do not enter the offer/bid amount into the online bidding system, agents will not be eligible for commission.

Compass Auctions & Real Estate reserve the right to enter clients information and bid amount stated on this form as an absentee bid as this form constitutes an offer on the property. 

Need Assistance: 800.729.6466 or realestate@soldoncompass.com

Compass office hours: M-F 8am-5pm ET

Brokers: There is a 10% buyers premium for this auction. The successful bidder will be expected to present $5,000.00 earnest money deposit within 24 hours of the auction. A contract will be sent following the auction to the seller for e-signature. Should you have any questions please contact us. We look forward to working with you.

FAQ’s

  1. CONTINGENCIES
    1. Properties are NOT contingent upon appraisals, inspections, financing or for any reason whatsoever.
  2. INSPECTIONS
    1. Inspections of the properties may be allowed and will require prior approval. If allowed, Inspections should be completed prior to the auction. ALL properties sell AS IS and are not contingent on the outcome of any inspection.
  3. FINANCING
    1. Bidders should have their financial arrangements in order prior to placing a bid. Bidders may pay with cash or conventional financing. However, the high bidder must close within the time indicated on the purchase and sale agreement auction contract. Property is not contingent upon financing. Bidders without the ability to close on the property will forfeit the earnest money deposit.
  4. EARNEST MONEY DEPOSIT
    1. Is required to be submitted by bank wire or certified funds within the timeframe indicated in the auction. Generally, within 24-48 hours following the auction.
  5. PROOF OF FUNDS
    1. Required within 24 hours following the auction.
  6. CLOSING
    1. Closing requirements will be indicated in the terms and conditions section of the auction.

 

What Are The Steps To Register

We highly recommend that you complete all necessary bidding registration requirements 48 hours prior to the auction to ensure that you are approved to bid.

BIDDER/BUYER REGISTRATION STEPS:
You can also view the tutorial below this section for assistance.

  1. Click the online bidder registration link.
  2. Complete the registration requirements in the online bidding platform.
  3. Bidders will be placed in pending status until the auction office verifies bidder information and approves bidder to bid.
  4. Bidder approval is verified Monday – Friday 8am-5pm EST or during active auctions only.

BROKERS:

  1. Submit the Compass broker participation agreement. (This agreement must be completed prior to the deadline to be eligible for the broker commission)
    Broker Participation Form
  2. The broker participation form does NOT register your client to bid.
  3. Ensure that your client completes the auction registration and submits the bidder deposit (if required).
  4. Brokers should not register and bid on behalf of their clients without a Power of Attorney stating they have the legal right, power and agreement to do so. The registered auction bidder is the party financially responsible for closing on the property.

All links and documents can be found in the Tabbed section above.

We highly recommend that registration for buyers and for brokers be completed at least 48 hours in advance of the auction to ensure buyer approvals are processed.

For an instructional guide on completing the online bidding registration here is a brief video explaining the steps.

Bidder Deposit

Bidder Deposit: A $500.00 temporary hold is automatically placed on the bidders credit card used during registration.
Deposits may also be submitted by bank wire or certified funds.

Bidder deposits are fully refundable to all Non-Winning Bidders

Broker Participation

We welcome broker participation.

There area few steps that brokers will need to complete in order to earn a participation percentage.

Brokers will need to complete a Compass broker participation form 24 hours prior to the date of auction or as indicated in the terms of the auction deadline. 

**Deadline for submitting broker participation agreement is stated in the broker participation area of the tabbed information section above which includes the required form. 

  1. Have your clients complete the online bidding registration steps and submit the bidder deposit.
  2. Complete broker participation form and attach your buyer representation agreement.
  3. Forms submitted after the deadline will not be eligible for the buyer broker commission.
  4. Brokers should not register and bid on behalf of their clients without a Power of Attorney stating they have the legal right, power and agreement to do so. The registered auction bidder is the party financially responsible for closing on the property.
  5. Brokers are paid on the bid amount submitted on the broker participation form. We encourage your client to submit their highest and best offers on this form this is the amount that brokers are compensated on.
  6. Please carefully read all the information located on the broker participation form.  
Financing

Question: Not contingent on financing. What does this mean?

Answer: Buyers need to have their financing in place with a letter of approval from their lender or cash and bank statement showing their ability to close.

When not contingent on financing a buyer is expected to be financially capable of closing on the property within the established closing date. Should a buyer not have the funds to close they would risk losing their earnest money deposit. Additionally, bidding in the auction constitutes an offer and acceptance of the bid becomes a contractual duty which may have legal implications.

Buyers are free to seek their financing any way they choose from whatever institution or organization they decide.

The sale of the real estate is not contingent on any type of buyers financal approval, appraisals or inspections. Buyers need to be prepared and feel confident in their ability to bid and close as expected and stated in the terms and conditions.

The process is generally the same as if you entered into a traditional offer and contract scenario which would have the same expectations.

Inspection

Question: Not contingent on inspection. What does this mean?

In short the home is sold “As Is”.

A buyer can certainly hire a professional inspector to perform an inspection. This is done prior to the auction so that a buyer who has any question can feel confident in their bidding. Many buyers decide whether they want to have a professional inspection which is at the buyers expense. Even if a buyer pays to have an inspection performed this in no way guarantees that they will be the winning bidder on the property so each individual has to determine if they want to incur this expense.

Inspections can also be performed after the auction, however, there will be no negotiation of price and the sale is not contingent on the outcome of an inspection and in no way voids the contract. The final hammer price and buyers premium will be the contract price.

Not all properties allow for an inspection depending on the sellers directive ex: foreclosure, confiscated properties, tax sale, government owned etc.

If an inspection is available and you would like to have an inspection performed prior to auction contact us to determine if a scheduled time is available for your inspector

800.729.6466 or realestate@soldoncompass.com

Buyers Premium

Question: What is a buyers premium?

The buyer premium is the percentage or amount that will be added to the final hammer price to form the full contracted amount.

Example: 10% buyers premium

Real Estate hammer price: $100,000.00
Buyers Premium: 10%
Final Contract Price = $110,000.00

The final contract price will be the sale price of the real estate and what the buyer will pay for the property.

Earnest Money Deposit

If you are the winning bidder an earnest money deposit as stated in the terms and conditions of the auction is required within 24 hours from the close of the auction. 

Earnest Money can be paid via bank wire or certified funds. 

The earnest money deposit will be held in an escrow account and applied toward the final closing cost. 

Buyer Contract

Buyer will be contacted following the auction in order to obtain all pertinent information for the purchase agreement. This contract will be sent via e-signature software. 

How Do I Prepare For This Auction

Check out the topics in the FAQ section of the website for information that will help guide you through the registration and bidding process.

For those individuals who have never participated in auction we want to make you feel comfortable and assist you in every way possible.

The first lot in every auction is a test bidding lot that allows you to test drive the system so that you become familiar with the way it all works. All bids in the test bidding lot will be deleted. 

If at anytime you have questions please feel free to contact our office.

Monday – Friday 8am-5pm EST.
800.729.6466
Email – info@soldoncompass.com

It’s our pleasure to assist you!

Why Choose To Sell At Auction?

Why would someone choose to sell real estate at auction?

  1. Answer:
    The finest assets in the world are most ofter sold using the auction method.
  2. Auction provides the most transparent method. Bidders can see at anytime what the bid amount is and choose if they want to bid more.
  3. Allows for competitive bidding. In such a competitive real estate market buyers have become frustrated because they are unable to secure their dream home even when offering well above the asking price.
    The auction method allows for buyers to compete for their dream home.
  4. In a traditional listing a seller can only counter 1 buyer offer. In an auction each buyer has the ability to up their bid in an effort to be the winning bidder for the real estate.
  5. Buyer must have their funds secured prior to bidding in the auction. The sale of the property is not contingent on buyer financing.
  6. The property sales as is. Buyers have the opportunity to inspect the property prior to auction and have a professional inspection done, however, the sale of the property is not contingent on inspection and is a true as is sale. So the seller does not have the hassle of back and forth negotiation.
  7. The seller has more control over the buyer viewing process and reduces the disruption in their day to day lives. They know when the open houses are and can schedule their day.
  8. Seller knows the exact day and time that their property will sale.
Top Common Myths About Real Estate Auctions

MYTH: The property must be distressed.
FACT: Absolutely incorrect. Many people have the notion that if a property is selling at auction that it must have been distressed in some manner. When in fact auction is fast becoming a highly preferred method of selling real estate. Afterall, some of the most desirable assets in the world are sold using the auction method. Why should real estate be any different? The auction method is used for selling many types of real estate many sellers are discovering that the auction method provides less hassle, less carrying costs, there are no expensive updates and often costs them far less in sellers fees, less holding and carrying cost, is more transparent and allows for competitive bidding to take place, especially during an aggressive real estate market when buyers must compete to purchase the property they desire. Sellers have more control over the entire process and are better able to plan for their future.

Key points:

  1. Sellers have more control.
  2. Less disruption in their daily lives
  3. Know the exact day their property will sell.
  4. Competitive bidding allows for property to sell at top dollar. There is no ceiling to the value a property can achieve.
  5. Bidders must have their finances in order prior to bidding.
  6. Truly sales As Is. There are no contingencies.
  7. Eliminates stressful back and forth negotiation which equals less hassle for the seller.
  8. Process is truly transparent and allows for bidders to compete openly.

MYTH: Buying a property at auction means I can’t view or inspect it.
FACT: We actually encourage buyers to view and inspect the property. In most cases buyers can attend open houses, schedule special showings, hire professional inspection services etc. There are some cases that this isn’t available for example legal conditions that limit this option. As we have all experienced potential restrictions on physically viewing the property due to COVID. In circumstances such as this we try to offer virtual experiences, images, videos, and virtual tours. Providing alternative resources for buyers to view and obtain information about the property.

MYTH: Fear that property will sell for $1. or sellers have to sell regardless of price.
FACT: Ask yourself, when was the last time that you heard of a desirable property selling for a dollar? In real life you probably have never experienced this scenario. When in fact the initial auction decision process closely resembles the steps in a traditional sale process. A professional auctioneer will meet with a seller and perform many of the same steps that would be done when selling traditionally. Many auctioneers are also licensed real estate brokers and will use a competitive market analysis to assist the seller in setting a realistic market goal and arriving a sellers reserve price. This approach is called a reserve auction. In a reserve auction the seller has the ability to set a reserve price at which they will accept, the price is set before the auction.
In an absolute auction the seller agrees to sale the property for the last and highest bid. Another words this property is absolutely going to sale. Sellers will choose this option for many reasons. Generally, an absolute auction when properly marketed by a professional auction company will realize the highest bid price, simply because bidders know that the property is going to be sold for the final bid. Competitive bidding for these properties is usually fierce as buyers, investors, and entities go all in to be the winning bidder.

MYTH: Selling real estate at auction is the last resort.
FACT: False. Record prices are set on a regular occurrence using the auction method. Art, collectibles, automobiles, coins, and jewelry are just a few examples of how utilizing the auction method achieves the highest and best price often setting the market standard. In fact, real estate transactions can achieve much higher prices at auction than through the traditional sales approach. The auction method implements true competitive bidding and the most transparent way for buyers to compete for the property. Even the traditional sales method offered today by some brokers ask for highest and best offers, but they seller can only counter 1 offer out of multiples. The auction approach allows for all offers to be countered immediately to everyone.

MYTH: Auctioneers compete against traditional real estate brokers.
FACT: Real estate auctioneers are strong advocates for working with brokers and their clients. Working together brings a new level of service to a brokers toolkit that they can offer to their clients. Agents work with clients everyday that would be a perfect fit for an auction scenario and utilizing a professional company to offer the benefits of the auction method can be hugely successful for everyone involved. Afterall, we are all working in the best interest of our clients in order to obtain the best results possible. Our real estate auction program can offer agents the ability to charge their clients less commission but still make a full commission for both the selling broker and buyers broker. Brokers, have a client that would be a great fit. Lets talk: 800.729.6466 or realestate@soldoncompass.com.

The auction method offers sellers a great option for selling their real estate and allows buyers to have a fair and transparent method of buying real estate.

Much of these myths and others originated during the great depression and times of severe economic crises. Many of these myths and notions are relics of the past. The auction method within the industry today is thriving and has evolved into an exceptional model for real estate transactions.

Ready To Sell And Need More Information?

Contact Us:
800.729.6466 | Main Office
423.702.6180  | Chattanooga Local

Images

TAL#6586

Contact Representative
REALTOR – AUCTIONEER
PAIGE HOLT
423.702.6287
Email
Do you have real estate that you are considering selling?
Curious about using the auction method to utilize competitive bidding for your property?
Chat with Paige about how auctions can work for you.

Details

Date:
April 28
Auctions Categories:
,

Auction Team

Compass Auctions
Phone:
(800) 729-6466
Email:
info@soldoncompass.com
View Auction Team Website

Location

3114 Freeman Ave
Chattanooga, TN 37406 United States
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Phone:
800-729-6466
View Location Website