BANKRUPTCY REAL ESTATE AUCTION

ONLINE BIDDING ONLY

BIDDING BEGINS: Monday, July 10th at 9:00AM

BIDDING ENDS: Monday, July 31^st at 12:00PM

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Sold by the order of the United States Bankruptcy Court for the Eastern District of Tennessee at Greeneville – Case # 2:10-bk-53097-MPP

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6 Properties to be sold – 5 building lots & 1 partially completed home

Located in Sullivan and Washington Counties

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1. 203 Alta Tree Boulevard Johnson City, TN 37604

Washington County

Partially completed home

Interested parties should consult the Johnson City & Washington County buildings codes enforcement offices about current code violations  SEE ATTACHED ORDERS!!! The city of Johnson City has issued an “Order to Demolish” on this property – according to Lorena Bennett, Codes Enforcement Officer, the new owner may file a bill in Chancery Court for a temporary injunction until the court can hear and determine the issues raised and shall enter a final order.

(Important information bottom of page)

Located in the The Village at Beechwood Subdivision – Lot #2

Average tax appraisal of the homes located in the subdivision is $252,410.00

Located within the city limits of Johnson City

Approx. 2232 SF

Parcel/Tax ID: 053N D 018.00

Current Tax Appraisal: $123,600.00

Current Yearly Property Taxes: $1,313.19

Lot Size: 132.85 x 121.57 IRR

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2. 474 Grovemont Place Piney Flats, TN 37686

Sullivan County

Building lot located in the Allison Hills Subdivision – Phase 3, Section 1 – Lot #42

Average tax appraisal of the homes located in the subdivision is $261,445.00

Parcel/Tax ID: 109M C 002.00

Current Tax Appraisal: $32,500.00

Current Yearly Property Taxes: $209.25

Lot Size: 100 x 200 (Approx. 0.46 acre)

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3. 478 Grovemont Place Piney Flats, TN 37686

Sullivan County

Partial foundation, located in the Allison Hills Subdivision – Phase 3, Section 1 – Lot #43

Lot has a partially constructed foundation on it – interested parties should consult with engineer/architect and Sullivan County building codes enforcement for usability of current structure

Average tax appraisal of the homes located in the subdivision is $261,445.00

Parcel/Tax ID: 109M C 003.00

Current Tax Appraisal: $24,400.00

Current Yearly Property Taxes: $157.10

Lot Size: 100 x 200 (Approx. 0.46 acre)

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4. 490 Grovemont Place Piney Flats, TN 37686

Sullivan County

Building lot located in the Allison Hills Subdivision – Phase 3, Section 1 – Lot #103

Average tax appraisal of the homes located in the subdivision is $261,445.00

Parcel/Tax ID: 109M C 006.00

Current Tax Appraisal: $32,000.00

Current Yearly Property Taxes: $206.03

Lot Size: 25.11 x 495.08 IRR (Approx. 1.02 acres)

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5. 494 Grovemont Place Piney Flats, TN 37686

Sullivan County

Building lot located in the Allison Hills Subdivision – Phase 3, Section 1 – Lot #104

Average tax appraisal of the homes located in the subdivision is $261,445.00

Parcel/Tax ID: 109M C 007.00

Current Tax Appraisal: $36,000.00

Current Yearly Property Taxes: $231.79

Lot Size: 27.24 x 495.08 IRR (Approx. 1.18 acres)

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6. 498 Grovemont Place Piney Flats, TN 37686

Sullivan County

Building lot located in the Allison Hills Subdivision – Phase 3, Section 1 – Lot #46

Average tax appraisal of the homes located in the subdivision is $261,445.00

Parcel/Tax ID: 109M C 008.00

Current Tax Appraisal: $25,500.00

Current Yearly Property Taxes: $164.18

Lot Size: 142.43 x 437.21 IRR (Approx. 0.97 acre)

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BANKRUPTCY REAL ESTATE TERMS: The successful high bidder on this property will be required to sign the Real Estate Purchase Agreement immediately upon conclusion of the bidding and will make an earnest money deposit of ten percent (10%) of the total sales price. A ten percent (10%) buyer’s premium will be added to the high bid to establish the total sales price. Bankruptcy Sale is Subject to Court Approval. The balance is to be paid in full at deed closing within 20 (TWENTY) days, after Court Approval.  Mountain States Title Company to conduct the closing. Property to be transferred with a Trustees Deed ONLY. Seller will provide Trustees Deed ONLY. Title Opinion, Title Insurance, Document Recording & ALL CLOSING COST will be the Responsibility of the Buyer. Buyer is Responsible for ALL Property Taxes Current, Delinquent, fees & any penalties. Buyer is responsible for any and all liens.  No Extensions. Buyer is to obtain his/her own financing. The contract will not be contingent upon financing. All properties are sold “AS IS, WHERE IS and WITH ALL FAULTS” with no financing, inspection or other contingencies to sale. Auctioneer represents the seller only and does not inspect properties on Bidder’s behalf. All Measurements are from tax records and are approximate and not guaranteed. Buyer to verify ALL information to their satisfaction prior to bidding.

ONLINE REAL ESTATE TERMS: Thank you for participating in a Powell Auction & Realty, LLC Online Auction. It is important that you familiarize yourself with the Terms and Conditions of the Sale. If you do not agree with any of the terms and conditions stated, PLEASE DO NOT BID or you will be bound by those Terms and Conditions. Good luck and good bidding. Auctioneer/Employees without notice may withdraw, extend or rearrange any property, and or item at their sole discretion at any time and will not be liable for any computer, internet or website malfunctions. Bidding may extend, if bids are placed within the last minute, to prevent bid sniping. Payment must be made within 24 Hours after being contacted by Powell Auction & Realty, LLC. Powell Auction & Realty, LLC will have up to 7 DAYS to provide the Buyer with any documents to be signed after the auction has ended. All properties are sold “AS IS, WHERE IS and WITH ALL FAULTS” with no financing, inspection or other contingencies to sale. Auctioneer represents the seller only and does not inspect properties on Bidder’s behalf.