Sealed Bid Auction - Bank Owned Prime Commercial/Hotel Site
Biloxi, MS

Sold at Auction Bids Due Tuesday, October 20, 3:00 P.M. CDT
 
 
 
 
SEALED BID AUCTION
BIDS DUE
TUESDAY, OCTOBER 20, 3:00 P.M. CDT
 

 

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These auctions represent an excellent opportunity to purchase some outstanding bank owned properties. We work with many banks across the country and the opportunities to purchase properties such as these have gotten very slim. The bank that owns these properties is ready to move them off the books and into the hands of a new owner.
 

4301 Aerial

4301

4301

 
PROPERTY 4301
8.34± ACRES - EXTRAORDINARY OCEAN VIEW
COMMERCIAL/HOTEL SITE

 
LOCATION:
 
2400 Beach Boulevard, Biloix, Harrison County, MS 39531

TAX ID:

1110O-01-001.000 & 1110J-02-015.000

 
This extraordinary property overlooks the Gulf of Mexico, joins the Mississippi Coast Coliseum and Convention Center and fronts on Biloxi’s Beach Boulevard. Being just across the street from the beach, City of Biloxi Coliseum Pier and beach pavilion the property offers some amazing views and conveniences. With frontage on Highway 90 (Beach Boulevard), Oakmont Place and Coliseum the property has excellent ingress and egress. It’s zoned Community Business District and offers the ability to use it for a wide array of uses. This sealed bid auction is your chance to acquire one of Biloxi’s most incredible sites.
 

AUCTION TERMS & CONDITIONS


Auction Format and Bid Deadline: To bid in this auction your written offer must be received by Tuesday, October 20, 2015, 3:00 P.M. CDT. Offers must be submitted in the form of a fully completed and signed Purchase and Sale Agreement as provided by John Dixon & Associates in this information package. Offers may be faxed to 770.425.4413, USPS, hand or overnight delivery to: Sealed Bid Auction #4301, c/o John Dixon & Associates, 200 Cobb Parkway North, Suite 120, Marietta, Georgia 30062, or emailed to Buddy Lee at buddy@johndixon.com.

Initial Bid Deposit: All bidders must submit an Initial Bid Deposit of $25,000.00 per property in the form of a certified bank check, cashier’s check made payable to John Dixon & Associates OR a wire transfer. Checks must be delivered to John Dixon & Associates, 200 Cobb Parkway North, Suite 120, Marietta, Georgia 30062. For wiring instructions, please contact K.J. Otis, Chief Financial & Administrative Officer, kj@johndixon.com, 800.479.1763. The Initial Bid Deposit must be on hand or on deposit by the bid deadline. Certified or cashier checks will only be deposited when the bid is accepted. The Initial Bid Deposit for all unsuccessful bids will be remitted by Tuesday, October 27, 2015, 5 P.M. EDT or as agreed otherwise.

Bid Opening: Conduction of the bid opening shall be at the direction of the Broker and all bids will be opened at John Dixon & Associates – Main Office, 200 Cobb Parkway North, Suite 120, Marietta, GA 30062 at 3:30 P.M. CDT on Tuesday, October 20, 2015.

Bid Consideration, Acceptance and Notification: All bids are subject to Seller acceptance on or before Monday, October 26, 2015, 5 P.M. CDT. All bids are irrevocable during the bid consideration period until Monday, October 26, 2015, 5 P.M. CDT. Seller reserves the right in its sole and absolute discretion to accept, reject, waive any technical or formal defect, counter offer or request a best and final offer on any bids received. In the event Seller elects to request a best and final offer on any bids received, the offerors will be notified immediately. Best and final offers (if applicable) will be due back in the same fashion as previously stated within 48 hours after notice from Seller that a best and final offer is being solicited pursuant to the terms of the sale. BEST AND FINAL BIDS ONLY ALLOW BIDDERS TO RAISE THEIR BIDS BY EXECUTING A PRICE AMENDMENT TO THEIR BID. IT DOES NOT CANCEL THEIR ORIGINAL BID. Any bid submitted after the deadline or contrary to these terms and conditions may be rejected. Seller will sign and execute a completed Purchase and Sale Agreement upon acceptance of bid. Winning bidder will be notified by Monday, October 26, 2015, 5 P.M. CDT via fax or email.

Earnest Money Deposits: If a bid is accepted a total earnest money deposit of 15 of the Total Purchase Price is due within two (2) business days upon being notified of bid acceptance. The Initial Bid Deposit will be applied and the winning bidder will be required to electronically transfer sufficient additional earnest money to equal 15% of the Total Purchase Price. This additional funds transfer is part of the Total Earnest Money and is calculated at 15% of the Total Purchase Price less the $25,000.00 Initial Bid Deposit. Earnest money is non-refundable for any reason unless Seller defaults as provided in the Purchase and Sale Agreement. The total earnest money deposited will be applied towards the Purchase Price.

Due Diligence Period: Offer shall NOT be contingent upon a due diligence period. Any and all due diligence, inspections or other necessary discovery time shall be done prior to submission of the offer and Purchase and Sale Agreement.

Financing: Offer must be in the form of all cash due to the Seller at closing. Financing is NOT a contingency of this sale. Therefore, it is strongly recommended that all potential bidders make certain in advance that they are able to obtain necessary financing to close the transaction. If a Purchaser cannot obtain financing on the property because Purchaser cannot fulfill the terms or does not qualify, then the Purchaser can either close for cash within the contractual period or forfeit Purchaser’s total earnest money deposit.

Closing Date: Closing is to occur on or before Friday, November 20, 2015.

Closing Attorney: The closings will be conducted by Michael B. McDermott with Page, Mannino, Peresich & McDermott, PLLC, Biloxi, MS (228.374.2100). Purchaser will pay all closing cost, including, but not limited to, deed preparation and attorney’s fees to prepare such deed, recording fees, title examination, transfer tax and purchaser’s legal fees. Taxes will be prorated as of the date of closing. Title insurance will be available at purchaser’s expense. For questions regarding closings or contracts, contact Shelly Todd, Closing Coordinator at 770.425.1141 or shelly@johndixon.com.

Possession: Upon closing with delivery of deed.

Survey: Purchaser shall pay cost of survey, if Purchaser desires to have one completed. All areas and distances shown in this property information package or other materials are approximate and subject to completion of an actual field survey. The purchase price of the property is calculated in dollars and shall NOT be adjusted up or down based on a final surveyed acreage

Conditions and Property Inspection: The sale consists of real estate only. The property is being sold "AS IS, WHERE IS, WITH ALL FAULTS". Neither the Seller nor Broker/Auctioneer make any representations nor warranties, oral or written, expressed or implied, with respect to the condition of the property not specifically set forth in the Purchase and Sale Agreement. All prospective bidders are strongly encouraged to make a complete inspection of the property prior to bidding and carefully review the Sealed Bid Package and all other information and documents with their attorney or other professional counsel. Prospective bidders and/or their representatives assume all expenses, risk and responsibility associated with the inspection of the property.

Agency: John Dixon & Associates, Keith W. Babb (Broker/Auctioneer) and its employees, representatives and agents are acting as exclusively as agent for the seller.

Broker Participation: A 2% commission of the high bid will be paid to any qualified licensed Mississippi real estate broker whose prospect is the successful bidder at the auction and closes on the property. To qualify for a commission, the broker must first register the prospect by email or fax the prospect’s name and address on John Dixon & Associates’ broker registration form. The registration must include the signature of the prospective purchaser, the signature of the broker and the broker’s real estate license number. The registration must be received at 200 Cobb Parkway North, Suite 120, Marietta, GA 30062-3585, Attention: Shelly Todd at shelly@johndixon.com, no later than Tuesday, October 20, 3:00 P.M. CDT or at the time the offer is submitted, whichever comes first. Broker registration may also be faxed to 770.425.4413 UNDER NO CIRCUMSTANCES WILL BROKER REGISTRATION BE ALLOWED AFTER THE TUESDAY, OCTOBER 20, 3:00 P.M. CDT. Commissions will be paid only if the property closes. A commission on a property will be paid only to the first broker registering a prospect.

Disclaimer: The information contained herein is subject to inspection and verification by all parties relying on it. No liability for its inaccuracy, errors or omissions is assumed by the Seller, Broker, Auctioneer or their respective agents. All information, square footage, dimensions and boundaries contained herein, on our website at johndixon.com, or any other materials, if any, are approximations. Property is subject to sale prior to bid deadline. This is not a solicitation or offering to residents of any state where this offering is prohibited by law and may be withdrawn or modified without notice at any time.

 
GAL: 2034, Keith W. Babb, Mississippi Real Estate Broker MSAL: 185
Accredited Auctioneer Real Estate aNAA Education Institute Auctioneers Association of North Carolina CCIM Institute Florida Auctioneers Association Georgia Auctioneers Association National Auctioneers Association Realtor.com
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