Going Once… Going Twice… Crye-Leike Auctions Puts Bright Idea House on Auction Block
Memphis, Tenn. – The Bright Idea House, a designer showcase home in Midtown Memphis, will be sold to the highest bidder by auction on Saturday, August 24, 2002 at 10:30 a.m., with proceeds to benefit the Women’s Foundation for a Greater Memphis, a local organization that raises money for grants to help women and children reach economic self-sufficiency.
The auction will be conducted by master auctioneer Landis O. Foy of Crye-Leike Auctions as an absolute auction with no minimum sales price or reserve. With an absolute auction, the property is sold to the highest bidder, regardless of the price.
“If the house sells for a nickel or $ 1 million, it will sell on Sat., August 24 at 10:30 a.m.,” says Foy. “Someone will own the property soon after 10:30 a.m.”
Crye-Leike Auctions will conduct the auction on the front lawn of The Bright Idea House, located at 62 S. Cox Street, directly behind Crye-Leike’s Midtown branch office at Union Avenue. The official inspection time is from 9 a.m. to 10:30 a.m. on auction day. The public has been able to tour the house for the past eight weeks as a designer showcase home.
The Bright Idea House was a joint public service effort between Southern Home Designs Magazine, Crye-Leike, Realtors and its custom contracting division, the American Society of Interior Designers, Memphis Radio Group and WMC-TV Channel 5, benefiting the Women’s Foundation for a Greater Memphis.
The home was owned by Realtors Harold Crye and Dick Leike of Crye-Leike, Realtors, and donated to the cause.
The house is the handiwork of local interior designers, contractors, suppliers and workers who volunteered their time, talents and products to transform the dilapidated, century-old duplex into a dream residence.
The house is approximately 1,750 square feet, with two bedrooms, two bathrooms, a kitchen and living room. It will be sold without the decorators’ contents. The exterior boasts new windows, roof and siding. The interior has all new sheet rock walls and ceilings, new and refinished hardwood floors, new millwork throughout, and newly painted walls and ceilings. The heating and air conditioning systems, electrical wiring, plumbing and piping were all newly installed.
If you are serious about bidding on this property, Foy recommends taking the following steps to be prepared auction day so you are in a ‘ready’ position to seize this good real estate deal,” he says.
– Get approved for a mortgage. The first thing you want to do is make sure your lending source will be willing to lend you the amount of money you will want to buy the property for at auction. You don’t want to wait until after you make the winning bid to obtain approval for a mortgage loan.
“On auction day, bidders must be absolutely certain they can arrange for the funds because the auction is for cash, 25 percent down on auction day with the balance due in two weeks with no loan contingencies,” says Foy.
- Set up an inspection. Visit the house ahead of auction day and arrange for an inspection. Hire someone to inspect the property. You can ask the auctioneer to allow an inspector onto the premises days or weeks before the auction.
- “Experts agree that you shouldn’t skip this step,” says Foy. “It bears repeating that you buy a property at auction ‘as is’, defects and all, and it is up to you to detect problems before you bid.”
- – Decide on your maximum bid. If you come to a real estate auction with a maximum figure in your head and you know not to spend any more than that figure, you can be safe.
- “You just don’t want to be caught up in the excitement and overbid your limits,” says Foy. “You won’t bid more than the market value since that value is established on auction day between the bidding participants, but you may bid more than your intended maximum without your predetermined price.”
- Crye-Leike Auction Services describes items bidders should pay particular attention to when at The Bright Idea House Action:
- – Before The Bright Idea House is sold, you can expect the auctioneer to describe the property, note the terms and conditions of the sale and specify that the high bidder gets the title free and clear. A lot survey and current title certificate will be available on auction day for all to peruse before the auction. Then, the bidding begins.
- – When you make the winning bid, you have to meet the seller’s conditions:
- You have to pay a deposit (the same as earnest money.) The deposit for purchasing The Bright Idea House at this auction is 25 percent of the highest bid. The seller is to close the sale within 14 days.
The day of The Bright Idea House Auction, Crye-Leike Auctions also suggest taking note of these important steps to participate in the auction:
– When you arrive at an auction site, read the rules printed or displayed on posters, brochures or handouts.
- Ask questions if you do not understand a policy. Inspect the property one last time.
- – In order to bid at an auction, you need to make contact with the auctioneer. To bid, hold up your hand. The auctioneer will make eye contact with you, take your bid and immediately turn and seek another bid.
- According to historical fire books, The Bright Idea House was built in 1907 by a prominent attorney named William Henry Borsje, who died in 1938. Borsje left the home to his wife, who, according to her newspaper obituary just nine years ago, was the first female Realtor in Memphis.
- To learn more details about The Bright Idea House, including a picture of the home and a plat of the property, visit Crye-Leike Auctions’ Web site at www.crye-leike.com. That specific Web address is: http://www.crye-leike.com/auctions/020824b.php. For further information, contact auctioneer Landis O. Foy Jr. of Crye-Leike Auctions at 662/895-8300 or 901/521-9736.
- Crye-Leike Custom Contracting served as the general contractor by orchestrating and supervising the building process, including hiring numerous subcontractors and purchasing all materials throughout the construction process. Crye-Leike Custom Contracting is a division of Crye-Leike, Realtors that specializes in building new homes and renovating existing homes in the Greater Memphis area.
- Crye-Leike Auctions, also a division of Crye-Leike, sells all types of real estate, including residential, commercial, industrial and agricultural, in Tennessee and Mississippi, with the potential to sell in many other states upon request.
- Crye-Leike, a full service real estate company for 25 years, is the nation’s 13th largest real estate company and the largest serving Tennessee and the Mid-South.