ABSOLUTE REAL ESTATE AUCTION/ Sells Regardless of PRICE
Income Property/ High Traffic Count
Former Barber Shop, 2 Bedroom, 1Ba. Home. Billboard
673 Villa Street, Elgin,IL
Thursday June 25th, 6:00PM, On Site
Inspections, Tues.June 9th, 4pm-6pm, Thurs. June 11, 4pm-6pm, or by appointment
For a copy of the Deed, Tax Bill and Sales Contract, click here
Terms and conditions of bidding:
REAL ESTATE AUCTION TERMS AND CONDITIONS
The real estate will be sold as described at auction to the highest bidder. The property is being sold in “AS IS, WHERE IS CONDITION”. Only properly registered bidders will be eligible to bid at the Auction.
It is the bidders’ responsibility to inspect the property and to perform their own due diligence. The seller and auctioneer assume that bidders have inspected the property and performed their own due diligence prior to bidding, and that each high bidder is acquiring the property based solely on their own independent investigations and inspections and not in reliance on any information provided by seller, auctioneer, any of their employees officers, directors, agents or contractors, subagents or subcontractors.
It is also understood that neither the seller nor auctioneer have made any agreement to alter, repair or improve the property and it sells “as is, where is”, with no warranties or representations whatsoever, expressed or implied, including, without limitation, as to condition, fitness for any particular purpose or merchantability, compliance with government laws, ordinances or regulations. Although information provided herein and in amended/supplemental materials has been obtained from sources deemed reliable, information has not been independently verified by the auctioneer.
The seller and auctioneer, their representatives, agents, or subagents, assume no liability for errors or omissions in this property listing in advertising, promotional or publicity statements and material. The auctioneer, their representatives, agents, or subagents, make no guarantee as to the accuracy of the information herein contained or in any other property listings in advertising, promotional or publicity statements and material. Neither the seller nor the auctioneer has any obligation to update this information. Neither auctioneer, their agents or subagents, assume any liability whatsoever for any oral or written representation, warranties or agreements relating to the real estate (including information appearing in any brochure or announcements at the time of auction) except as expressly set forth in the auction real estate purchase contract.
Announcements made at the beginning of the auction event take precedence over all other printed material, advertising, promotional/publicity statements, offering statements (as amended and supplemented) and auction marketing materials.
Terms: Open, oral bidding. The highest bidder on the property will be required to sign a Real Estate Sales Contract and tender earnest money inclusive of initial earnest money deposit equal to 10% of the sales price at the conclusion of the bidding.
Each bidder will be required to have a bid number. These numbers will be available only to those with evidence of required earnest money funds. (Cash, Cashier’s or Certified Check in the amount of $3000.00).
Broker Participation: A commission of (1½%) one and one and a half percent of the final bid price will be paid to any licensed Real Estate Broker whose prospect successfully closes on the property.
High Bidder Requirements
Immediately upon close of bidding for the real estate, the high bidder shall be required to (i) execute a buyer acknowledgement of purchase agreement indicating the high bid amount, total purchase price with bidder identification and (ii) after final purchase(s) have been made, tender the required deposit made payable to Auction Consultants, Inc. Failure to do so shall give seller and auctioneer the right to nullify such bid and reopen the bidding on said property. Phone bidders will be required to submit a buyer deposit or bank letter of guarantee prior to bidding. Said deposit will be refunded within 72 hours if the high bid by phone is not the winning bid.
At the auction, the high bidder to whom the property has been declared “sold” shall be required to immediately sign the applicable auction real estate purchase contracts. If the high bidder to whom a property has been declared “sold” fails to perform as agreed to in the terms and conditions of this auction, any deposit shall be forfeited to seller and auctioneer by the high bidder as liquidated damages and seller may resell the property free and clear of any claims by such high bidder.
A deposit of 10% of the contract price, computed by adding the buyers premium to the highest accepted bid, must be made at the conclusion of the auction and upon signing of the real estate purchase agreements. Such deposit shall be held in auction escrow account until the time of closing.
A buyers premium of 7% of the high bid will be added to the accepted high bid to determine the total contract purchase price of the real estate.
The successful bidder must sign applicable purchase contracts immediately upon close of bidding on the purchased property. The closing shall occur within 30 days of signing the purchase contract, or all deposited money will be forfeited, unless otherwise agreed upon in writing by seller and auctioneer. Place of closing shall be determined by seller.
Possession of the property shall be granted to purchaser at conclusion of closing unless agreed otherwise in writing by seller.
This property will be conveyed by a cash deed free and clear of all liens and encumbrances. All title related expenses including title insurance, title search and title recording fees shall be split equally between buyer and seller.
All real estate taxes and special assessments of whatever nature payable during the year in which this transaction is finally consummated shall be prorated between the parties as of the closing of the transaction, provided that seller shall have no liability for taxes which may be assessed as a result of purchaser’s use or change in classification of the property.
By my(our) signature(s) below, we acknowledge that we have read and agree to these terms and conditions of this real estate auction in their entirety and we acknowledge that we have received a copy of same.