Because Time is Always of the Essence

Because Time is Always of the Essence

109 E. Oakland Ave, Lansing, MI

by Sheridan Realty & Auction Co.

When

Jul 19, 2017 - Online bidding ends at 1pm Eastern

Where

109 E Oakland Ave
Lansing, MI 48906

How

Online Only Auction

Notes

Open House inspection Dates: Wednesday, July 5, 12-1pm, and Tuesday, July 18th 12-1pm

Doug Sheridan, sale manager

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Conducted By

Sheridan Realty & Auction Co.

740 S. Cedar St.
Mason, MI 48854


Mason, MI
517.676.9800

Owosso, MI
989.720.7355

http://www.sheridanauctionservice.com

Ending Time

Jul 19, 2017 1:00 AM

Auction Listing

built in 1909

1,440 SF

10 parking spaces in parking lot.

new blacktop parking lot in 2013. Previously rented $850/mo 1st floor, and $550/mo for the 2nd floor.  Bathroom facilities on both floors, finished hardwood floors, vinyl siding, cable available. 

1st floor handicap ramp to the front entrance on covered porch.

Fireplace, Central A/C, walkout basement, natural gas, city water, city sewer.

 

Zoned D-1 PRO

 

Parcel 33-01-01-09-408-061 lot dimensions 36ft x 66ft

parcel 33-01-01-09-408-051 lot dimensions 66ft x 93ft

total dimensions:  66ft x 129ft

both parcels sold together in combination.

 

2016 SEV 44,600 + SEV 23,900 =$68,500

2016 Taxable Value $34,604 + $15,708 = $50,312

current 2016 taxes $3,663.97

 


Exhibit A
Terms and Conditions of Online Only Real Estate Auction

This online only auction is subject to seller confirmation and is a cash sale not contingent on or subject to financing, appraisal, survey, or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Agreement to Purchase Real Estate.

Once you place a bid, it cannot be removed, even if you have bid incorrectly. Please verify your bids before submitting.

Bidding increments are as follows:
$200 - $1000 = $25
$1,000 - $10,000 = $100
$10,000 - $25,000 = $500
$25,000 - $500,000 = $1,000
$500,000 - $1,000,000 = $5,000
$1,000,000 and up = $10,000

A Buyer's Premium of 10% is added to the high bid. Please take this into consideration when bidding. Example: Final bid price on a property is $100,000. Add the 10% buyer's premium of $10,000 to get a final price of $110,000. This is the actual sales price that will be used on the purchase agreement, and the number upon which transfer tax and title insurance are based. At the close of the auction, the successful Bidder will be emailed an Agreement to Purchase Contract to be executed and returned to Sheridan Realty & Auction Co. within Forty Eight (48) hours.

Successful Bidders will deposit 10% of the sale price in the form of a cashier's check or wire transfer with Sheridan Realty & Auction Co. within Forty Eight (48) hours of the completion of the auction. The earnest money deposit is non-refundable. The entirety of the remaining balance is due at closing on or before Forty Five (45) days from Auction Day. Purchaser will be responsible for all wire transfers.

Per the Contract, time is of the essence; you should proceed to closing within Forty Five (45) days. Possession shall be given to the successful Buyer(s) at closing, and all closing fees charged by the Title Company are shared equally between Buyer(s) and Seller(s).

Successful Bidders not executing and returning their Contract with Earnest Money deposit within Forty Eight (48) hours of the conclusion of the auction will be considered in default. If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve, you may be declared in breach of this contract, forfeit all deposits made, and could be additionally liable for any and all costs incurred by Seller and Sheridan Realty & Auction Co. incurred in a subsequent resale of the property.

Buyer(s) must be prepared to make a cash offer. There are no contingencies to this sale (i.e. financing, appraisal, repairs, or inspections). Therefore, you should be pre-qualified by a lender prior to bidding if you require financing. This property is being sold for cash 'as-is, where-is' with a closing deadline.

Sheridan Realty & Auction Co. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party at any time deemed not to be in the best interest of the seller. The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Sheridan Realty & Auction Co. will reject the registration, and bidding activity will be terminated.

Buyer acknowledges they are buying property 'as-is, where-is', without inspections or contingencies, Buyer(s) will rely on his/her own judgment and inspection. By signing an offer, Buyer(s) will be waiving the 10 day lead based paint test.

Seller(s) will provide an owner's policy of title and convey title with a Full Warranty Deed.

Sheridan Realty & Auction Co. and their representatives are Exclusive Agents of the Seller(s). Auctioneers and sales agents reserve the right to negotiate final sales price on behalf of the seller, or bid on behalf of the seller, if necessary.

Real Estate is sold subject to any and all existing matters of record, and all easements, building use or zoning laws and regulations. Properties that are currently rented are subject to Tenant's Rights. There are no security deposits for any properties. Taxes and assessments will be pro-rated to the closing date.

Property has a shared driveway easement.

All rental units must comply with city building codes to obtain or keep occupancy permits. All expenses are the responsibility of the buyer.

All Sheridan Realty & Auction Co. Online Only Real Estate Auctions are timed events that have an auto-extend feature. Any bid placed within 5 minutes of the auction ending will automatically extend the auction for 5 minutes from the time the bid is placed. Example: If an auction scheduled to end at 6:00 pm receives a bid at 5:59 pm, the close time of the auction automatically extends to 6:05 pm. The auto-extend feature remains active until no further bids are received within the 5 minute time frame.

A two percent (2%) bid price commission is available to properly registered Brokers. You must pre-register your Buyers with Sheridan Realty & Auction Co. twenty four (24) hours before the end of the auction. Agents who fail to pre-register their Buyer will not be recognized as Buyer Agents and will not be entitled to a co-op commission. Broker cannot act as a Principal and Broker on the same transaction. Please review the form for eligibility.

The terms and covenants of the purchase agreement, including these additional terms (Exhibit A), shall survive closing and shall bind and the benefits shall inure to the heirs, successors, representative and assigns of the Parties.