"Arnold - Shore Acres"

Featuring Live & Online Simulcast Bidding
– $200,000 Opening Bid –

“Shore Acres”

BUNGALOW
0.35± Acre – Needs Renovation
– Financing Available –

Known As
871 ARUNDEL DRIVE
Off Shore Acres Road
Arnold, Anne Arundel County, MD 21012

Online Bidding Opens
FRIDAY, DECEMBER 10, 2021

Live Onsite Auction
TUESDAY, DECEMBER 14, 2021
AT 1:00 P.M.

NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

LOCATION:
871 Arundel Drive is located in the Shore Acres community in the Arnold area in central Anne Arundel County. The property sits about 2 miles north of College Parkway, providing convenient access to Ritchie Highway (MD-2) and US-50. Downtown Annapolis is within 8 miles, with other major employment centers around BWI, Washington D.C. and Baltimore within good proximity.  Shopping, dining, neighborhood services and recreational opportunities are readily available throughout the area, including along College Parkway, Ritchie Highway and US-50. According to the Anne Arundel County School locator tool, nearby schools are Broadneck Elementary, Magothy River Middle and Broadneck High.

Shore Acres is a water oriented community comprising approximately 300 homes. The neighborhood is clustered on a peninsula bound by the Magothy River and Deep Creek. A collection of neighborhood homes front along one of those bodies of water. Architectural styles are mixed, with homes having been constructed from 1940 through 2017, according to tax records. The community features a beach, boat ramp and recreation area. The neighborhood Homeowner’s Association is optional, and estimated to cost $45/year.

For more information, please visit: Shores Acres Amenities – www.shoreacresmd.org

SITE:
Lot size – 0.349 acre, more or less, according to public tax records

Part 2 of lot 287 of Shore Acres. See legal description for complete dimensions.

Driveway for 2-3 vehicles. Fenced rear yard with concrete footings. Some mixed landscaping.

The property is serviced by well and septic.

Zoned R-1 Residential

Neighborhood Plat

IMPROVEMENTS:
One and one-half story bungalow – constructed in 1955, containing 1,278 square feet of living area above grade and 576 square feet of partially finished basement space. The home features a new architectural shingle roof, vinyl siding and some vinyl replacement windows. The home has been partially gutted, and is suitable for full renovation.

The home is currently arranged as follows: entry foyer, laundry room (formerly a bedroom), bedroom (no closet), full bath and large rear eat-in kitchen, on the first floor; open room on the second floor; partially finished basement with bedroom/club room, full bath, utility area. Forced air heat and CAC were installed, but condition is unknown.

TITLE:
In fee simple; sold free and clear of liens.

TAXES:
Published annual real estate taxes are $4,226.13 based on a full value assessment of $357,500.

SELLER FINANCING IS AVAILABLE:
The seller will finance 75% of the purchase price (minimum down payment $60,000) at 7% annual interest, interest only, for one year with 2 points origination.

Alternatively, seller may be willing to provide a 100% construction loan, with $75,000 placed in a construction escrow account to be held by seller, subject to seller’s sole approval of borrower finances and draw schedule.

Purchasers are under no obligation to use this financing. Additional terms to those stated above are at the seller’s sole discretion to provide.

If you are interested in more details about the seller provided financing, please email charles@ajbillig.com.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
Live Auction Bidders – a $20,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale.  The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office.

Online Auction Bidders – a 10% deposit, payable by cashier’s check or wire transfer, will be required of the purchaser by 4:30 p.m. on the day of auction, at the Auctioneer’s office.

Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place within 45 days. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the Purchaser. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of contract to date of settlement. All adjustments, including taxes, ground rent and all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of contract and assumed thereafter by the Purchaser. The property will be sold in “AS IS” condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes the risk of loss from the date of contract forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. The Purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law.  If the Seller is unable to convey good and marketable title, the Purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the Purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the Purchaser except where otherwise mandated by local, State or Federal law. Time is of the essence. Property being sold pursuant to partnership disillusion, with individual partners retaining the right to bid on their own behalf. A 5% buyer’s premium will be added to the final bid price.