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REAL ESTATE AUCTION
“Potomac Oaks”
3 INCOME PRODUCING
CONDOMINIUM UNITS
Known As:
760 QUINCE ORCHARD BOULEVARD #102
3 Bedrooms ✦ 2 Baths ✦ $2,225/Month Rent
– Suggested Starting Bid: $85,000 –
788 QUINCE ORCHARD BOULEVARD #102
4 Bedrooms ✦ 2 Baths ✦ $2,299/Month Rent
– Suggested Starting Bid: $85,000 –
&
796 QUINCE ORCHARD BOULEVARD #P-2
2 Bedrooms ✦ Bath
– Suggested Starting Bid: $65,000 –
Sale To Be Held:
760 Quince Orchard Boulevard
Gaithersburg, Montgomery County, MD 20878
FRIDAY, JUNE 28, 2019
AT 12:00 NOON
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:
The units are located in the Diamond Farms Condominium in the Gaithersburg area of Montgomery County. The community is commonly referred to as Potomac Oaks. The condominium complex comprises a collection of garden-style buildings situated along Quince Orchard Boulevard, a short distance southwest of the intersection of Quince Orchard Road (MD-124) and Clopper Road / W. Diamond Avenue (MD-117). The location is convenient to shopping, dining and neighborhood services, many of which are located along Firstfield Road immediately east of the complex. Seneca Creek State Park is located west of the community, providing an array of recreational opportunities in a scenic environment. The National Institute of Standards and Technology is a short distance east. The Metropolitan Grove MARC Station is a little over 1 mile north. The Shady Grove Metro Station (Red Line) is approximately 5 miles southeast. Metro bus service is along Quince Orchard Boulevard. According to the Montgomery County Public Schools Assignment Tool, nearby schools are Brown Station Elementary, Lakelands Park Middle and Quince Orchard High.
For more information about the area, please visit:
https://www.montgomerycountymd.gov/
https://www.montgomeryschoolsmd.org/
http://dnr.maryland.gov/publiclands/Pages/central/seneca.aspx
COMMUNITY:
The units are located within the Diamond Farms Condominium, which shares amenities with the Potomac Oaks Condominium. Amenities include a pool, club house, laundry facilities, assigned parking and other common grounds. Monthly condominium fees include all utilities, in addition to exterior building maintenance, common area maintenance, snow removal and trash removal. See below for condominium fees and resale packages.
IMPROVEMENTS:
The three units are lead free, and occupied on one year leases. Each unit has a reserved parking spot. The units have been substantially updated, with a mix of finishes/features, including parquet wood floors, stainless appliances, granite counter tops and more.
760 Quince Orchard Boulevard #102
788 Quince Orchard Boulevard #102
796 Quince Orchard Boulevard #P-2
ADDITIONAL INFORMATION:
MDE lead certificates and leases are available to view. Please complete the Waiver and Confidentiality Agreement form.
TAXES:
Current annual real estate taxes are:
| Property | Annual Tax | Assessment |
| 760 Quince Orchard Boulevard #102 | $1,454.50 | $106,667 |
| 788 Quince Orchard Boulevard #102 | $1,454.50 | $106,667 |
| 796 Quince Orchard Boulevard #P-2 | $1,072.69 | $76,667 |
TITLE:
In fee simple; sold free and clear of all liens
MANNER OF SALE:
The properties will be offered separately and as an entirety, and sold in the manner producing the greatest result.
TERMS OF SALE:
Please refer to the contract of sale for complete terms and conditions. A $5,000 deposit on each property, or $15,000 if sold as an entirety, payable by certified check or 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 by 12:00 Noon, Monday, July 1, 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. All adjustments, including taxes, condominium fees, ground rent, rents, 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 settlement 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, subject to the Declaration and By-Laws of the Diamond Farms Condominium Association and subject to the leases of the tenants in place. The Purchaser agrees to waive their right of rescission under Maryland Condominium Law, having received and reviewed the condominium resale package. Purchaser assumes the risk of loss from the date of contract forward. 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. A 5% Buyer’s Premium will be added to the final bid price.
