"Maryland Eastern Shore"

A 10% deposit, payable by wire transfer or cashier’s check, will be required of the purchaser by 4:00 p.m. on the day of auction at the Auctioneer’s office (wire transfer instructions will be provided). When you register for an online auction, a “ping” will be placed on your credit card and immediately voided, you will not be charged the deposit amount. A 10% buyer’s premium will be added to the final bid price. For complete Terms Of Sale, see the Summary Terms Of Sale at the bottom of this page or see the Sample Contract.

To the Highest Bidder Above $25,000

MARYLAND EASTERN SHORE

TWO STORY FARMHOUSE
On 0.55± Acre Lot
– Raze or Rehabilitate –

Seller Financing Available

Known As
12051 LINCOLN STREET
Ridgely, Caroline County, MD 21660

Online Bidding Opens
MONDAY, NOVEMBER 28, 2022

Online Bidding Closes
WEDNESDAY, NOVEMBER 30, 2022
AT 11:00 A.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:
12051 Lincoln Street is located in the Ridgely area of Caroline County, north of Denton and MD-404. The surrounding area is a mixture of residential, commercial and agricultural land uses. Ridgely has a town center, located two blocks north of the property. According to Bright MLS, property sales in Ridgely ranged from $34,000 to $415,000 during the past six months, with a predominant selling price above $250,000.

SITE:
Level, clear rectangular lot – approximately 196′ x 113′, comprising approximately 0.55 acre
Zoning R1, single family residential
Private well and septic are believed, but not guaranteed, to be in the property

IMPROVEMENTS:
Two story frame farmhouse, constructed in 1900 and containing 1,508 square feet, and a detached frame garage, comprising 624 square feet, according to public tax records. The house contains a living room, dining room, full bathroom, kitchen, utility room and bonus room, on first floor; 4 rooms, on second floor; no basement. The home has electric baseboard heat throughout and 200 AMP electrical service.

The home requires full renovation.

TITLE:
The property is in fee simple and sold free and clear of liens.

TAX INFORMATION:
Tax ID #0607003323. Published annual real estate taxes are $1,200, based on a full value assessment of $104,400.

Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property. Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information: Assessment Appeal Process – dat.maryland.gov

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A 10% deposit, payable by wire transfer or cashier’s check, will be required of the purchaser by 4:00 p.m. on the day of auction at the Auctioneer’s office (wire transfer instructions will be provided). 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, 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, as well as building violation notices, if any. Purchaser assumes the risk of loss or damage to the property 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 10% buyer’s premium will be added to the final bid price.

FINANCING:
Seller provided financing is available – 70% of the purchase price, 12% interest, 2 points, 1 year maturity. Purchasers are under no obligation to use the financing, may obtain their own financing or pay cash.