"MD Eastern Shore"

A 10% deposit, payable by cashier’s check or wire transfer, will be required of the purchaser by 4:00 p.m. on the day of auction, at the auctioneer’s office. 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 5% buyer’s premium will be added to the final bid price and incorporated into the contract price. For complete Terms Of Sale, see the Summary Terms Of Sale at the bottom of this page and see the Sample Contract.

$50,000 Opening Bid

MD EASTERN SHORE

3 BEDROOM COTTAGE
Views Of Madison Bay

– Some Renovation Needed –

Known As
1207 OLD MADISON ROAD
Madison, Dorchester County, MD 21648

Online Bidding Opens
TUESDAY, FEBRUARY 27, 2024

Online Bidding Closes
THURSDAY, FEBRUARY 29, 2024
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:
1207 Old Madison Road is located in Madison, MD, approximately 10 miles southwest of Cambridge and 2 miles east of Taylor’s Island, on Maryland’s Eastern Shore. The property is opposite Madison Bay, which leads to the Choptank River and Chesapeake Bay. A public boat ramp is one block away. The surrounding area is rural in character with maritime amenities. US-50 is approximately 15 minutes east of the home.

SITE:
Rectangular lot, approximately 60′ x 180′, comprising 0.25 acre
Zoning V, Village
Well and septic

IMPROVEMENTS:
One and One-Half Story Covered Porchfront Cottage, built in 1940 and containing 1,308 square feet of living area, according to public tax records. The house was renovated in 2009, but retains some original architectural details.

Exterior – vinyl siding, composition shingle roof, vinyl-clad double-hung windows, concrete block crawl space foundation

First Floor

• Living Room – wood floor, wood burning stove, ceiling fan
• Dining Room – wood floor with ceiling fan
• Kitchen – vinyl flooring, wood cabinets, laminate counters, electric range/oven, refrigerator, dishwasher
• Enclosed rear porch with washer/dryer area and sliding doors to rear yard
• Bedroom #1 – wood floor
• Full Bathroom – laminate flooring

Second Floor

• Bedroom #2 – wood floor
• Bedroom #3 – wood floor
• Full Bathroom – laminate flooring with soaking tub and shower

Mechanical – electric heat pump and central air conditioning, electric water heater, 200 amp electrical

The home had a broken pipe which caused water damage. Some furniture may remain in the property at closing.

TITLE:
The property is in fee simple and sold free and clear of liens. Dorchester County Deed Book AJC 1074, Page 487.

TAXES:
Published annual real estate taxes are $1,347, based on a full value assessment of $121,100.

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 cashier’s check or wire transfer, will be required of the purchaser by 4:00 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 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, 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 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 and incorporated into the contract price.