"Chestertown"

To The Highest Bidder Above $40,000
Live & Online Simulcast Bidding

CHESTERTOWN“Washington Park”

3 BEDROOM RANCHER
On 0.415± Acre Lot
– Raze or Rehabilitate –

Seller Financing Is Available

Known As
301 LINCOLN DRIVE
Kent County, MD 21620

Online Bidding Opens
WEDNESDAY, JANUARY 18, 2023

Live Onsite Auction
FRIDAY, JANUARY 20, 2023
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:
301 Lincoln Drive is located in Chestertown, Kent County on Maryland’s Eastern Shore. The property is situated in the Washington Park neighborhood, a 1960s subdivision, just west of Chestertown’s historic town center. The area is water oriented, situated between the Chester River and Chesapeake Bay. Chestertown is a quaint and picturesque village and home to Washington College.

For additional information:
Town of Chestertown – townofchestertown.com
Main Street Chestertown – mainstreetchestertown.org

SITE:
Lot fronts approximately 191′ along Lincoln Drive, by a depth of 150′, comprising 0.415 acre of land. Zoning is R-2, residential. Public water and sewer, according to public tax records.

Plat

IMPROVEMENTS:
One story frame rancher, built in 1966 and containing 1,152 square feet of living area, according to public tax records. The home is believed to contain a living room, dining room, kitchen, 3 bedrooms, 1.5 baths and forced air heat.

The house needs extensive rehabilitation.

TITLE:
The property is in fee simple and sold free and clear of liens. Being known and designated as Lot 50, Washington Park, as per plat thereof recorded among the Land Records of Kent County, Maryland in Book WHG 1, Page 104.

Purchaser may select their own title company. However, if purchaser elects to use the seller’s title company they will receive a $500 closing cost credit at settlement.

TAXES:
Published annual real estate taxes are $1,690, based on a full value assessment of $108,500.
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.

Live Auction Bidders – A $5,000 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 by Monday, January 23, 2023 at 12:00 p.m. at the Auctioneer’s office. Personal checks for the difference in the deposit will be accepted at the sale site or wiring instructions will be provided.

Online Auction Bidders – A 10% deposit, payable by wire transfer or cashier’s check is due by 3:00 p.m. on the day of auction at the auctioneers 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, 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 10% buyer’s premium will be added to the highest final bid and become part of the contract price.

FINANCING:
Seller provided financing is available – 70% of the purchase price, 12% interest, 2 points, 10 year amortization, 1 year maturity. Purchasers are under no obligation to use the financing, may obtain their own financing or pay cash.