"Delmar"

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. 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 and will become part of 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

DELMAR

TWO STORY COTTAGE
– Renovation Needed –

Known As
416 E. ELIZABETH STREET
Wicomico County, MD 21875

Online Bidding Opens
WEDNESDAY, MAY 1, 2024

Online Bidding Closes
THURSDAY, MAY 2, 2024
AT 2:00 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:
416 E. Elizabeth Street is situated in Delmar, on Maryland’s Eastern Shore, just south of the Maryland-Delaware line. Delmar was founded in 1859 when the Delaware Railroad extended to the southern boundary of Delaware. The unique aspect of Delmar’s founding lies in the fact that it straddles the state lines of Delaware and Maryland. The name “Delmar” itself is a blend of these two states’ names. The town is comprised of a variety of detached homes and some Victorians dating to the 1800s. Delmar has several good restaurants and is known for “tax free shopping” on the Delaware side. The property is south of Route 54 and west of US-13.

SITE:
Level rectangular lot – 61′ x 150′
Public utilities
Zoning R1, residential

IMPROVEMENTS:
Two story frame cottage, built in 1919 and containing 1,600 square feet, plus 600 square foot garage, according to public tax records.

The house is arranged as follows:

Exterior – vinyl siding, composition shingle roof, vinyl-clad double-hung windows, enclosed front porch, rear deck, garage

First Floor

• Enclosed Front Porch – Vinyl flooring
• Living Room – Carpeting, drop ceiling with fan, wood paneling.
• Dining Room – Carpeting, drop ceiling with fan, wood paneling.
• Kitchen – vinyl flooring, wood cabinets, laminate counters, refrigerator, dishwasher, drop ceiling with fan.
• Full Bathroom – Vinyl flooring, wood paneling

Second Floor

• Bedroom #1 – Vinyl flooring
• Bedroom #2 – Vinyl flooring
• Bedroom #3 – Carpeting
• Full Bathroom – Vinyl flooring, wood paneling
• Attic

Mechanical – gas hot air furnace and central air conditioning, electric water heater

Renovation is needed.

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

Buyer may select their own title company. However, if buyer uses Cotton Duck Title, in Baltimore, the seller will provide a $500 closing cost credit.

TAXES:
Published annual real estate taxes are $1,331, based on a full value assessment of $78,900.

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. 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, WHERE 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 final bid price and will become part of the contract price.