"Adelphi - Presidential Towers Condominium"

ONLINE REAL ESTATE AUCTION
To the Highest Bidder Over $70,000

“Presidential Towers Condominium”

HIGH-RISE APARTMENT
CONDOMINIUM UNIT

Known as:
1836 METZEROTT ROAD
UNIT #401
Prince George’s County, MD 20783

BIDDING OPEN:
MONDAY, APRIL 13, 2020

BIDDING CLOSE:
WEDNESDAY, APRIL 15, 2020
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:
1836 Metzerott Road, Unit 401, is located in the Presidential Towers Condominium complex. Located in the heart of Adelphi, the condominium complex is centrally located for residents to travel, dine and enjoy all Prince George’s County has to offer. Within two miles of the condominium is the State’s flagship university, University of Maryland, College Park. In recent years, the University has undergone academic, athletic and social development to boost the appeal of not only the University but the surrounding areas. Around the surrounding campus, new developments are beginning to pop up that feature hotels, grocery stores, co-op kitchens and restaurants. Public transportation is available immediately outside of the condominium complex and the College Park metro station is under 4 miles away. The Purple Line, a new 16 mile rail line, will be coming through the University of Maryland and will allow residents of the surrounding communities easier access to other parts of the State. The Purple Line will run from Bethesda, Montgomery County, to New Carrollton, Prince George’s County. Major employers in the area include University of Maryland College Park and the shops at The Mall at Prince George’s.

IMPROVEMENTS:
Three bedroom and two bathroom condominium unit located in Presidential Towers condominium complex – constructed in 1971. According to public tax records the unit contains 1,450 square feet of living area. The unit is currently rented for $1,550 per month to a long-term month-to-month tenant.

ADDITIONAL INFORMATION:
Please complete a Waiver and Confidentiality Agreement form to view the rent roll and lease.

TITLE:
In fee simple; sold free and clear of liens.

CONDOMINIUM FEES:
Monthly condominium fees are believed to be $823 and are believed to include utilities, trash removal and outdoor maintenance. Condominium Documents

TAXES:
Published annual real estate taxes are $1,110, based on a full value assessment of $87,333. 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.

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $7,000 deposit, or ten percent (10%) of the Purchase Price (whichever is greater), in cash or cashier’s check to be delivered to the Auctioneer’s office at 6500 Falls Road, Baltimore, MD 21209, or sent by wire transfer, within 24 hours of Wednesday, March 15, 2020 at 12:00 P.M. (the bid closing). 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, 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, including those contained in the Declaration and Bylaws of the Presidential Towers Condominium. 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. Purchaser agrees to waive any right of rescission under Maryland Condominium Law, if applicable. 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% buyers premium will be added to the final bid price.