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REAL ESTATE AUCTION
$15,000 Suggested Opening Bid
TWO STORY TOWNHOME
Zoned B-2-2, Commercial
Sale On Premises
640 E. PATAPSCO AVENUE
Baltimore, MD 21225
TUESDAY, MAY 9, 2017
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.
640 E. Patapsco Avenue is located in the Brooklyn area of southern Baltimore City. The property is situated on the north side of Patapsco Avenue, between 6th and 7th Streets. The neighborhood is comprised of a mixture of small commercial buildings, group townhomes and detached homes. Neighborhood housing is both owner and tenant occupied. Public bus transportation is along Patapsco Avenue. Employers are within the community.
Rectangular lot – 16’2″ x 150′
Zoning B-2-2, neighborhood business
All public utilities
Two story formstone front brick inside-group townhome, built in 1925, containing 896 square feet of living area and 448 square feet of basement space, according to public tax records.
Roof covered front porch
The building was arranged for two, one-bedroom apartment units and was last registered with Baltimore City zoning officials as a “commercial school.”
Renovation is needed.
The property is sold free and clear of liens, subject to an annual $75 ground rent. Baltimore City Deed Liber 13041, Folio 75.
Published annual real estate taxes are $1,812, based on a full value assessment of $80,100. 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:
A $2,500 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 within 24 hours at the Auctioneer’s office. 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. 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.
No buyer’s premium.