Featuring Live and Online Simulcast Bidding
$150,000 Opening Bid
TWO STORY TOWNHOME
2 – Apartment Units
111 W. SOUTH STREET
Frederick County, MD 21701
Online Bidding Opens
FRIDAY, SEPTEMBER 10, 2021
And Continues Through Live Auction
Live Onsite Auction
TUESDAY, SEPTEMBER 14, 2021
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.
111 W. South Street is located in the heart of Frederick’s redeveloping downtown residential corridor. The surrounding area is a mixture of residential and commercial land uses. Residents can walk to work, shops and restaurants, with easy vehicular access to interstate highways. Nearby public schools are Lincoln Elementary, Crestwood Middle and Tuscarora High, according to the Frederick County school finder website.
Rectangular lot 30′ x 150′
Zoning DR – Downtown Residential
Two story brick inside-group townhome, built in 1850, containing 2,600 square feet of living area and 440 square feet of basement space, according to public tax records.
First Floor (Unit 1) – hardwood and vinyl floors, living room with fireplace, dining room, kitchen, 3 rooms, bath.
Second Floor (Unit 2) – hardwood and vinyl floors, living room, kitchen, 2 bedrooms, bath.
Unfinished basement. Gas hot water heat. Gas water heater. Wired for separate meters.
The home has architectural details and an ornate staircase, but needs updating and cosmetic repairs.
The property is in fee simple and sold free and clear of liens.
Published annual real estate taxes are $3,451, based on a full value assessment of $193.267.
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 see the contract of sale for complete terms.
Live Auction Bidders – A $15,000 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 within 24 hours at the Auctioneer’s office.
Online Auction Bidders – A 10% deposit, payable by cashier’s check or wire transfer, is due at the Auctioneers office by 4:00 p.m. on the day of auction. No exceptions.
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 5% buyer’s premium will be added to the final bid price.