"Lexington Park - Gloucester Condominiums"

REAL ESTATE AUCTION

2 Bedroom ◆ 1 Bath
CONDOMINIUM UNIT

Sale On Premises
22022 GLOUCESTER COURT
UNIT #A-4
Saint Mary’s County, MD 20653

FRIDAY, FEBRUARY 23, 2018
AT 10:30 A.M.

– Suggested Opening Bid: $20,000 –

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:
The Gloucester Condominiums are located just east of Pegg Road, near Three Notch Road (MD-235). The complex is situated a short distance north of the Lexington Park town center, near the Patuxent River Naval Air Museum. The surrounding area is a mixture of rural, residential and commercial land uses. There is a strong demand for housing due to the nearby Patuxent Naval Air Station (a/k/a PAX River), which is within one-half mile of the unit. Recreational amenities abound in the area, including fishing, boating, historic site and tourist areas, including nearby scenic Solomon’s Island.

BUILDING:
The Gloucester Condominiums comprise 24 units spread over three garden style buildings. 22022 Gloucester Court is a two and one-half story brick garden style building constructed in 1984, according to public tax records. The building features a brick facade and common entry. There are 6 units in the building.

UNIT:
Ground level first floor unit, comprising 893 square feet of living area and containing:

• Living room and dining room combination – carpet
• Kitchen – ceramic tile floor
• Bedroom – carpet
• Bedroom – carpet
• Bathroom
• Utility room
• New electric heat pump and CAC
• Electric water heater

Formerly rented for $850/month. Currently vacant.

CONDOMINIUM FEE:
$125 per month includes exterior insurance, grounds maintenance, snow removal and water. Condominium By-Laws

TAXES:
Published annual real estate taxes are $1,017.72, based on a full value assessment of $90,000. 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:
http://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

TERMS OF SALE:
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 by 10:30 A.M., Monday, February 26, at the Auctioneer’s 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, 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 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, and subject to the Declaration and Bylaws of Gloucester Condominiums. Purchaser assumes the risk of loss from the date of contract forward. The purchaser agrees to waive the right of rescission under Maryland Condominium Law, having received and reviewed the Condominium Resale Package. 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.