"Pasadena - Venice on the Bay"

 REAL ESTATE AUCTION 

– $275,000 Suggested Opening Bid –

“Venice on the Bay”
A Water Privileged Community

2 – DETACHED HOMES
Situated on 0.60± Acre
One Home Currently Rented

Sale On Premises
7614-7618 3^RD STREET
Corner Main Avenue
Anne Arundel County, MD 21122

THURSDAY, JULY 25, 2019
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.

LOCATION:
Venice on the Bay is a water-privileged community of well-kept detached homes, situated in northern Anne Arundel County, along the west shore of the Patapsco River. The neighborhood, located off Fort Smallwood Road just south of Fort Smallwood Park, has a community beach, scenic lake and function hall.

Community web site:
http://veniceonthebay.com

SITE:
Rectangular lot, approximately 175′ x 150′, corner 3rd Street and Main Avenue
Private well and septic
Zoning R2, residential
Off street parking for approximately 10 cars on two asphalt driveways
Partially fenced yard

IMPROVEMENTS:
The property has two detached brick and vinyl siding homes, each with composition shingle roof, vinyl-clad replacement windows, concrete block crawl space foundations, electric heat pump and central air conditioning, brick fireplace, wood, vinyl and carpeted flooring and ceramic tile baths.

7614 3rd Street – one story home with enclosed front porch, living/dining combination, kitchen with ceramic floor, granite counters and stainless steel appliances, 2 large bedrooms and full bath.

7618 3rd Street – two story home, currently rented for $1,820/month under a lease with approximately 18 months remaining. The home contains a living room, dining room, kitchen, 3 bedrooms and bath.

The auction presents an opportunity to live in one home with rental income, to have two rental homes or a family compound.

TAXES:
District – 03 Subdivision – 886 Account Number – 08227630. Assessed as 7618 3rd Street (a.k.a. Third Street).

Published annual real estate taxes are $3,781, based on a full value assessment of $391,967. 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:
https://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

TITLE:
The property is in fee simple and sold free and clear of liens. Anne Arundel County Deed Book 31657, Page 256. The property is known and designated as Lots 281, 282, 283, 284, 285, 286 and 367, in Section A, Plat of Venice Beach, Plat Book 1, Page 38.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $20,000 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. 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, rents, 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. Security deposit, if any, shall be adjusted at the time of settlement. 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 lease of the tenant in place. 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.