"Princess Anne"

 REAL ESTATE AUCTION 

– $100,000 Suggested Opening Bid – 

 Near University of MD Eastern Shore 

APARTMENT BUILDING 
5 Units 

 Sale On Premises 
11817 SOMERSET AVENUE 
a/k/a 30514 Dr. William P. Hytche Boulevard 
Somerset County, MD 21853 

FRIDAY, APRIL 27, 2018 
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:
11817 Somerset Avenue is located in downtown Princess Anne at the northeast corner of Somerset Avenue (MD-675) and Broad Street. The property is within walking distance of the University of Maryland Eastern Shore Campus, Somerset County Circuit Court, historic Princess Anne attractions and shopping. The surrounding neighborhood is a mixture of Victorian homes and storefronts.

SITE:
Lot size 41′ x 36′
Zoning C-1, commercial
Public water and sewer

IMPROVEMENTS:
Two story shingle detached home, containing 2,280 square feet, according to public tax records, plus outbuilding. The building has vinyl-clad double-hung windows, composition shingle roof and separate entrances for each apartment unit. Four of five units are occupied. Scheduled rent roll:

Renovated in 2015, including two new bathrooms, new plumbing, windows and roof work. New water heaters in 2018. Building is certified lead free. The property is currently managed by Long & Foster. Each unit has separate electric baseboard heat.

ADDITIONAL INFORMATION IS AVAILABLE:
Please complete and return the Waiver and Confidentiality Agreement to receive the following additional information by email:

● 2017 Income and Expense Statement
● Leases
● Lead paint certificate

TAXES:
Account No. 15-000244
Published annual real estate taxes are $5,217 (State/County Tax $2,720, City Tax $2,497), based on a full value assessment of $244,600. 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

TITLE:
The property is in fee simple and sold free and clear of liens. Somerset County Deed Book 866, Page 327.

TERMS OF SALE:
A $10,000 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 by Monday, April 30, 2018 at 12:00 noon at the Auctioneer’s office (wiring instructions will be provided). 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. The property will be sold in “AS IS” condition, and subject to leases, 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.