"Towson - Three Blocks from the Circle"

Resale Due To Buyer Default

Featuring Live & Online Simulcast Bidding
– $75,000 Opening Bid –

Two and One-Half Story
TRADITIONAL HOME
0.17± Acre ✦ Off-Street Parking
Zoned ROA – Residential Office

Known As
410 VIRGINIA AVENUE
Towson, Baltimore County, MD 21286

Online Bidding Opens
MONDAY, APRIL 4, 2022

Live Onsite Auction
WEDNESDAY, APRIL 6, 2022
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:
410 Virginia Avenue is located in Towson, the Baltimore County Seat, roughly 3 blocks off the Towson Circle. Towson is a hub of government, business, education and entertainment in Baltimore County, and has been experiencing a burst of development over the past 10 years. A number of major development projects have been recently completed or are ongoing nearby. Demand has been strong for urban amenities in an otherwise suburban area, providing living, working, learning, dining and entertainment in one consolidated location. According to the Baltimore County Public Schools locator link, nearby schools are Hampton Elementary, Dumbarton Middle and Towson High.

“Towson University is the largest university in the Baltimore area and the second-largest university in the prestigious University System of Maryland – the 12th-largest public university system in America,” according to the Towson University website. The site goes on to detail that there are 22,923 students enrolled in the University (between undergraduate and graduate programs) and approximately 3,300 employees, in addition to the wide array of third-party businesses and services that support the University. University students, employees and nearby businesses provide a substantial home buyer, tenant or consumer base.

The property is adjacent to a new collection of townhomes, the District Court for Baltimore County, a senior living facility, and an array or professional offices and retail businesses. The property is suitable for residential use, conversion to an office, mixed use or other redevelopment. The auction provides an opportunity to purchase an exceedingly well located property and make it your own.

For more information about the area, please visit:
Baltimore County Government – www.baltimorecountymd.gov
Towson University – www.towson.edu
Baltimore County Public Schools – www.bcps.org

SITE:
Lot size – 0.172 acre, more or less, according to public tax records

Curb cut and driveway, suitable for parking 4+ vehicles

Front and rear yards

All public utilities

ZONING:
ROA – Residential Office, Class A – Permits house conversions to office buildings as of right (according to the Baltimore County zoning page).

According to the Citizen’s Guide to Zoning in Baltimore County, the intent of the ROA district is “to accommodate single-family, duplex and two-family detached houses converted to office buildings in predominantly residential areas on sites that, because of adjacent nonresidential activity, heavy commercial traffic or other similar factors, can no longer reasonably be limited to uses allowable in moderate-density residential zones.”

For more information about Baltimore County zoning, please visit:
What is Zoning? – www.baltimorecountymd.gov

IMPROVEMENTS:
Two and one-half story traditional home – constructed in 1950 and containing 1,260 square feet of living area, according to public tax records. The home is arranged for living room, dining room, kitchen, bonus room and bathroom, on first floor; three bedrooms and bathroom on second floor, and features vinyl-clad replacement windows, covered front porch and asphalt shingle roof. Needs renovation.

TITLE:
Subject to an annual ground lease of $0.01 per year (payment due by 9/25 in each and every year); sold free and clear of liens.

Metes and Bounds Description

TAXES:
Published annual real estate taxes are approximately $2,804, based on a full value assessment of $198,200.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
Live Auction Bidders – 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 within 24 hours at the Auctioneer’s office.

Online Auction Bidders – a 10% deposit, payable by cashier’s check or wire transfer, will be required of the purchaser by 4:30 p.m. on the day of auction, 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, ground rent and 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 waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. 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. Property being sold pursuant to partnership disillusion, with individual partners retaining the right to bid on their own behalf.

No Buyer’s Premium!