This Auction has been CANCELED.
Sold prior to the auction.
REAL ESTATE AUCTION
Featuring Live & Online Simulcast Bidding
$40,000 Opening Bid
2 Condo. Units ◆ Two-Car Garage
100% Rented ◆ Financing Available
Sale On Premises
118 S. MOUNT STREET
Units A/1 & B/2, Baltimore, MD 21223
– CANCELED –
Online Bidding Opens
MONDAY, JANUARY 11, 2021
Live Onsite Auction Begins
WEDNESDAY, JANUARY 13, 2021
AT 1:00 P.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. The auction will be open for online bidding beginning on Monday, January 11, 2021. Once the simulcast begins, both online and in-person bidders will be able to place bids on the property. The simulcast will end approximately 15 minutes after the live auction begins, at which time online bidding will close. If you encounter a problem placing online bids, please refresh the page.
The property consists of a three story end-of-group townhome, which has been divided into two condominium units with a use-in-common parking garage. The property is owned by one entity and will be sold as an entirety. As noted below, each of the condominium units is tenant occupied.
118 S. Mount Street is a renovated townhome, situated one block west of Union Square Park, in the Union Square neighborhood of west Baltimore. The property is about one mile west of Downtown Baltimore, Camden Yards and University of Maryland. Hollins Market is within walking distance. Neighborhood housing is predominantly comprised of 19th and 20th century townhomes, many of which have been extensively renovated.
Rectangular lot 15’8″ x 89′, more or less. Block Plat
Corner Lemmon Street
Zoning R-8, residential
All public utilities
Three Story Brick & Stucco End-of-Group Townhome, likely built prior to 1900. The building has a flat built-up roof, double-hung windows, steel side fire escape and a two-car garage with side access from Lemmon Street. There are two front entrances.
Unit 1 – first floor and basement, 1,840 square feet, two bedrooms and bath, gas forced air heat, currently rented for $700/month. Tenant has been in the unit for approximately six years.
Unit 2 – second and third floors, 1,298 square feet, three bedrooms and bath, gas forced air heat and central air conditioning, currently rented for $900/month. Tenant has been in the unit for approximately two years.
Tenancies are month-to-month.
The property is in fee simple and sold free and clear of liens. Baltimore City Deed Book FMC 14898, Page 498.
Published annual real estate taxes are $802 for each unit, total $1,604, based on a full value assessment of $34,000/unit or $68,000. There are separate tax bills for each unit.
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.
ATTRACTIVE FINANCING IS AVAILABLE:
80% of the purchase price, 6% interest, amortized on a 20-year basis, maturing in 5-years. Purchasers are under no obligation to use the financing.
SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $5,000 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. If purchased online, the full 10% deposit is due by 4:30 p.m. on the day of auction, by wire transfer or cashier’s check, at the auctioneers 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 6% per annum, from date of contract to date of settlement. All adjustments, including taxes, rents 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, subject to the rights of the tenants in possession and subject to the Declaration and Bylaws of 118 South Mount Street Condominium. 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 and waives the right of rescission under Maryland Condominium Law, having reviewed the condominium documents prior to the auction. 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.