ABSOLUTE! Commercial Investment Property selling for Estate

by Pearce & Associates

When

March 01, 2012 Online Bidding Ends Thursday, March 1st, 2:00pm Central

Where

Estate Auction - Investment Rental Property Fairview (Cullman), AL

How

Online Only

Notes

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ABSOLUTE AUCTION
Online Bidding Only!
Prime Commercial/Investment Property
31 Wesley Avenue
Town of Fairview 
East Cullman County, Alabama 35056
 
Pearce & Associates Auction Company has been commissioned by the owners family to conduct an Absolute Public Auction for this living estate.  The owner has been moved to an assisted living facility and is not longer able to manage this investment property.  The out of state family members have authorized Pearce & Associates to sell it to the highest bidder.
 
Property Information per Cullman County Property Appraisal Link:

 
1.5 Acres, more or less  *  Dimensions - 295x232.3  *  Commercial Building containing retail & warehouse space  *  Currently the property has (4) Tenants
*Approx 10,000 Sq Ft total space 
 
1.  Truth Assembly Church  - occupied 10 years
2.  Cullman County Library Extension - occupied since August 2011
3.  Style Designs - occupied 10 to 15 years
4.  Trendy Treasures - occupied 1 year.
 
Currently the property brings in $1500 per month 
 
Parcel ID# 11-04-19-0-001-010.004
2011 Taxes - $692.64
Assessed at $133,200 
 
Located across from East Cullman County Water System offices &
Dollar General Store
Located near the intersection of Hwy 69N and Wesley Ave. 
 

 
Auction Terms:



REAL ESTATE AUCTION



Terms & Conditions



These

announcements supersede any prior oral or printed statements and will be attached to

and become a part of the contract.



The property will be sold by legal

description and transferred by deed.



A 10% buyers premium will be added to the winning bid to

determine the final sales price.



Example: $100,000 bid, plus $10,000 (10%

buyers premium) equals $110,000 gross sales price.



The terms are 10%

down payment sale day with the balance due within 45 days.



Purchaser

to receive possession of the property upon delivery of deed at closing.



Purchaser to pay closing cost and title insurance. Seller guarantees

title to be free and clear.



Ad Valorem taxes will be prorated at

closing.



PROPERTY SOLD SUBJECT TO THE FOLLOWING: All outstanding

easements of any kind on said property, including but not limited to, roads, right of

ways, utilities, water lines, and the like; any mineral, oil and past conveyances,

leases or reservations; to any cemeteries that might exist on the property,

outstanding leases recorded or unrecorded; zoning ordinances affecting the property;

restrictions of record; wet lands; all rules and regulations of any appropriated

authority having jurisdiction over the property, and any recorded encroachments of

record.



BUYERS NOTE: Prior to the auction all prospective purchases

should examine the property and all surrounding documents carefully as each bidder is

responsible for evaluating the property and shall not rely on the sellers nor the

auctioneers. Sellers and Auctioneers are assuming that the bidders have inspected the

property and are satisfied and accept it “As Is” without warranties expressed or

implied. Personal on-site inspection of the property is recommended. Failure of any

bidder to inspect or to be fully informed as to the condition of all or any portion

of the property offered, will not constitute any grounds for any claim or demand for

adjustment or withdrawal of a bid, offer or earnest money after its opening or

tender.



All information was obtained from sources deemed

reliable. Although every precaution has been taken to insure accuracy, the sellers

and all of their agents will not be responsible for any errors or omissions

herein.



Default by the Seller: If the Sellers are unable to make

conveyance and to give title as herein agreed, the earnest money shall be refunded to

the buyer and all obligations of either party shall wholly

cease.



Default by the Buyer: Should the Buyer default in the

performance of his/her contract in the time and the manner specified, then the

earnest money shall be retained as partial liquidated damages and the seller may sue

for specific performance.



AGENCY DISCLOSURE: Larry “Chip” Pearce Jr.

has not been an agent for the Buyer in this transaction. Larry “Chip” Pearce Jr. has

been an agent for the Seller in this transaction and is to be paid a commission by

the Seller.



The Auctioneer reserves the right to reject bids from

anyone who does not comply with the terms and conditions of this auction.

Conducted By

Pearce & Associates

205-664-4300, 888-783-4056, 251-600-9595

Ask The Auctioneer