This is an ONLINE AUCTION and BIDDING STARTS NOW! Auction will begin to end Wed. May 1st @6pm. Each bid placed after 6 pm will auto extend bids 60 seconds until there is a winner. The property will support lending & DOES NOT REQUIRE cash only terms. Inspections are welcomed & must be completed by April 27th.
Two story home on deep corner lot, 3 bed, 1 bath, living room, dining room, eat in kitchen, den, full basement, decorative fireplace (possible to be ventless gas FP ??) and two car block garage. Hardwood floors, built- ins, spacious walk up attic. Some newer mechanicals. Property needs some rehab. ”SOLD AS IS, WHERE IS” with no contingencies. $15,000.00 deposit required from winning bidder by May 2 by 4pm via wire transfer and will be applied at closing. No entry permitted upon conclusion of auction. A 10% Buyer's Premium will be applied to high bid to create sold price. REVIEW ALL DOCUMENTS IN THIER ENTIRETY. This home is a "real charmer" in a great location.
STARTS: April 10, 2024 @ 5pm and ENDS May 1, 2024 @ 6pm
PROPERTY: 389 Wetmore Columbus, OH 43214 PARCEL: 010-085762-00
ONLINE ONLY REAL ESTATE AUCTION BY Schillig Estates and Auctions LLC with Coldwell Banker Realty LLC
All properties are sold “as-is, where-is.” There are no contingencies. This is a Binding Auction Agreement. Read document in its entirety. Perform your due diligence and review all terms presented at the bidding website: www.SchilligEstatesAndAuctions.com.
10% BUYER'S PREMIUM WILL BE ADDED TO YOUR BID. THE WINNING BIDDER TO WIRE DEPOSIT OF $15,000.00 (fifteen thousand dollars) 24HR OF AUCTION ENDING. TIME IS OF THE ESSENCE. Include how you want the property Vested.
TAXES WILL BE SETTLED BY SELLER AT CLOSING. Closing and title work through Associates Title Inc. 614-222-2123, FAX 614-2535, 580 S. High St. Columbus, OH 43215, Sharon@AssociatesTitleInc.com
The property identified on the is being auctioned by Licensed Auctioneer Cynthia Schillig with Coldwell Banker Realty. These Auction Terms and Conditions (this "Auction Agreement”) set forth important terms and conditions Your use of the Auction Schillig Estates and Auctions LLC. Indicates your intent and results in your Auction Agreement to be bound by the terms and conditions of this Auction Agreement. If you do not wish to be bound by the terms and conditions of this Auction Agreement DO NOT REGISTER TO BID.
Property Offered "As-Is" Without Contingencies
You agree that the Property is offered and being sold in its "as is" and "where is" condition, with all faults, defects, and limitations, whether apparent or not. You represent that you have done enough of your own research and due diligence on the Property to place your Bid and complete your purchase of the Property for the full Contract Price. Buyer responsible for all closing costs including title insurance.
If you are the Winning Bidder, you agree that you will complete your purchase of the Property for the Contract Price in the Property's then-current state and condition, with all defects, both patent and latent, and with all faults of the Property whether known or unknown, currently existing or that may arise in the future. You agree that your obligation to purchase the Property for the Contract Price is not subject to any contingencies, including mortgage, inspection, and occupancy contingencies. You also agree that any repairs, inspections, surveys, or permits related to the Property are at your own risk and expense.
Registering to Bid
You agree that you will complete the registration form on the Website in accordance with the Website's registration requirements. You agree that you will not provide false information or impersonate, initate, or pretend to be someone else when registering to Bid on the Website.
You agree that the Auctioneer may require proof of the accuracy of your registration information in a form that the Auctioneer finds acceptable. You also agree that the Auctioneer may reject the use of any password, username, or email address for any reason in his or her discretion. Your failure to provide such proof may lead to termination or suspension of your use of the Website. You may not place a Bid if you have been temporarily or permanently suspended from using the Website.
You may register to Bid only if you are able to form a legally binding contract to purchase real property under the law of the State of Ohio. You cannot Bid if you are a minor or incompetent or do not have the mental capacity or authority to enter a contract to purchase real property.
If you are registering an entity, your registration constitutes a representation and warranty to the AUCTIONEER that you have the mental capacity to enter, a contract to purchase real property and that you have actual authority to legally bind the entity to a contract to purchase real property. If you do not have this authority, you agree that you will be personally liable for your conduct.
If any of your registration information changes, you agree that you will update it promptly and that your failure to do so is at your own risk. You will not seek to hold anyone else liable for your failure to keep your registration information up to date.
Safeguarding Your Registration Information
You are solely responsible for your registration information and for updating and maintaining it. You are responsible for all actions taken with the use of your registration information. You may not authorize or permit anyone else to access or use your registration information, and you may not access or use anyone else’s registration information. You may not sub-license, transfer, sell, rent, or assign your registration information to any third party. Any attempt to do so will be null and void.
Cooperating Broker's Fee
In the event of a third-party sale, the Coldwell Banker Realty will pay a cooperating broker's fee 3% of high bid if the broker (1) registers the buyer with the Auctioneer on the form required by the Auctioneer and (2) delivers the completed registration form to the AUCTIONEER (a) before there is any interaction between the buyer and the and (b) before the buyer registers to bid on the Website. Properly registered cooperating brokers will be paid by AUCTIONEER, not by the Title Company, at Closing / Deed Transfer. Brokers should contact the AUCTIONEER, CYNTHIA SCHILLIG directly for a registration form and full terms.
Bidding on the Property
You agree that you are placing a Bid on the Property indicates your intent to purchase the Property for the Contract Price. You also agree that if you are the Winning Bidder, you will complete your purchase of the Property for the Contract Price in accordance with Ohio law, the requirements of the Website, and the instructions of the Auctioneer.
Paying the Sale Deposit
If you are the Winning Bidder, you agree that you will pay the sale deposit shown on the Property Details Page not later than the business day following the date of the Auction, time is of the essence. Otherwise in accordance with the requirements described on the Website or established by the AUCTIONEER. You agree that if a required sale deposit is not shown or the amount shown is incorrect, the AUCTIONEER may correct the error and require you to pay the correct amount of the sale deposit. Deposit will be $15,000.00 (fifteen thousand dollars)applied at closing is nonrefundable. The methods of payment are limited to completing a wire transfer to the title company by close of the business day following the auction, 4PM EST.
If the sale deposit payment is not remitted for any reason, you agree that you will be in default on your obligation to purchase the Property and may be subject to contempt of court or other consequences set forth in section 2329.30 of the Ohio Revised Code or elsewhere in this Auction Agreement.
The Buyer's Premium
Buyer's Premium (10% of high bid) applies to the Property. If you are the Winning Bidder and a Buyer's Premium applies to your purchase, you agree to pay the Buyer's Premium at the time of final payment.
Extension of Auction Period
If bidding occurs in the final moments of the auction, the end of the auction will be extended automatically for 60 seconds successive fixed periods of time (the “Anti-Snipe Time”). The auction will end after no bidding occurs during the Anti-Snipe Time.
Auction Might be Cancelled or Postponed
The auction might be cancelled or postponed at any time. If you are the Highest Bidder, you acknowledge and agree that your purchase, you agree that you will bear all risk of loss related to the circumstances described in this paragraph and that you will seek to hold anyone else liable for any loss you incur.
Winning the Auction: The Highest Bidder
At completion of the auction the Highest Bidder will receive Notice via email including a Purchaser Information Form and wire instructions for the deposit. The Purchaser Form must be returned to the Cynthia Schillig Auctioneer within 24 hours of completion of the auction. Cynthia Schillig Auctioneer has sole and absolute discretion to determine the Highest Bidder. NO ENTRY PERMITTED AFTER THE CLOSE OF AUCTION. ANY INSPECTIONS PERFORMED MUST BE COMPLETED BY APRIL 27, 2024, 5PM EST. Bidder may not share results of inspections with Auctioneer due to the fact the Auctioneer is not licensed in that field. Appraisers may have entry with Auctioneer’s approval.
The Balance Due If you are the Highest Bidder, you must pay the balance of the Contract Price by the payment deadline of May 29, 2024. The balance due will be equal to: The amount of your Bid, plus 10% Buyer's Premium, less $15,000.00 (fifteen thousand dollars) down payment. Buyer to pay closing costs per the Auction Purchase Contract as detailed in the Contract and the Terms and Conditions of this auction.
Deadline for Making Your Payment
The deadline for making your final payment for residential property 389 Wetmore 43214 is May 29, 2024. TIME IS OF THE ESSENCE. This is required by section 2329.31 of the Ohio Revised Code. Terms for commercial property will be posted on the Property Details Page.
Where to Send Your Payment
You agree to make your final payment by wire transfer to the Title Company identified by the AUCTIONEER. You acknowledge and agree that no other form of payment is acceptable. The wire-transfer information will be provided at the time you are deemed the High Bidder for the property. Your wire transfer must reference the Auction property address and how the property is to be VESTED.
The Deed
You acknowledge and agree that no warranties of title are made in connection with the conveyance of title. If you wish to take title in the name of an entity, the Buyer must advise Auctioneer within 24 Hours of conclusion of Auction. And may require documentation or information relevant to an entity's purchase of real property, such as entity formation documents and resolutions authorizing the transaction, all of which must be complete and accurate at the time it is provided.
Defaulting on Your Purchase – Consequences
If you default on your obligation to purchase the Property by the payment deadline (including as a result of a charge-back of the sale deposit), then: (1) you agree to forfeit or pay the amount of the sale deposit to the plaintiff or judgment creditor who requested the sale of the Property and further agree that such an amount is reasonable to cover the costs of your default, (2) you agree to consent to the issuance of an order from the court vacating the sale of the Property, (3) you agree to pay damages to the plaintiff or the judgment creditor who requested the sale of the property in an amount equal to the difference between your Contract Price and the Contract Price at a subsequent sale of the Property. You also acknowledge that you may also be held in contempt of court under section 2329.30 of the Ohio Revised Code and that your eligibility to use the Website may be suspended or terminated. The consequences of default provided in this Auction Agreement are in addition to any other remedies provided by law. You may be subject to other consequences not described in this Auction Agreement.
Disclaimers Regarding Information
You acknowledge and agree that the Auctioneer has not made, does not make, and specifically negates and disclaims any representations, warranties, promises, covenants, Auction Agreements or guarantees of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, of, as to, concerning or with respect to the Property, including whether any information is complete, accurate, reliable, current, or error-free. You acknowledge and agree that all descriptions of properties on the Website are based solely on visual observations or information available from public records and are provided solely for identification purposes.
Occupancy Status
No representations are made about whether the Property is occupied. If you are the Highest Bidder, you acknowledge and agree that all eviction proceedings and other duties and responsibilities of a real property owner and/or landlord, including compliance with federal, state, or local laws, ordinances, and regulations, will be your sole responsibility and obligation.
This Auction Agreement shall be construed, and the legal relations between the parties determined, in accordance with the laws of the State of Ohio, without regard to its conflicts of law rules. Any allegation, controversy or claim arising from or relating to the Auction Services or brought in connection with this Auction Agreement shall be brought in the Court or, if the Court no longer has jurisdiction over the Property, then in the Franklin County, Ohio, Court of Common Pleas, or the United States District Court located in Franklin County, Ohio. You hereby irrevocably consent to the exclusive jurisdiction and venue of these courts. You agree to submit to the personal jurisdiction of these courts, and you agree not to assert the doctrine of forum non convenience in any action in these courts.
Amendments to this Auction Agreement
The Auctioneer reserves the right to amend the terms of this Auction Agreement at any time. All amendments become effective upon posting to the Website. If you object to any amendment, your sole recourse will be to stop using the Auction Services. Your continued use of the Auction Services constitutes your acknowledgement of the amendment and agreement to be bound by the terms and conditions of this Auction Agreement, as amended.
Cynthia Schillig, Auctioneer is licensed and bonded by the Department of Agriculture and Division of Auctioneers. Office located at the Department of Agriculture Reynoldsburg, OH 43068, 614-728-6200, dpotter@agi.ohio.gov
