Moline, IL: 2 Residential Lots at 7501 & 7505 36th Ave., Moline, IL 61265 (Rock Island County)

Bidding Opens: Monday, April 15, 2024, at Noon CT
Bid Deadline: Wednesday, May 1, 2024, at Noon CT

Inspection: Inspect any time
Sale Manager: Jeb Howell 770-841-9924 or Jeb@amcbid.com

 

Property Description: 7501 (Lot 1) and 7505 (Lot 2) are 21,603± SF and 19,318± SF, respectively, located on the north side of 36th Avenue. Lot 1 is at the corner of 36th Avenue and 75th Street, and Lot 2 adjoins it to the east. Both lots are below grade from the street, and a small creek runs along the back of the lots. The lots are zoned AG-2 by Rock Island County. The lots are located on a small sliver of unincorporated Rock Island County, which extends into Moline. All utilities appear to be available to the lots.

 

South Moline Township PIN 17-12-415-001 (Parcel 0712174) and 17-12-415-002 (Parcel 0712175). 
2022 Taxes: $1641.44 each
2022 Assessed Value: $21,719 each

 

Terms: Proof of Funds Required to Bid, 10% Buyers Premium added to winning bid to determine sale price, Earnest Money Deposit 20% of Purchase Price, 2% Broker Co-op, close in 30 days.

 

 

Auction conducted in cooperation and conjunction with:
Gary Niemeier, Legacy Realty & Auction LLC, IL AL#040000762, IL Broker #475.122793
 

AUCTION REGISTRATION: In order to register for the auction, you must

(1) have inspected the property and confirm that you have done your own inspection before registration
(2) confirm that you have reviewed the posted material, including these Terms and the Title Commitments posted for each property
(3) provide Proof of Funds showing sufficient funds required to cover the 20% Earnest Money Deposit for a down payment. Proof of Funds consists of a current bank statement in your name with the account number blacked out. Proof of Funds may be faxed to 770-980-9383 or emailed to Info@AMCbid.com before the auction. 
All registrations must be completed online at our website before the auction. 

 

AUCTION INFORMATION & OFFICES: All available material and updates are posted on AMCbid.com. Due Diligence materials, the Title Commitment, the Auction Purchase and Sale Agreement, the Broker Registration form, and other information may be obtained by visiting our website or calling 770-980-9565.

 

BROKER PARTICIPATION INVITED: Unless noted otherwise in the property listing or herein, a Broker Commission of two percent (2%) of the Winning Bid will be paid on real estate.  A commission will only be paid to the properly licensed Broker whose Prospect purchases and Closes on the real estate. To qualify for the Broker Commission, the Broker must register using the Broker Registration form posted on the website for the property listing before Bidder Registration. The form may be emailed to Info@AMCbid.com, faxed to 770-980-9383, or delivered by hand or mail to 1827 Powers Ferry Rd, Bldg 5, Atlanta GA 30339. The Prospect and the Broker must sign the registration form, which must be received at the office of Auction Management Corporation by 5 PM two (2) days prior to the bid deadline. A Broker Registration will not be accepted after a Bidder has registered. Commissions are to be paid only upon Closing. A Broker cannot act as a Principal and a Broker on the same transaction. 

 

CONDUCT OF THE AUCTION: Online bidding will begin ten (10) days before the auction deadline. The auction ends when the highest bid is recognized by the Auctioneer. Auction bidding starts to close on Wednesday, May 1, 2024, at Noon CT. Any bid received within the last 5 minutes of the bid deadline causes an automatic extension of bidding. Once 5 minutes pass with no bidding, the auction will close. Bid increments and bidding methodology are subject to change at the sole discretion of the Auctioneer. The lots will be sold in an extension group, meaning any bid on either lot automatically extends the bidding on both.

 

BUYER'S PREMIUM: The property will be sold with a ten percent (10%) Buyer's Premium. The bid amount plus the Buyer's Premium equals the final Purchase Price. For example, A $20,000 bid plus the 10% ($2,000) Buyer's Premium equals the $22,000 final Purchase Price.

 

TERMS OF SALE FOR REAL ESTATE: The Winning Bidders (“Purchasers”) will pay an Earnest Money Deposit of the greater of $500 or twenty percent (20%) of the Purchase Price (bid amount plus Buyer’s Premium). Upon conclusion of the bidding, the Purchasers will be emailed the Auction Purchase and Sale Agreement (“Auction PSA”) to sign and return to Auction Management Corporation. The Earnest Money Deposit must be wire transferred to the Closing Agent/ Escrow Holder’s account and is due immediately. The Auctioneer will transfer the $500 credit card charge to the Closing Agent/ Escrow Holder’s account following receipt of the balance of the Earnest Money Deposit. The Purchasers shall be responsible for all wire transfer fees. The Earnest Money Deposit is non-refundable.

 

Closing: Closing must occur within thirty (30) days from the auction date unless extended in writing by mutual consent of the parties. Failure or refusal to Close within the contractual period 
or in accordance with the terms of the Auction PSA may cause the Purchasers to forfeit their Earnest Money Deposit. Purchasers shall execute the Auction PSA for the Property immediately after being declared the Winning Bidder by the Auctioneer. The Auction PSA for each asset will be available before the auction on our website, AMCbid.com. The Auction PSA contains an acknowledgment that the Purchasers have inspected the property and reviewed the Title Commitment prior to the auction, is relying solely on their inspection, and is purchasing the property As-Is with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED TO IT, AND THE PURCHASERS WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. However, the Seller reserves the right to modify or amend said Auction PSA, complete blank sections, attach appropriate exhibits, and comply with state and local laws that may be enacted or amended. All payments (i.e., Earnest Money Deposits, Closing Funds) must be in the form of wire transfer only.

FINANCING: Please note that financing is NOT a contingency of this transaction. Because financing is not a contingency, all potential Bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.

 

PLATS/SKETCHES/DRAWINGS AND PHOTOS: Plats, sketches, drawings, and photos are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.

 

AUCTION POWER OF ATTORNEY: For interested Bidders who cannot attend the auction but would like to have a representative bid on their behalf, an Auction Power of Attorney can be obtained by contacting the Auction Information Office at 770-980-9565.

 

CLOSING AGENT/ ESCROW HOLDER: Earnest Money Deposits shall be delivered to Trino Leon, Meridian Title Co., 
423 17th St #102, Rock Island, IL 61201-8742, Trinol@MTCtitle.com, Trinol@MTCtitle.com ("Escrow Holder"). Following the auction, the Auctioneer will provide Escrow Holder wiring instructions to the Purchasers.  Escrow Holder shall deposit and hold the Earnest Money Deposit in Escrow Holder's escrow account which is a non-interest-bearing account at an FDIC-insured financial institution. The Escrow Holder will also act as the Closing Agent.

 

TITLE COMMITMENT: Title Commitment for the Property will be posted to the auction website before the auction. At Closing, the Seller shall convey and transfer the title of the Property to Purchasers by Special Warranty Deed ("Deed") subject to the conditions, exclusions, and exceptions as outlined in the Title Commitment issued by the Title Agency and made available to the Purchasers before the Purchasers submit a bid at auction ("Title Commitment”). The Purchasers shall accept the delivery of the Deed subject to conditions, exclusions, and exceptions as outlined in the Title Commitment. The Purchasers are responsible for reviewing Title Commitment and ensuring that the Purchasers are comfortable with all conditions, exclusions, and exceptions before bidding.

 

EASEMENTS: Property is sold subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.

 

CLOSING COSTS: The Purchasers shall pay the expenses (a) of recording the Deed, which may include any deed, document stamps, intangible, and transfer tax or fee, (b) for the Title Commitment, (c) for any title insurance policy that is to be issued in favor of Purchasers, including, but not limited to, the premium and expenses of any needed endorsements, (d) associated with the Purchasers’ financing and any and all costs associated with the recordation of any documents concerning the Purchasers’ financing, (e) of the Closing Agent for Closing the transaction contemplated by this Agreement, and (f) of the Purchasers’ attorney or other professionals engaged to perform services by the Purchasers relating to the purchase and sale of the Property. Purchaser-paid expenses include the Title Commitment, recording fees, Revenue Stamp, Overnight Expenses if the Closing is not completed at the Closing Agent’s office, and a closing protection letter.
The Seller shall pay the expenses (a) of preparation and delivery of the Deed to the Purchasers, (b) for the Auctioneer, and (c) of the Seller's attorneys or other professionals engaged to perform services relating to the purchase and sale of the Property.
The Seller shall be responsible for any and all taxes and assessments, including any interest, penalties, or fees incurred prior to the Closing Date. The Purchasers shall be responsible for all taxes and assessments accruing on and after the Closing Date. The Closing Statement shall reflect such proration based on the most recent and available tax rate and valuation. Any other expenses relating to the Closing shall be allocated between and charged to the Purchasers and Seller in accordance with Title Company’s standard practices. If any errors or omissions are made regarding any proration, the Seller and Purchasers shall make the appropriate corrections promptly upon the discovery of such error or omission.
If the Closing fails to take place for any reason, the Escrow Holder shall be entitled to compensation in the amount of $250.00 ("Escrow Fee") which the Purchasers shall pay. If the Closing fails to take place due to a default by the Seller, the Seller shall pay the Escrow Fee.

 

PURCHASER'S NOTE: The Auctioneer reserves the right to add or delete property from this auction and to alter the order of sale from that published herein. The Auctioneer reserves the right to convert the bidding platform from an online to an onsite or live webcast bidding platform if deemed necessary prior to the online bidding deadline. Personal onsite inspection of the property is strongly recommended. Failure to inspect the property prior to auction does not relieve the Purchaser of contractual obligations of purchase. The Purchaser warrants that the Purchaser is an experienced and sophisticated purchaser and seller of commercial real estate of the nature and type covered by this auction, has had adequate time to review the Auction PSA and has read and understands the Auction PSA, has consulted with a real estate attorney of the Purchaser's choice prior to bidding on any assets in the auction, and will knowingly and voluntarily enter into the agreement as specified in the Auction PSA. Property sells As-Is and Where-Is with no warranties expressed or implied. Real property is to be conveyed by a Special Warranty Deed. Information was gathered from reliable sources and is believed to be correct as of the date this material is published; however, this information has not been independently verified by the Sellers or the Auctioneer. Its accuracy is not warranted in any way. There is no obligation on the part of the Seller or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The Seller has no liabilities whatsoever for any oral or written representations, warranties, or agreements relating to the Property except as expressly outlined in the Auction PSA. There is no obligation on the part of the Seller to accept any backup bids in the event the Winning Bidder fails to perform.