Absolute Auction - Real Estate Investment Opportunity

Don’t judge a book by its cover on this one.  It’s a small house, with only 556 sq. ft.  But it’s clean and ready to rent with good cash flow potential.  It was last rented for $595/mo. 
  •   Oct 30 @ 1:00PM EDT (Start)
  •   Nov 9 @ 7:00PM EST (End)
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531 N. 44th St., Louisville, KY  40212

 

Click Here for Full Screen Bidding

 

Open House:  Sunday, November 8th, 1 – 3 pm

Bidding Ends:  Monday, November 9, 2020 beginning at 7:00 pm EDT

To view additional disclosure documents click on the “Documents” tab.

For Complete Terms and Conditions of this Auction please lick on the “Terms” tab.

10% Buyer’s Premium — $3,000 Down Payment — Close by December 9, 2020

 

Property Details

This is a 1 story home.  The kitchen and bath in each unit was rehabbed when the owner purchased the property in 2017. 

Occupancy & Rental Status:  Vacant.  The house was most recently rented for $595/month with tenant paying utilities.  (Auctioneer saw the lease and attests to the rental amount).

Square footage:  PVA shows 570 sq. ft. Our measurements came up with approximately 556 sq. ft. for the total house.    

Exterior:  Possibly asbestos siding.  Mostly plexiglass window panes.

PVA assessed value:  $21,240

Year built:  1930 (per PVA)

Zoning:  Residential –– 1 family dwelling.

Rooms:  4 rooms total.  Includes a front room, middle room, kitchen and bath.

Flooring:  Hardwood flooring in the front and middle rooms and laminate wood flooring in kitchen and bath.

Mechanicals:  A gas furnace located in the middle room closet and a Rheem 40 gal. hot water heater installed in 2019.  The house does not have central air conditioning.

Appliances Remaining: 

1)  Refrigerator and electric range shall remain with the property.

 

Parking:  Street and driveway (see note)  Note: Based on the city plat, it appears that the driveway that abuts the adjoining property is part of the house and land that is being auctioned.  No survey has been done to ascertain property lines or encroachment issues and thus neither Seller nor Wardlow Auctions Inc. makes any assertions or warranties of such

 

Links to the Following Real Estate Information Documents (click on “Documents” tab shown above).

Click here for PVA Valuation Report

Click here for Title Examination Report

Click here for LOJIC Land Development Report

Click here for LOJIC Plat Map

Click here for Square Footage Diagram

Click here for Real Estate Purchase Contract

Click here for Lead Base Paint Disclosure

Click here for Broker Participation Form

Real Estate Terms & Conditions for

531 N. 44th St., Louisville, KY  40212


Questions: Questions regarding the property and/or auction should be directed to Joe Gribbins or Rick Wardlow with Wardlow Auctions Inc. 

Wardlow Auctions, Inc.
3600 Chamberlain Ln., Ste. 356
Louisville, KY 40241
Office: (502) 489-5515
Email: office@wardlowauc.com
Auctioneer - Rick Wardlow (502) 593-3888

Broker – Joe Gribbins (502) 550-7045

Online bidding is offered as a courtesy. The Auctioneer, Broker, Agent, Wardlow Auctions, Inc., Seller, and the internet and software providers do not guarantee or warrant the online bidding procedure and/or system to operate without interruption or malfunction.

The following Terms and Conditions apply to this auction.

Inspections: All descriptions and information are believed correct, but are not guaranteed.  It is the Bidders responsibility to inspect the property and research any and all descriptions and information to their complete and full satisfaction prior to bidding. Potential buyers are welcome to get any home or other inspections they desire prior to the auction. However, the sale will not be contingent upon any inspections, either prior to or after signing of the Auction Purchase Contract. The property is being sold “as is - where is” with no guarantees, warranties, or contingencies

Bidders are encouraged to attend the previews/open houses:  Sunday, November 8, from 1-3 pm.

Buyer’s Premium: A 10% buyer’s premium will be added to the winning bid to determine the final selling price. For example, if the final bid is $50,000, the Buyer's Premium would be $5,000, resulting in a final contract selling price of $55,000.

Registration: Registration is free but does require several important pieces of information. As with our live auctions, bidders must be registered with a full name, address, and telephone number. An email address is also required so bidders may be sent winning bid notifications. Information from either a MasterCard or Visa is to be held on file must be provided in order to authenticate the bidder and deter defunct bidding.  No charges will be made against the card. Registration may only be completed with an acknowledgment that the bidder has read and understood all terms and conditions for the sale and online bidding.

Advice for New Bidders: Please do not wait until the last minute to register for the auction. We suggest that you register early and then place a bid early in the auction (while the bids are still low) in order to familiarize yourself with the bidding process. It will make your auction experience much more relaxing and enjoyable.

 

How to Register for First Time Bidders: Click on “Register to Bid”, at the next page click on “Sign Up”, and then complete the information requested. Upon successful completion you will receive notice that you are approved to bid.
 

If You Have Already Registered: If you have already registered and been approved, you simply click on the “Register to Bid” link and on the next page, click on “Sign In”.
 

Bidding: Online bidding is to be understood as a binding contract. Bids will be taken with the understanding that the bidder will honor their winning bid with sufficient funds in the specified time frame. Notification of the winning bid will be made following the auction's close.

Bidding Increments: The bidding increments for this auction are set at $250; thus all bids must be in increments of at least $250. 

Placing Bids:  Online bids can be made using two methods: selecting the green button that says “Bid (amount)” or selecting the green button that says “Set Max.”
“Bid (Amount):” This button shows the next bid required and allows the bidder to input a single bid as in a live auction. For example: if the bid is currently $20,000, the green box will say “Bid $20,250.  

“Set Max” Feature: This feature enables you to set a maximum bid so the computer does your bidding without you having to constantly view, log in, and bid on an item. Setting a maximum online is much like coming to a live auction with a preset spending limit in mind. The program will bid for you, in the prescribed increments, and only up to your spending limit for the item.  Maximum bid amounts are kept confidential. Please note that the bid history page will post a message if the current high bid has been a result of a Maximum Bid. You can raise a bid or raise your maximum bid at any time prior to the close of the auction.

Close of Bidding: Bidding is scheduled to close Monday, November 9, 2020 beginning at 7:00 p.m. Eastern Time.  All bids/offers should be made through this bidding site and shall be in accordance with the Terms and Conditions set forth for this sale.

Extended Ending: The close of bidding will be subject to a extended ending, whereas at the close of the auction, any bidding activity will automatically extend the closing for 3 minutes. The bidding will continue to remain open as long as there is activity within 3 minutes of the previous bid. If there is no bidding activity within another 3 minutes, bidding will be closed.

Contract Execution: Following the auction, the successful bidder will be emailed, faxed, or delivered a contract to be signed by the prospective buyer and returned to Wardlow Auctions by personal delivery, email, or fax no later than 2:00 pm EDT, Tuesday, November 10, 2020. A copy of this contract is posted on the bidding page and available for review online by clicking on the “Documents” tab.

Down Payment: The buyer(s) shall make a non-refundable down payment of $3,000. The down payment must be received by Wardlow Auctions Inc. no later than 2:00 PM EDT on Tuesday, November 10, 2020. The down payment may be in the form of cash, good personal check, official bank check or wire transfer payable to Wardlow Auctions Inc.

Closing: Closing for the properties must be on or before December 9, 2020. The Buyer shall pay the balance of the purchase price at closing. Buyer and Seller shall pay their respective closing costs as is common and customary to Jefferson County, Kentucky.

Taxes: All real estate taxes due and payable in the calendar/fiscal year of closing shall be prorated between Buyer and Seller as of the date of closing as is common and customary to Jefferson County, Kentucky.

No Conditions or Contingencies: The property is being sold and purchased in “as-is” condition, “with-all-faults and attributes”, with no guarantees or warranties of any kind as to condition, fitness, use, or future use of the property and with all defects, apparent, non-apparent and latent.  The sale in not contingent upon any factors including, but not limited, to financing, appraisal, or inspection.  Potential buyers are welcome to get any inspections they desire prior to the auction. The sale will not be contingent upon any inspection, either prior to or after signing of the Auction Purchase Contract. 

Disclaimer: Any and all documentation provided in preparation for this auction has been obtained and forwarded in good faith to potential bidders for their convenience and information only. Such information is not warranted and as such the Seller, Auctioneer and Broker shall not be held liable for inaccuracies in the information. Potential buyers are encouraged to obtain or verify, before the close of bidding, any information they consider critical to their decision to purchase.

Penalties: Any bids found to be fraudulent will result in all appropriate legal action. Delinquencies will also prevent the individual from participating in any further auctions conducted by Wardlow Auctions, Inc.

Real Estate Information Documents: Click on the “Documents” tab on the bidding page for links to various real estate information documents.  All information provided in advertising and otherwise is believed correct, but is not guaranteed.

Broker Participation: A Broker or agent whose client is the buyer of the real estate may be entitled to a broker participation fee equal to 1% of the final bid price. Agents must register their client prior to 6:00 pm on Monday, November 9, 2020. Brokers and agents may obtain the registration form by clicking here.