#1254 - NO RESERVE - ABSOLUTE REAL ESTATE AUCTION -

MnAutoAuctions.com

MnAutoAuctions.com

Auction Location: 205 Marsh St, Sedan, MN 56349

Phone: 320-283-3250

Lot Categories: Commercial Property (1)

Auction Closed
09/17/2020 08:25 pm

Closed

Showing 1 to 1 of 1 items

Current Bid: $6,210.55
Next Required Bid: $6,310.55
High Bidder: #86998
Began Closing:
Thursday 09/17/2020
08:25 pm CST

Lot is Closed


SEDAN, MN COMMERCIAL REAL ESTATE - ABSOLUTE SALE - NO RESERVE!!

Commercial building in downtown SEDAN, MN Being sold without reserve

LOCATION:

Former highway department garage just North of Rooney's Bar in Sedan, MN. (No official address)


Open House Saturday September 12th 2020 4PM - 6PM


Legal Description:
Sect - 6 Twp - 124 Range - 36 Lot - 18 Block - 5
SEDAN CITY, ORIGINAL PLAT
S1/2 LOT 18, E1/2 LOT 19 BLOCK 5


$500 Earnest money due with 48 hours of auction closing in person to sign Purchase Contract. 

Closing will be held at Minnewaska Title within 30 days of auction closing.

--ONLY 3% BUYERS PREMIUM--

Commercial Building in the heart of Downtown Sedan, MN. Only a few blocks off of State Highway 55. Great storage building for boats / cars / RV's. 


The city of Sedan DOES NOT HAVE city water or city sewer. This property does not have a well or septic. (NO WATER / SEWER BILL!!!)


Property is sold strictly AS IS, please inspect property. 

  1. AS-IS SALE. The Buyer shall accept the Property "AS-IS", "WHERE-IS", and "WITH ALL FAULTS" as of the closing date and the Buyer specifically agrees that neither the Seller nor the Auctioneer make any representations or warranties of any kind whatsoever, expressed or implied, to the Buyer as to the value, condition or fitness of the Property, environmental or otherwise, or any part thereof or improvements thereon. All descriptions, measurements and acreage provided by the Seller and the Auctioneer are to be used as a guide only. The Buyer acknowledges and agrees that it is the Buyer's sole responsibility to make such legal, factual and other inquiries, inspections and investigations as the Buyer considers necessary prior to bidding on the Property, and Buyer hereby warrants and represents that he shall have satisfied himself as to the location and condition of the Property, and all descriptions with respect thereto, prior to bidding, and that he has had the opportunity to do so. In certain circumstances the Seller will complete and provide a Property Condition Disclosure Statement. If a Property Condition Disclosure Statement is available, the Bidder may view such information.


PLEASE SEE ADDITIONAL TERMS UNDER THE 'TERMS' TAB.

Real Estate > Commercial Property


Auction Details:

Inspection:

Sat, Sep 12, 2020
04:00 pm - 06:00 pm

Auction Closing:

Thu, Sep 17, 2020
08:25 pm

Removal:

By Appointment Only

Bidding Increments:

Bid Range Minimum Increment
$0.01 - $75.00$1.00
$75.01 - $150.00$5.00
$150.01 - $250.00$10.00
$250.01 - $500.00$25.00
$500.01 - $1,000.00$50.00
$1,000.01 - $5,000.00$75.00
$5,000.01 - $50,000.00$100.00
$50,000.01 - $75,000.00$250.00
$75,000.01 - $100,000.00$500.00
$100,000.01 - $2,500,000.00$1,000.00

Buyer's Premium
3.00%


This auction is contracted and managed by: MnAutoAuctions.com

Manager: Nicholas Bullick


This auction is contracted and managed by MN Auto Auctions.

  1. DEFINITIONS. In these Real Estate Terms, the "Seller" shall refer to the consignor of the Property and the "Buyer" shall refer to the bidder offering the highest bid accepted by the Auctioneer for the Property. Each capitalized term used herein but not otherwise defined shall have the meaning ascribed to such term in the Terms of Bidding and Sale.
  2. UNRESERVED AUCTION. The Property shall be sold to the highest bidder regardless of price at unreserved ONLINE public auction. The sale shall not be subject to any minimum bid or reserve price.
  3. CASH SALE. This is a cash sale and is not contingent on the Buyer's ability to obtain financing.
  4. AGREEMENT OF PURCHASE AND SALE. The Buyer shall execute an Agreement of Purchase and Sale, in the form provided by the Auctioneer, without modification, WITHIN 48 HOURS after being declared the high bidder.
  5. AGENT OF SELLER. The Auctioneer (and any appointed real estate agent, where applicable) is acting as an agent of the Seller only, and not as an agent of the Buyer or as a dual agent. The Buyer may be required to sign an Agency Agreement acknowledging that they are aware they are not receiving any representation.
  6. COMPLETION BY LEGAL REPRESENTATIVE. Completion and closing of all real estate transactions will be handled by legal representatives appointed by the Seller and Buyer, acting on behalf of the Seller and Buyer, respectively. All deposit, earnest and purchase monies in respect of the Property shall be paid to and deposited in trust with the legal representative for the Seller.
  7. DEPOSIT. Immediately after being declared the high bidder, the Buyer shall submit a non-refundable deposit in trust to the legal representative for the Seller in the amount of 25% of the Purchase Price (the "Deposit"). The Auctioneer may, in its sole discretion, accept a Deposit of 10% of the Purchase Price if provided with an unconditional letter of financing from a lending institution acceptable to the Auctioneer. The balance of the Purchase Price shall be paid at or before closing.
  8. TRANSACTION FEE (BUYERS PREMIUM) Within 48 hours after being declared the high bidder, the Buyer shall pay the applicable transaction fee, if any, to the Auctioneer.
  9. TAXES. Any and all applicable Federal, Provincial or State taxes (including property transfer tax, if applicable) must be paid by the Buyer in addition to the Purchase Price, at or before closing. Any and all applicable property taxes shall be paid at or before closing by the Seller and Buyer pro-rata based on the date of closing.
  10. CLOSING. Closing will take place on the date that is 30 days after the date of the auction, or such other date as may be mutually agreed by the parties. The Buyer and Seller shall each be responsible for their own legal fees. Land title registration fees and applicable transfer fees shall be paid by the Buyer at or before closing. All necessary adjustments will be based on the agreed upon closing date.
  11. NON-PERFORMANCE. Any failure by the Buyer to complete the purchase of the Property will result in the Deposit and any further interest in the Property being forfeited.
  12. POSSESSION. The Buyer will receive vacant possession on the date of closing.
  13. AS-IS SALE. The Buyer shall accept the Property "AS-IS", "WHERE-IS", and "WITH ALL FAULTS" as of the closing date and the Buyer specifically agrees that neither the Seller nor the Auctioneer make any representations or warranties of any kind whatsoever, expressed or implied, to the Buyer as to the value, condition or fitness of the Property, environmental or otherwise, or any part thereof or improvements thereon. All descriptions, measurements and acreage provided by the Seller and the Auctioneer are to be used as a guide only. The Buyer acknowledges and agrees that it is the Buyer's sole responsibility to make such legal, factual and other inquiries, inspections and investigations as the Buyer considers necessary prior to bidding on the Property, and Buyer hereby warrants and represents that he shall have satisfied himself as to the location and condition of the Property, and all descriptions with respect thereto, prior to bidding, and that he has had the opportunity to do so. In certain circumstances the Seller will complete and provide a Property Condition Disclosure Statement. If a Property Condition Disclosure Statement is available, the Bidder may view such information.
  14. PROPERTY BOUNDARIES. The Buyer will satisfy itself as to all property boundaries. If a dispute arises, verification of said boundaries will be at the Buyer's expense.
  15. NO MINES OR MINERALS. Mines and minerals are not included and shall not be conveyed with the Property unless otherwise expressly provided.
  16. PERSONAL PROPERTY. No personal property shall be conveyed with the Property unless specifically included in the purchase agreement.
  17. NO ASSIGNMENT. The Buyer shall not assign his bid or obligation to purchase the Property to a third party without the prior written approval of the Auctioneer.
  18. FOREIGN OWNERSHIP RESTRICTIONS/TAXATION. Certain Canadian provinces impose foreign ownership restrictions or additional taxation on the purchase of real property by non-Canadian citizens and non-qualified Canadian organizations. THE BUYER ACKNOWLEDGES THAT IT IS THE BUYER'S SOLE RESPONSIBILITY TO MAKE ANY NECESSARY ENQUIRIES, INCLUDING, WITHOUT LIMITATION, CONSULTING WITH LEGAL ADVISORS, PRIOR TO BIDDING TO ENSURE THE BUYER IS LEGALLY ELIGIBLE TO PURCHASE THE PROPERTY.
  19. ADDITIONAL DOCUMENTS. As a condition of closing, the Buyer may be required to sign certain disclosure documents as may be required by the applicable governing bodies.

 

By placing a bid on this auction you agree to abide by these terms. 

 


This auction is contracted and managed by an independent affiliate. By placing a bid on this auction, you are agreeing to the auction specific terms listed on this page in additions to the K-BID user terms and agreements.  

K-BID Online, Inc. (K-BID) is responsible for maintaining the K-BID.com website.  K-BID.com serves as the venue used by independent auction companies (Affiliates) to present their online auctions to bidders.  

K-BID’s role in the auctions listed on K-BID.com is limited to providing the venue for affiliate auctions. Affiliates are not employees, agents, representatives or partners of K-BID Online, Inc. K-BID’s knowledge about individual auctions and individual auction transactions is limited to the information appearing on the website.

By placing a bid on K-BID.com, bidders are verifying they are at least 18 years old and acknowledging they understand and will comply with both the K-BID.com website terms and the auction specific terms. Bidders MUST NOT share their password or account information with anyone. Bidders are responsible for bids placed on their account.

Inspection dates/times are available for every auction. Bidders are strongly encouraged to inspect prior to placing bids. Removal day is not inspection day. When an auction ends, and the winning bidder invoice appears on the bidder’s dashboard, the bidder is obligated to honor their bid(s).

Every auction item is sold “as is, where is” with no guarantees or warranties. You are responsible for inspecting items prior to purchase.

Bidders are responsible for knowing and complying with auction terms. Failure to comply with removal terms may result in bidding privileges being disabled.  Once a bid is placed it cannot be retracted.

Sellers and their agents are prohibited from bidding on their own assets.

Items with a reserve will not be sold unless the reserve price has been met.

At the close of the auction, active items will remain open until no bids have been received for three minutes.

Applicable sales tax will be collected by the affiliate managing the auction.  

In the event that bidding rights are terminated due to no-show invoices, bidders MAY be reinstated at the discretion of K-BID only after a penalty fee of 20% of the unpaid invoice(s) and a reinstatement fee of $25.00 has been paid to K-BID and a scanned copy of your driver's license emailed to us. INVOICED ITEMS WILL NOT BE AWARDED. The payment is punitive and meant to deter no-shows. Duplicate bidder accounts will be deactivated when they are determined to exist. If possible and at our discretion, K-BID reserves the right to delete any bid we believe has been placed by a suspect bidder. Any registration that shows up on our fraud detection system may be placed on hold and bids removed until the user is verified. K-BID Online, Inc reserves the right to disallow anybody from bidding on its website. Cases of obvious bidding with no intent to redeem will be referred to appropriate legal authorities.

Affiliates may lower a lot reserve at any time before or after an auction closes.  If the reserve is lowered while the auction is in progress, the applicable reserve message will appear below the Next Required Bid information (Reserve Not Met or Reserve Has Been Met); the asset will sell to the high bidder if the lowered reserve amount is met. If the reserve is lowered after the auction closes, the highest bidder at auction close will receive a winning bidder invoice. 

Once an auction begins its closing process, outbid notifications will not be sent.

Once a bid is placed it cannot be retracted.

 



205 Marsh St
Sedan
MN, 56349


Phone: 320-283-3250

NO