Auction Location: 416 East Howard Street, Hibbing, MN 55746
Phone: 320-327-2622
Lot Categories: Commercial Property (1)
Auction Closed
01/03/2020 08:30 pm
Closed
Start the New Year with a New Opportunity!
Great opportunity to invest in a Low Cost to Tax Value Investment that will Reap Rewards for Years To Come! This former Hardware Store was renovated into an Oriental Restaurant. After the restaurant closed it was gutted and is now ready for a custom build out to suit Your Needs or as a Large Floor Plan for Commercial Rental Income Property!
Building is sold as-is, be sure to read terms and conditions before bidding. Inspection is highly recommended as getting this structure up to code will require upgrades and renovation.
Low 2% Buyer's Premium on this Property!
The Closing Costs of the Real Property Title will be Paid By The Buyer.
Property tax due up to time of closing will be paid by the seller.
All American Title of Hibbing will prepare the Standard Purchase Agreement per auction terms and perform the real estate closing per Real Estate Auction Statutes.
The Winning Bidder will Be Expected to pay the buyer's premium to Asset Liquidation Auctions within 48 hours of auction close. Then buyer will be put in contact with All American Title Company to sign the Purchase Agreement and complete the closing with the seller for the amount of the final bid plus buyer closing costs.
BP Cap of $1000.00 DOES NOT apply to REAL ESTATE AUCTIONS.
LOW 2% Buyer's Premium on this Property!
BY PLACING A BID, BIDDER ACKNOWLEDGES AND AGREES TO ACCEPT THE PROPERTY IN AS-IS CONDITION, COMPLETE THE SALE WITHIN 30 DAYS AS DIRECTED BY ALL AMERICAN TITLE COMPANY AND PAY THE HIGH BID PLUS ALL CLOSING COSTS.
| 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 |
|---|
| 2.00% |
This auction is contracted and managed by: Asset Liquidation Auctions
Manager: Jeff Krueger
BY PLACING A BID, BIDDER ACKNOWLEDGES FULL DUE DILIGENCE, AND AGREES TO ACCEPT THE PROPERTY IN AS-IS CONDITION, COMPLETE THE SALE WITHIN 30 DAYS AS DIRECTED BY ALL AMERICAN TITLE COMPANY AND PAY THE HIGH BID PLUS ALL CLOSING COSTS.
PROPERTY IS SOLD AS-IS, AND WILL NEED PLUMBING, ELECTRICAL AND OTHER WORK BEFORE OCCUPANCY.
This auction is contracted and managed by Asset Liquidation Auctions.
This property is selling with a reserve and is subject to seller confirmation.
Payment Types Accepted: Certified funds up to $10,000.00. Wire Transfer for any invoice over $10,000.00.
Auction Terms Addendum
This auction is contracted and managed by an independent auctioneer. By placing a bid, you agree to both the auction-specific terms listed on this page and the K-BID User Terms and Agreements.
Platform Role
K-BID Online, Inc. (“K-BID”) operates and maintains K-BID.com as a venue for independent auction companies to conduct online auctions.
They are independent entities and are not employees, agents, or representatives of K-BID. K-BID’s knowledge of individual auctions is limited to the information provided on the website.
Bidder Responsibilities
By placing a bid, you confirm that you are at least 18 years old and agree to comply with all applicable terms.
Inspection & Removal
Inspection dates and times are provided for every auction. Bidders are strongly encouraged to inspect items prior to bidding.
Removal day is not an inspection day.
Once an auction closes and an invoice is issued, the winning bidder is obligated to complete the purchase.
Item Condition
All items are sold “as is, where is,” with no guarantees or warranties. Buyers are responsible for their own due diligence.
Buyer’s Premium
If applicable, Buyer’s Premium caps are applied per item, not per invoice.
Auction Process
Compliance & Enforcement
Failure to comply with auction terms, including removal requirements, may result in suspension of bidding privileges.
If bidding privileges are suspended due to unpaid invoices:
Duplicate accounts will be deactivated. Suspected fraudulent activity may result in bid removal, account holds, or permanent suspension. K-BID reserves the right to refuse service to any user and may refer fraudulent behavior to appropriate authorities.
Seller Conduct
Sellers and their agents are strictly prohibited from bidding on their own items.
Sales Tax
Applicable sales tax will be collected by the independent auction company managing the auction.
SHIPPING IS NOT AVAILABLE. Once the Buyer's Premium is paid by Buyer, All American Title Company will direct and complete the escrow and closing process.
Online payment not accepted for this auction.
