135 Park Avenue, Beloit, WI - Monday, August 28, 2023

ONLINE REAL ESTATE AUCTION
135 Park Avenue, Beloit, WI 53511

PREVIEWS (OPEN HOUSES) - THE PROPERTY IS OCCUPIED SO PLEASE DO NOT TRESPASS AT ANY OTHER TIME:
Saturday, August 19, 2023, from 1:00 PM – 2:00 PM
Saturday, August 26, 2023, from 1:00 PM – 2:00 PM

AUCTION END DATE:
Monday, August 28, 2023
(the auction starts to close at 7:07 PM)

PROPERTY HIGHLIGHTS:
*2 story home
*3 bedroom / 2 bath
*2 car detached garage
*Enclosed front porch and backyard deck
*Close to restaurants and downtown
*First floor bathroom, bedroom, kitchen, and living room
*Upper level bathroom (toilet only) and two bedrooms
*All appliances and personal property onsite belong to the tenant (and are not included in the sale).
*Forced air heating (natural gas). A fuel storage tank (no longer in use) is located in the lower level of the home.
*City sewer and water
*Total square footage – 1,416 sq ft
*Year built – 1930
*Property is occupied by a tenant who pays $800 a month plus utilities.  The lease is month to month and has always been paid on time for the last 3 years since the owner bought the property.
*Zoning – C3 and Single Family Residential.  Per the City of Beloit, this property looks like “a legal non-conforming residential use in a C-3, Community Commercial zoning district.  The residential use can continue as long as it is not vacant. Once the property is vacant for 12 months it loses its nonconforming status and must be used for C-3 zoning and residential is not allowed.”  See link for approved uses in C-3 Zoning - https://library.municode.com/wi/beloit/codes/code_of_ordinances?nodeId=CH19ZOCORERE2946_ARTIIIZODIGE_3-400ZOMA
*Lot size is 0.20 acres
*At its current elevation, the property is believed to be located within a flood hazard area/floodplain.
*2022 taxes - $974.95
*Parcel number in Rock County, WI  – 13650210
*Title is guaranteed free and clear at closing (with taxes paid up to the closing date)
*$29,000 minimum opening bid (this is also the reserve price)

Brokers/Agents see https://www.beloitauction.com/learn/brokers-agents/

BELOIT AUCTION & REALTY, INC.
608.364.1965

David Allen, CAI, AARE, AMM, BAS, CAS, CES, GPPA
Mobile: (608) 333-4586
Registered Wisconsin Auctioneer #2580 - IL #441.00296

WI Real Estate License #55947-090 - IL #471.020014..Richard Ranft, CAI, AARE, AMM, GPPA
Mobile: (608) 751-2184
Registered Wisconsin Auctioneer #237 - IL #441.001071
WI Real Estate License #51214-090 - IL #478.00010

ADDENDUM A - TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE AUCTION

1. This is an ONLINE public real estate auction…it is NOT a foreclosure auction.  Title to the property is guaranteed to be free and clear from all liens and encumbrances with all property taxes paid up until closing. Auction is subject to prior sale. The bidder agrees to all terms and conditions of the auction set forth prior to bidding on the auction. These terms and conditions are made part of the offer to purchase. All bidders are required to register online prior to the beginning of the online auction if they intend to bid. Each bidder is assigned a unique bidder number. In consideration of being allowed to participate in this auction, the bidder agrees that all bids he or she submits are irrevocable and binding.
2. Disclaimer & Absence of Warranties: All properties are sold “AS IS, WHERE IS’ with no financing, inspection, appraisal, zoning, or other contingencies to sale. No warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in any brochure or marketing are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Potential buyers can arrange for their own property inspection by a licensed inspector at least 72 hours prior to the auction date at their own expense.  At its current elevation, the property is believed to be located in within the flood hazard area/floodplain.  A fuel storage tank (no longer in use) is located in the lower level of the home.
3. The conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Auctioneer cannot, and will not be, held responsible for any interruption in service, errors, and/or omissions, caused by any means and does not guarantee continual, uninterrupted or error free service or use of the Site. The bidder acknowledges that this auction is conducted electronically and relies on hardware and software that may malfunction without warning. The Auctioneer, in their sole discretion, may void any sale, temporarily suspend bidding and re-sell any lot/property that was affected by any malfunction. All decisions of the Auction Company/Auctioneer are final.
4. This is a Buyer’s Fee Auction. A buyer’s fee of 10% or $4,000 (whichever amount is higher) plus the high bid shall equal the total purchase price. This Auction has a minimum opening bid/reserve price of $29,000. The successful bidder must make a $5,000 down payment of earnest money (non-refundable) by 11:00 a.m. on Tuesday, August 29, 2023. Payment may be made with cash or certified funds. Successful bidder will be required to sign a standard offer to purchase agreement. Earnest money deposit is non-refundable if the offer is accepted by the seller and will be applied to the purchase price at the time of closing. Buyer agrees to close with the balance of the purchase price due and payable at closing on or before Thursday, September 28, 2023 (certified funds).  Closing will be conducted by Brabazon Title Team Group, LLC in Beloit, WI.
5. Changes, corrections, and new additions: please check our website and the auction you are interested in prior to the scheduled auction time to inspect any changes, corrections, or additions to the property photos and information.
6. Seller to provide title insurance and pay all taxes to date of closing. Buyer acknowledges that buyer is responsible for all other closing costs pertaining to the buyer’s side of the closing statement, these costs may include, but are not limited to the balance of the sale, attorney fees, deed preparation, deed recording, survey (if required), gap endorsement, mortgage fees, or any other fees or expenses required on their side to close the transaction.
7. Agency: Beloit Auction & Realty Inc. represents the Seller(s) only and does not inspect properties on bidder’s behalf. Potential buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction.
8. Non-Reliance Provision: The parties hereto, in executing this agreement, do not rely on any inducements, promises or representations other than such as are expressly contained in this agreement.
9. Buyer Agency Agreement: All bidders are responsible to notify auctioneers of any potential buyer agency agreement(s) in place before registration and bidding on the auction at least 72 hours prior to the start time of the auction.
10. If a bidder chooses to use a real estate broker/agent, a cooperating firm commission is contingent upon, and will ONLY be paid to the broker/agent if the broker/agent attended the first property showing their bidder/buyer attended and handed their business card with their client's name written on it to one of the Beloit Auction representatives present at the open house, the online "Broker/Agent Co-Broke Participation Acknowledgment Form" is received by the auction company at least 72 hours prior to the start time of the auction, and if the real estate broker/agent's bidder/buyer has placed at least one bid 72 hours prior to the start time of the auction, no exceptions.  Real estate broker/agent shall not be entitled to said commission on account of any sale to an entity of which (or any affiliate of which) the real estate broker/agent is a principal, employee, affiliate, or immediate family member.
11. If a bidder is the winning Buyer and refuses or fails to complete the transaction for ANY reason (including, but not limited to, remitting the total purchase amount), Buyer shall relinquish ANY right to complete the transaction and shall have no rights or interest in the property, as well as forfeit all deposit monies as liquidated damages to Seller. PLEASE BE ADVISED: Various state statutes give Seller the right to pursue legal action against bidders who refuse to complete transactions. This may include (but is not limited to) suit to compel completion of the sale, and/or criminal charges of fraud or other intentional act. Any dispute between the Auction Company/Auctioneer and bidders or buyers will be dealt with through arbitration in Rock County, WI.  Beloit Auction & Realty, Inc. will be entitled to the value of its time, costs, and attorney’s fees incurred as damages.

ADDENDUM A - TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE AUCTION

1. This is an ONLINE public real estate auction…it is NOT a foreclosure auction. Title to the property is guaranteed to be free and clear from all liens and encumbrances with all property taxes paid up until closing. The bidder agrees to all terms and conditions of the auction set forth prior to bidding on the auction. These terms and conditions are made part of the offer to purchase. All bidders are required to register online prior to the beginning of the online auction if they intend to bid. Each bidder is assigned a unique bidder number. In consideration of being allowed to participate in this auction, the bidder agrees that all bids he or she submits are irrevocable and binding.
2. Disclaimer & Absence of Warranties: All properties are sold “AS IS, WHERE IS’ with no financing, inspection, appraisal, zoning, or other contingencies to sale. No warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in any brochure or marketing are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Potential buyers can arrange for their own property inspection by a licensed inspector at least 72 hours prior to the auction date at their own expense.  At its current elevation, the property is believed to be located in within the flood hazard area/floodplain.  A fuel storage tank (no longer in use) is located in the lower level of the home.
3. The conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Auctioneer cannot, and will not be, held responsible for any interruption in service, errors, and/or omissions, caused by any means and does not guarantee continual, uninterrupted or error free service or use of the Site. Bidder acknowledges that this auction is conducted electronically and relies on hardware and software that may malfunction without warning. The Auctioneer, in their sole discretion, may void any sale, temporarily suspend bidding and re-sell any lot/property that was affected by any malfunction. All decisions of the Auction Company/Auctioneer are final.
4. This is a Buyer’s Fee Auction. A buyer’s fee of 10% or $4,000 (whichever amount is higher) plus the high bid shall equal the total purchase price. This Auction has a minimum opening bid/reserve price of $29,000. The successful bidder must make a $5,000 down payment of earnest money (non-refundable) by 11:00 a.m. on Tuesday, August 29, 2023. Payment may be made with cash or certified funds. Successful bidder will be required to sign a standard offer to purchase agreement. Earnest money deposit is non-refundable if the offer is accepted by the seller and will be applied to the purchase price at the time of closing. Buyer agrees to close with the balance of the purchase price due and payable at closing on or before Thursday, September 28, 2023 (certified funds).  Closing will be conducted by Brabazon Title Team Group, LLC in Beloit, WI.
5. Changes, corrections, and new additions: please check our website and the auction you are interested in prior to the scheduled auction time to inspect any changes, corrections, or additions to the property photos and information.
6. Seller to provide title insurance and pay all taxes to date of closing. Buyer acknowledges that buyer is responsible for all other closing costs pertaining to the buyer’s side of the closing statement, these costs may include, but are not limited to the balance of the sale, attorney fees, deed preparation, deed recording, survey (if required), mortgage fees, or any other fees or expenses required on their side to close the transaction.
7. Agency: Beloit Auction & Realty Inc. represents the Seller(s) only and does not inspect properties on bidder’s behalf. Potential buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction.
8. Non-Reliance Provision: The parties hereto, in executing this agreement, do not rely on any inducements, promises or representations other than such as are expressly contained in this agreement.
9. Buyer Agency Agreement: All bidders are responsible to notify auctioneers of any potential buyer agency agreement(s) in place before registration and bidding on the auction at least 72 hours prior to the start time of the auction. There is no cooperating real estate firm commission paid out on the sale of this property.
10. If a bidder is the winning Buyer and refuses or fails to complete the transaction for ANY reason (including, but not limited to, remitting the total purchase amount), Buyer shall relinquish ANY right to complete the transaction and shall have no rights or interest in the property, as well as forfeit all deposit monies as liquidated damages to Seller. PLEASE BE ADVISED: Various state statutes give Seller the right to pursue legal action against bidders who refuse to complete transactions. This may include (but is not limited to) suit to compel completion of the sale, and/or criminal charges of fraud or other intentional act. Any dispute between the Auction Company/Auctioneer and bidders or buyers will be dealt with through arbitration in Rock County, WI. Beloit Auction & Realty, Inc. will be entitled to the value of its time, costs, and attorney’s fees incurred as damages.