1528 and 1524 20th Avenue, Rockford, IL 61104

Commercial Property - 1528 and 1524 20th Avenue, Rockford, IL

Two story commercial property in Rockford, IL consisting of workshop with multiple work spaces, office, front counter, three bathrooms, frontside loading dock, backside garage door entrance, and partial basement. 3 bedroom/1 bath apartment with kitchen, living room, and two separate entrances above 1528 20th Avenue. Opening bid/reserve price of $25,000
  •   Sep 19 @ 9:00am CDT (Start)
  •   Oct 19 @ 7:07pm CDT (End)
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Oct. 19, 2021 - Real Estate Auction (Preview In-Person/Bid Online)
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ONLINE REAL ESTATE AUCTION
This commercial property auction is for both 1528 & 1524 20th Avenue, Rockford, IL 61104
These parcels are in Winnebago County, Illinois and consist of:
  • Parcel Number 11-36-157-008 (1528 20th Avenue)
  • Parcel Number 11-36-157-002 (1524 20th Avenue)
PREVIEWS (OPEN HOUSES):
Saturday, October 9, 2021 from 1:00 PM – 2:00 PM
Saturday, October 16, 2021 from 1:00 PM – 2:00 PM

AUCTION END DATE:
Tuesday, October 19, 2021
(the auction starts to close at 7:07 PM)

PROPERTY HIGHLIGHTS:
*2 story building
  • Workshop with multiple work spaces, office, front counter, three bathrooms, front side loading dock, backside garage door entrance, and partial basement
  • 3 bedroom/1 bath apartment upstairs with kitchen, living room, and two separate entrances above 1528 20th Avenue.
*The property will need updates per the City of Rockford - see Property Maintenance Inspection Report in Documents.  The estate has an Order of Continuance from the City of Rockford which will allow the real estate auction sale to occur.
*Combined total lot size is approximately 58 feet wide x 158 feet deep
  • 1528 20th Avenue was built in 1930 and gross building size is approximately 3,139 sq. ft. 
  • 1524 20th Avenue was built in 1956 and gross building size is approximately 2,340 sq. ft.
*Zoning - Both Properties are Commercial I1
*Total 2020 Taxes for Both Parcels - $3,255.12
  • Parcel 11-36-157-008 (1528 20th Avenue) taxes - $2,375.86
  • Parcel 11-36-157-002 (1524 20th Avenue) taxes - $1,238.78
*Total Assessed Value for Both Parcels - $84,333
  • Parcel 11-36-157-008 (1528 20th Avenue) assessed value - $55,431
  • Parcel 11-36-157-002 (1524 20th Avenue) assessed value - $28,902
*Title is guaranteed free and clear at closing (with taxes and utilities paid up to the closing date)
*$25,000 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

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

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
 
ADDENDUM A - TERMS & CONDITIONS AGREEMENT FOR REAL ESTATE AUCTION
  1. This is an ONLINE public real estate auction…it is NOT a foreclosure auction. This property is being sold to settle an estate. Title to the property is guaranteed to be free and clear from all liens and encumbrances with all property taxes paid up until closing. 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, 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. Please review the City of Rockford – Property Maintenance Inspection Report on the Beloit Auction website/app prior to bidding. Potential buyers can arrange for their own property inspection by a licensed inspector prior to the auction date at their expense (this must be completed 72 hours before the start of the auction).
  3. 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 $3,500 (whichever amount is higher) plus the high bid shall equal the total purchase price. This Auction has a minimum opening bid of $25,000. The successful bidder must make a $4,000 down payment of earnest money (non-refundable) by 2:00 p.m. on Wednesday, October 20, 2021. 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 time of closing. Buyer agrees to close with the balance of the purchase price due and payable at closing on or before Friday, November 19, 2021 (certified funds). Closing will be conducted by Title Underwriters.
  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 HUD Settlement Statement (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. 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.
  9. 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 they attended the first property showing their bidder/buyer attended and registered their name alongside of their bidder/buyer on the sign-in sheet, the online “Broker/Agent Co-Broke 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.
  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.

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