ONLINE REAL ESTATE AUCTION
741 and 743 Moore Street, Beloit, WI 53511
PREVIEWS (OPEN HOUSES):
Sunday, March 5, 2023, from 1:00 PM – 2:00 PM
Saturday, March 11, 2023, from 1:00 PM – 2:00 PM
AUCTION END DATE:
Tuesday, March 14, 2023
(the auction starts to close at 7:07 PM)
PROPERTY HIGHLIGHTS:
*Duplex (it’s a legal non-conforming multi-family).
*Side with tenants is a 3 bedroom/1 bath with an unfinished basement (currently in a month to month lease paying $1,150 a month).
*Side that had the fire was a 2 bedroom/1 bath with a crawl space and small basement space for mechanicals (previous lease was for $825 a month).
*Lot size – 0.164 acres
*Forced air heating (natural gas). New furnace was installed in 2019 and new water heater was installed in 2020.
*City sewer and water
*Zoning – Per the City of Beloit, "this property is located in an R-1B, Single-Family Residential (Zoning) District. The R-1B District is primarily intended to accommodate single-family detached dwellings. Previous use of this property as a two-family dwelling (duplex) constituted a legal nonconforming use of the property. According to Section 9.2 of the City of Beloit Zoning Ordinance, which adopts and incorporates Section 62.23(7)(h) of Wisconsin Statutes, once a nonconforming use is discontinued for a period of 12 months, any future use of the building and premises must conform to the Zoning Ordinance. This property must have tenants in both units by 10/28/2023 to continue the use of the property as a duplex." The buyer could also choose to do something different with the side of the property that experienced the fire damage as well.
*Year built - 1911
*Total square footage – 2,142 square feet
*2021 taxes - $1,915.38
*Parcel number in Rock County, Wisconsin - 13420801
*Title is guaranteed free and clear at closing (with taxes and utilities paid up to the closing date)
*$9,000 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
- 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. 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.
- 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.
- 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.
- This is a Buyer’s Fee Auction. A buyer’s fee of 10% or $3,500 (whichever amount is greater) plus the high bid shall equal the total purchase price. This Auction has a minimum opening bid/reserve price of $9,000. The successful bidder must make a $5,000 down payment of earnest money (non-refundable) by 2:00 p.m. on Wednesday, March 15, 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 Friday, April 14, 2023 (certified funds). Closing will be conducted by Brabazon Title Team Group, LLC in Beloit, WI.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
