Property Information Package - 3315 Lockwood St Detroit MI 48210
PROPERTY INFORMATION PACKAGE
Real Estate For Sale at Online Auction 3315 Lockwood Street Detroit, MI 48210 Starting Bid: $10,000
Online Auction Ends Wednesday, November 30, 2022 at 12:00 pm
Preview Property in advance with a Licensed Realtor of your choice
Visit www.BippusUSA.com for all information and to participate in online auction.
Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only. Disclaimer: In- formation contained herein is believed to be correct to the best of the auctioneer/agent ’ s knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representative and auctioneer/agent shall not be
Bippus USA.com - Anchor Trade Centre - 11811 Anchor Lane, Three Rivers MI 49093 - Auctioneer /Broker - John Bippus
Notice to Bidders
The information included herewith is a summary of information available from several sources, most of which have not been independently verified. The sources from which the information was gathered are believed to be reliable; however, all information contained within this package is subject to verification by all parties relying on it. No representations or warranties, expressed for implied, as to the accuracy or completeness of the information in this and/or other advertising materials shall be deemed made. No legal commitment or obligation shall arise, by reason of this package or its contents. This summary has been provided only of the use of prospective bidders for the ONLINE public auction Wednesday, November 23, 2022, at 12:00 PM EDST through Wednesday, November 30, 2022, at 12:00 PM EDST. Buyer must rely on his/her own information, inspection, review of public records and own determination to bid, consulting whatever advisors he/she may feel appropriate.
A 10% Buyer's Premium based on High Bid Price applies to all BippusUSA.com Auctions.
10% down payment based on High Bid Price is due immediately at the conclusion of the auction with signed contract.
Seller provides a clear warranty deed, title insurance, tax pro-ration, and transfer tax. This is not a foreclosure sale of any kind. Other terms apply.
Bippus USA .com is a Michigan Licensed Real Estate Broker acting as agent of the seller.
BippusUSA .com
Exclusive Listing
BippusUSA.com
Preview: By Appointment with any licensed Real Estate Agent of your choice.
3315 Lockwood Street Detroit, MI 48210 Property Features:
Fixer Upper 2,367 sf , 2 Story bungalow built 1905, 3 Bedrooms, 2 Full bath, Basement, Attic, 1 space detached garage, Forced Air Heat not ducted, .16+ Acres
Lot Size: 60’ x 114’ Taxes: $600 (2022) SA $120 solid waste fee in summer tax bill SEV: $19,800 (2022) Closing: in 90 days with Probate Court Approval
Seller will provide a warranty deed, transfer tax, tax proration, and title insurance.
Directions: South of US 12, Michigan Ave and Otis St. on Lockwood St East of Junction Ave.
Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only. Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent ’ s knowledge but is subject to inspection and verification by all parities relying on it. Sellers, their representative and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time with out notice .
Driving Map for: 3315 Lockwood Street Detroit, MI 48210
Directions: South of US 12, Michigan Ave and Otis St. on Lockwood St East of Junction Ave.
BippusUSA .com
GIS Parcel View: 3315 Lockwood Street, Detroit, Wayne County, MI 48227
Legal Description from County Records:
W LOCKWOOD 131 & 130 & W 4 FT VAC LOCKWOOD AVE ADJ MCMIL- LAN & WHITING SUB L14 P98 PLATS, W C R 16/72 60 X 114
Broker Participation Terms & Acknowledgement
Note: You do not need a broker to buy property at auction.
Form is void unless received by BippusUSA.com prior to Wednesday, 12:00 pm on 11/30/2022. Email completed and signed form to kburkeen@bippususa.com
Auction date: Online Auction Bidding ends Wednesday, November 30, 2022, at 12:00 pm Property Address: 3315 Lockwood Street, Detroit, Wayne County, MI 48210 A commission will be paid based on the following schedule to any properly licensed real estate broker whose Buyer/Bidder is the successful purchaser for this property and who closes and pays the Total Contract Sale Price for this Property. Payment made to Broker upon closing.
3% of the successful high bid (not inclu ding buyer’s premium) will be paid with this required completed form received prior to the scheduled conclusion of the auction as stated above.
Broker agrees that if the commission pool is negotiated down to confirm the sale, they will accept a proportionate cut. Maximum broker participation shall not exceed 3% of the high bid. Oral registration will not qualify Broker for commission. Broker agrees that he shall hold harmless and indemnify BippusUSA.com , including its reasonable attorney’s fees, fr om any and all claims with regard to such commission. State Law requires that Broker/Salesperson disclose that they are principals in a transaction. Brokers acting as principals are not eligible for this commission. No exceptions will be made to the terms of this form. Name of Broker: Broker License # Name of Company: Name of Sales Assoc.: Assoc License #
Office Address: City, State, Zip: Office Phone #:
Cell Phone #:
Email address:
PLEASE PRINT CLEARLY
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Bidder/Buyer Name: Address: City, State, Zip: Phone #:
Email address:
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The undersigned buyer/bidder agrees to the terms set forth herein for the property located at
3315 Lockwood Street, Detroit, Wayne County, MI 48210
Date:
Broker/Agent Signature
Bidder/Buyer Signature
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Received by BippusUSA.com
Date
BippusUSA.com
Real Estate Auction
Terms & Conditions
(NOT TAX SALES)
YOU ARE URGED TO INSPECT THE PROPERTY BEFORE THE AUCTION The information provided is subject to inspection and verification by all parties relying on it. Buyers must rely solely upon their own inspections and determinations to bid. Property information provided by Seller or Auctioneer is not guaranteed. No liability for accuracy, errors or omissions is assumed by the seller or agents. All square footage, lot size measurements, and dimensions provided are approximate. No warranties or guarantees are expressed or implied. Seller's disclosure statement may be available prior to sale except on ; lender owned, court supervised, and estate sales. Properties are sold "AS IS" "WHERE IS" and should be fully inspected prior to bidding . CONDITIONS If you do not agree with any of the terms and conditions stated DO NOT BID . The terms of sale are non- negotiable. The Auctioneer's decision is absolute and final in the event of a dispute over any matter. If there is a tied bid, the auctioneer will reopen the bidding. The auctioneer reserves the right to accept bids in any increments he feels are in the best interest of his clients and reserves the right to waive any previously announced requirements. STARTING TIMES Live auctions only take minutes to sell a property. Please be prompt. There will be an explanation of the Auction Process and Terms and Conditions before each property is sold. When at the discretion of the auctioneer present, the auction is opened for bid, all property designated to be sold absolute will be sold to the highest bidder. All properties will be sold ON-SITE, RAIN OR SHINE, unless otherwise noted.
FINANCING INFORMATION Buyers are to obtain their own financing. No purchase is contingent upon financing.
BROKER PARTICIPATION Cooperating Brokerage is encouraged with licensed real estate brokers. A commission of one to three percent (1-3%) will be paid by BippusUSA.com to a cooperating buyer's broker who registers the successful bidder who closes on the property. See the Registration form in the Property Information Package for details specific to this auction. ( No commission will be paid if the bidder fails to close ). Brokers must register his/her client/bidder either by email to (kburkeen@bippususa.com) or by text to 269-535-4961 with BippusUSA.com and the broker registration form must be received no later than 4:00 PM EST on the last business day prior to the auction. On-line Auction registration must be submitted before published conclusion of the auction. Registration must be on the broker registration form provided by BippusUSA.com and must be signed by broker/salesperson and client/bidder . Additionally, the cooperating broker/salesperson must attend the auction with his/her client/bidder . Brokers acting as principals are not eligible for this commission. There can be NO EXCEPTIONS to this procedure and no broker registrations can be accepted at the live auction site on auction day . If there is a minimum commission or if the commission is reduced in negotiations, all parties shall share proportionately in this figure equally up or down on the same percentage basis. BippusUSA.com shall have full and complete control with regard to commissions negotiated with Seller.
LIVE AUCTION BIDDER REGISTRATION AND DOWNPAYMENT REQUIREMENTS Cashier's check, certified check (made payable to yourself) in the amount of $5,000.00 must be shown at registration. The high bidder will turn the certified funds shown at registration over as part of your deposit; if you are not the high bidder; simply re-deposit your check back into your bank account. An escrow deposit of 10% of the contract price is required of the winning bidder at the conclusion of the auction. The balance of your deposit may be paid with a personal or business check. The minimum deposit is $5,000.00 ON-LINE AUCTION BIDDER REGISTRATION AND DOWNPAYMENT REQUIREMENTS Registration to bid requires a deposit made by credit card authorization in the amount of $2,000.00 to be held at registration. If you are the high bidder, you will turn the $2,000 received at registration over as part of your deposit; if you are not the high bidder; funds will be credited back to your credit card account. A down payment escrow payment of 10% of the contract price is required of the winning bidder at the conclusion of the auction in cash, personal, business check or cashier’s check. The minimum deposit is $2,000.00. ON-LINE AUCTION END OF SALE PROCESS Immediately after the bidding ends the auction company will contact you by phone and email to confirm and congratulate you on being the winning bidder. We will make arrangement for you to deliver in person or overnight mail the down payment and the signed contract to us. Contracts are signed and the down payment is made at the close of the auction. Your failure to sign contracts and make the 10% deposit immediately at the conclusion of the auction will forfeit your winning bid status. Any winning bidder that fails to complete the signing and down payment requirements will be charged a $2,500 non-refundable Internet Service Fee on their credit card. ADDITIONAL TERMS FOR PROPERTIES A 10% Buyers Premium will be added to the final bid and included in the contract price. A published "suggested opening bid" and "opening bid" auction is sold with reserve and subject to seller confirmation. Seller will furnish deed, free and clear of liens. Seller to provide title insurance, transfer tax, and prorated property taxes based on where property is located. Buyer and Seller will split the title office closing fee OTHER This auction is conducted by BippusUSA.com acting as auctioneer/listing real estate broker. BippusUSA.com is solely responsible for the terms and conditions of the auction and the manner in which it is conducted. Announcements made sale day or sale ending day take precedence over previously disseminated material. Listing may be withdrawn or modified without notice at any time. All rights reserved.
BippusUSA.com Frequently Asked Questions
Regular Real Estate Auctions (not applicable to tax sales)
“Winners don’t dawdle, dither, or delay. Winners Act.” John Bippus
• If I win the bid, when is the ten percent down payment due? Live auction: The down payment is due, and the contract is signed at the conclusion of the bidding. On-line auction: Immediately after the bidding ends the auction company will contact you by phone and email to confirm and congratulate you on being the winning bidder. We will make arrangement for you to deliver in person or overnight mail the down payment and the signed contract to us. • Why is the property being sold at auction instead of using the ordinary listing method? Some owners require an accelerated sale for various reasons including, foreclosure, divorce, bankruptcy, estate settlement, transfer, surplus disposal or corporate liquidation. Our Clients need to know when their property will be sold. • Why sell at auction? To sell on a known date, with the maximum number of interested parties present, and prepared to purchase on the day of the sale. • What is the minimum or starting bid? If the property is designated as an absolute property: the property will be selling to the highest and last bidder regardless of price. The bidders will start the bidding. If the property is not designated as an absolute property: the sale is subject to seller confirmation. In the event there is no minimum bid, and/or no suggested opening bid: the bidders will start the bidding. The final bid is subject to seller approval and or probate court approval. The seller is very motivated, and BippusUSA.com expects to sell the property on auction day. (NOTE: the seller reserves the right to make the sale absolute day of sale.) • What will the house/property sell for? It is not possible to give a correct answer. It all depends on the bidders on the day of auction. • How much will the house/property bring? There is no way of predicting the selling price prior to the day of sale. Neither BippusUSA.com nor any realtor is able to accurately predict the outcome of a sale. • How much is the house/property worth? A current appraisal or the last list price may give a guide. • What is S.E.V.? State Equalized Value and Assessed Value are essentially the same thing. They are calculated at 50% of market value by the tax assessor. • What about title? Will I buy a property with unpaid taxes or liens? What is the mortgage? The properties are sold with insurable title, no liens, judgments, mortgages or back taxes. If the title cannot be cleared and insurable title delivered the down payment will be refunded to the buyer. There are no assumable mortgages on auction properties. If a property has a mortgage, and the price comes in below the mortgage, the seller will bring cash to closing to pay off the mortgage. • If I can't be present at the auction can someone bid for me? Can I bid by telephone? Yes. You may appoint a representative to bid on your behalf or BippusUSA.com offers remote bidding by telephone for both live and on-line auctions. • Can I make an offer before the auction? You will have to ask the auctioneer about the specific property you are interested in. You must be prepared to tell the auctioneer the price you are willing to offer when you ask. We will not provide you a price. We will write the offer and present it to the owner for acceptance. Terms and Conditions of the auction should be followed. We recommend that you make your best offer at this time.
• What happens if the high bidder fails to close? BippusUSA.com may notify the back-up bidder to secure a new purchase agreement. The property may also be made available to other registered bidders and the open market. • What guarantees are there? The seller provides title insurance and a warranty deed at closing, guaranteeing insurable title, clear of liens. The real property is sold "as-is". Any inspections must be completed prior to the auction. You are relying on your own inspections and determinations to bid. Personal property is not included in the sale and may or may not be removed prior to closing. In most cases personal property that remains after the closing becomes the property of the new owner. • What is the Buyer's Premium? The buyer's premium becomes part of the purchase price. Ten percent will be added to the bid to become the total cost of acquisition. • Is there any financing? No. The buyer is responsible for their own financing. Many of our buyers close with financing. If you win the bid and plan to close with financing let us know. We will work with your lender to aid them in getting the transaction to closing. • Who is responsible for municipal inspections? It is the buyer ’ s responsibility to pay for and obtain all required municipal inspections, make required repairs, and obtain any certificates of occupancy, including payment for the same. • This is my first auction, what should I do? First, we recommend that you call your lender and pre-qualify. Then check out the values in the neighborhood and inspect the property. Set a range of value or limit for your bidding and be prepared to bid up to that limit. For a live auction: Arrive early at the auction-site to register and get to know the auction staff. Get comfortable and relax. Listen closely to the Auctioneer. Raise your bid card to signal a bid. The Auctioneer will use his rhythmic "chant" to call bids. Bid assistants will be available to help you. Don't be bashful or you may miss a great opportunity. • How long will the auction last? Live auctions take only a few minutes and start precisely on time. It is advised that bidders arrive 15 to 30 minutes before sale time. • How big is the response to auctions? How many people show up or bid on-line? There is no way to predict this. You never really know how many bidders will participate. AUCTIONEER'S NOTE: If you are interested in an advertised property, whatever price you have in mind, BippusUSA.com strongly encourages you to participate in the auction. The process doesn't take long and it can be fun. We are not in this business for practice, at the end of the sale someone will be the lucky winning bidder.
Why shouldn't it be you!
“Winners don’t let what they can’t do get in the way of what you can do.” John Bippus
These are typical and general Q&A. Specifics are listed in each property information package. This auction is conducted by BippusUSA.com acting as auctioneer/listing real estate broker. BippusUSA.com is solely responsible for the terms and conditions of the auction and the manner in which it is conducted. Announcements made sale day or sale ending day take precedence over previously disseminated material. All rights reserved.
PC-1
11811 Anchor Lane Three Rivers MI 49093 800-686-6416 Office-Toll Free
Date
PURCHASE CONTRACT
Through you, as agent for the seller, I or we will give for the following described property located at:
County of
, Michigan.
Legally described as: (attached if left blank ) __________________________
.
The sum of __________
__________________________________________$___ ____________ PAYABLE AS FOLLOWS : Cash or Certified US funds upon execution and delivery of the deed, (warranty, limited warranty, special warranty, or quitclaim) conveying insurable title, free and clear of all encumbrances, assessments or liens except: the current and subsequent year’s property taxes, easements, covenants & restrictions of record, zoning, and all forms of governmental regulation. The property is purchased in absolute “as is, where is” con dition. 1. Time is of the essence and this is an irrevocable offer to purchase with no contingencies. Seller has a deadline to accept in writing by ______________________ (date and time) or five business days if left blank. In the event offer is accepted and Buyer fails to perform according to the terms of this contract, the down payment shall be forfeited as partial liquidated damages, and not as a penalty, without affecting any of SELLER’S further remedies. Either party may demand specific performance of this agreement. 2. As evidence of good faith binding this contract, a non-refundable down payment of $___ _________________ is made to be applied to the purchase price at closing. Down payment to be refunded only if title is uninsurable. If down payment is made with personal check, it shall be made payable to BippusUSA.com or _____________________________ 3. Improvements and fixtures. All realty improvements and fixtures are included in the price, including but not limited to the following: all electrical, gas, central heating and air, plumbing, including water softener, water heater and propane tanks (except rental units), built-in appliances, drapery hardware, attached carpeting, garage door opener, and __________________________________________________. Rented mechanical units and window a/c units are not included. Personal property and or equipment is not included. 4. Closing shall be on or before thirty (30) days from this date , subject to seller’s acceptance and confirmation, unless otherwise indicated in special provisions or as follows: Once this contract has been signed and accepted by the buyer and the seller it becomes Irrevocable and Absolutely binding on all parties, heirs and successors . An additional thirty (30) days to close can be allowed at the selle r’s option. If checked: Yes This contract is subject to probate court approval and closing to be within, 60 days 90 days , with an additional 30 days allowed at the seller’s option. In the event the court does not approve this contract it becomes null and void. 5. If Buyer def aults, Seller may enforce this agreement, or may declare Buyer’s right to purchase terminated, retain the down payment as partial liquidated damages, and pursue other legal remedies. If the Seller defaults, buyer may enforce this agreement, or may request the return of the down payment and pursue legal remedies. If this agreement is not closed in the time and manner provided, the Auctioneer/Broker shall have the absolute right to determine the respective positions of the parties, and is authorized by the undersigned to take such actions with respect to the down payment as Broker deems appropriate. Broker/Auctioneer is indemnified and held harmless by the undersigned parties for their actions taken. Broker/Auctioneer has no responsibility for the performance of this agreement by the parties. SPECIAL PROVISIONS : _________________________________________________________________________________________________________ _______________________________________________________________________________________________ We have read the entire contents of this contract, front and back, and acknowledge receipt of same. We are not relying on verbal statements not contained herein. We further certify that we have examined the property described herein and that we are thoroughly acquainted with its condition and accept it as such. Delivery of acceptance of this offer after signing by the parties is not necessary to create a binding contract.
Witness: ___________________________________________ License # _____6505304016______
_______________________
Buyer’s X
Buyer’s Address
(Signature) Name Printed __________________________________________
Buyer’s X _____________________________________________ (Signature) Name Printed __________________________________________ Telephone: _________________
_______________ ________
(W) _________________
________________________
________________________________________
(Fax) _______________________________ _________
Marital Status or Entity
(e-mail)____________________________ _______ **************************************************************************************************** The above proposition is hereby accepted this ____________ day of _____________________, 2022 at __________AM / PM and SELLER acknowledges receipt of a copy of this contract.
Seller________________________________________
Seller ___________________________________________
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6. The buyers, within time allowed for delivery of evidence of title and examination thereof, may have the Property surveyed at the buyer’s expense. When the closing occurs, Buyer shall be deemed to have accepted the location of such improvements on, and the boundaries of, the property. 7. This agreement is not subject to Buyer being able to qualify for financing. In case of such default, the provisions of Paragraph 1 shall apply. 8. The Buyer may assign interest in this agreement only with the expressed written consent of the Seller. 9. This agreement may be executed in a number of identical counterparts. If so executed, each of such counterparts is to be deemed an original for all purposes. A fax signature shall be considered a binding contract. 10. Commercial/Business: Inventory is to be paid for at/or before closing and is not included in the contract price. The contract is not subject to SDM, liquor or any other license transfer. The business equipment included in the purchase price, if any, is on an attached list. Equipment not specifically listed in not included and may be removed at the sel ler’s option and expense. Rented equipment is not included. 11. The Buyer either has received all compliance materials or expressly waives all notices or paperwork related to: seller disclosure, lead based paint, fair housing act, radon, harmful molds, and all other disclosure or compliance laws or programs. The Buyer chooses to transact on these terms. 12. Possession of the above described property shall be given at closing, subject to the rights of tenants, if any, under existing leases and state law. 13. Unplatted lands: If the property is not a new land division or boundary change, the SELLER is transferring to the buyer all available divisions, if any, but makes no representations as to the number. Buyer has not relied on any information or opinions of the broker, salespeople, auctioneer or the seller. If the property is being split from a larger parcel, no divisions are included. This contract is contingent upon the seller obtaining government approval of the proposed land divisions and if approval is denied this contract becomes null and void and the buyer’s down payment is to be returned. 14. Municipal Inspections: It is the buyer’s responsibility to pay for and obtain all required municipal inspections. The buy er hereby certifies that they will comply with said inspection requirements. 15. Personal Property: The seller is not responsible to remove trash and personal property but may do so at their option prior to closing.
The property sells as is, where is, with no warranty expressed or implied, with all its faults and defects in its present condition.
All risks of loss with respect to the property shall remain with SELLER until the closing is completed.
COMPENSATION: Seller and Buyer acknowledge that Brokers shall be compensated for services rendered as previously agreed by separate written agreement(s) and or addendum and or acknowledgement form. The payment of a buyer’s premium by the buyer in no way constitutes the creation of an agency relationship between the Broker/Auctioneer and the buyer. TITLE INSURANCE : An ALTA Owner’s Policy of Title Insurance with standard exceptions in the amount of the purchase price shall be furnished to BUYER at SELLER’S expense and a commitment to issue a policy insuring insurable title vested in BUYER ; a real estate tax status report, shall be made available for BUYER’S inspection prior to closing. BUYER will pay the cost of mortgage title insurance, if required. TAXES AND ASSESSMENTS : Current real estate taxes, except special assessments, shall be prorated to the date of closing. The balance amount owing of the lien of any special assessments shall be paid by the seller at the time of closing; except that special assessments becoming a lien after closing will be paid by buyer. Seller shall pay real estate transfer taxes.
PRORATIONS: Items normally prorated in real estate transactions shall be adjusted to the date of closing. Buyer pays the title company’s closing fee. All rental security deposits shall be paid to buyer a t closing.
INDEMNIFICATION AND HOLD HARMLESS : All parties to this agreement hereby agree to indemnify and hold harmless Broker/Auctioneer including attorney fees and court costs, incurred as a result of all aspects of this transaction.
VENUE & SETTLMENT OF DISPUTES : All parties to this agreement hereby agree that all disputes will be settled in the venue of the St. Joseph County Circuit Court, St Joseph County Michigan. Further it is agreed that all parties shall first submit to binding arbitration, in St Joseph County, Michigan should a dispute arise. Broker/Auctioneer may collect reasonable attorney fees should seller or buyer be adjudicated against in either arbitration or appeal.
BROKER /AUCTIONEER: BippusUSA.com is a DBA for John Bippus Co. a Michigan Corporation
All parties to this transaction understand that Auction Firm is independently owned and operated.
This Property is Exempt From
Sellers Disclosure Statement
Transfers by a non-occupant fiduciary in the course of administration of a decedent's estate, guardianship, conservatorship, or trust are exempt from providing a Sellers Disclosure Statement.
John W. Bippus 800 - 686 - 6416 jbippus@bippususa.com
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