By Order of US Bankruptcy Court, Pearce and Associates offers the following property for sale by online auction only:
PARCEL ID# 2910284005080XXX Key Number 936312
Address: 1556 Colgin Street Mobile, AL 36605
Legal Description: Lot 60
Colgins Add to Oakdale DBK 115 NS P 361 #SEC 28 T4S R1W #MP29 10 28 4 005
Assessed Value: $4,500.00
Mobile County GIS to property link: https://esearch.mobilecopropertytax.com/Property/View/936312
Selling Subject to approval by US Bankruptcy Court.
Title transferred by Trustee's Deed.
Sale Manager: Damon Folmar, AL #5610 [email protected] 205.966.8114
REAL ESTATE AUCTION
These announcements supersede any prior oral or printed statements and will be attached to and become a part of the contract.
SELLS SUBJECT TO US BANKRUPTCY COURT APPROVAL
Winning bidder must sign a non contingent contract and pay earnest money within 24 hours of auctions end.
The property will be sold by legal description and transferred by Trustee's Deed
THERE IS NO BUYERS PREMIUM ON THIS SALE
The terms are 10% down payment with the balance due within 45 days.
Purchaser to receive possession of the property upon delivery of deed at closing.
Purchaser to pay closing cost and title insurance. Seller guarantees
title to be free and clear.
Ad Valorem taxes will be prorated at closing.
PROPERTY SOLD SUBJECT TO THE FOLLOWING: All outstanding easements of any kind on said property, including but not limited to, roads, right of ways, utilities, water lines, and the like; any mineral, oil and past conveyances, leases or reservations; to any cemeteries that might exist on the property, outstanding leases recorded or unrecorded; zoning ordinances affecting the property; restrictions of record; wet lands; all rules and regulations of any appropriated authority having jurisdiction over the property, and any recorded encroachments of record.
BUYERS NOTE: Prior to the auction all prospective purchases should examine the property and all surrounding documents carefully as each bidder is responsible for evaluating the property and shall not rely on the sellers nor the auctioneers. Sellers and Auctioneers are assuming that the bidders have inspected the property and are satisfied and accept it “As
Is” without warranties expressed or implied. Personal on-site inspection of the property is recommended. Failure of any bidder to inspect or to be fully informed as to the condition of all or any portion of the property offered, will not constitute any grounds for any claim or demand for adjustment or withdrawal of a bid, offer or earnest money after its opening
All information was obtained from sources deemed reliable. Although every precaution has been taken to insure accuracy, the sellers and all of their agents will not be responsible for any errors or omissions herein.
Default by the Seller: If the Sellers are unable to make conveyance and to give title as herein agreed, the earnest money shall be refunded to the buyer and all obligations of either party shall wholly cease.
Default by the Buyer: Should the Buyer default in the performance of his/her contract in the time and the manner specified, then the earnest money shall be retained as partial liquidated damages and the seller may sue for specific performance.
AGENCY DISCLOSURE: Larry “Chip” Pearce Jr. (Broker) and Damon Folmar (Agent) have not been an agent for the Buyer in this
transaction. Larry “Chip” Pearce Jr. has been an agent for the Seller in this transaction and is to be paid a commission by the Seller.
The Auctioneer reserves the right to reject bids from anyone who does not comply
with the terms and conditions of this auction.
Bidding: Bidding info- When you bid your max the current bid price doesn't automatically go to your max bid. Someone else has to bid to increase the current price and the
computer will automatically bid up to your max in the increments specified.
This auction has what is called an auto extend feature, meaning the auction will not close until all bidding parties are satisfied. If any bids are placed within the last 10 minutes of the auction, the bid on lot(s) will extend for 10 minutes. The bidding will extend in 10 minute increments from the time the last bid is placed until there are no more bids, and the lot sits idle for 10 minutes.