ABSOLUTE AUCTION ABOVE $75,000 "Elk River - Elkton" Waterfront Bungalow

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Listing Details

Sold Price
$125,000
Auction Date
Auction Time
12:00 PM
Address
31 Mainsail Drive, Cecil County, MD, 21921
County
Cecil County
Neighborhood
Elk River, Elkton
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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ABSOLUTE AUCTION
To The Highest Bidder Above $75,000
                                      
"ELK RIVER"- ELKTON

- Great Opportunity -
WATERFRONT BUNGALOW

(A Diamond In The Rough)

Sale On Premises
31 MAINSAIL DRIVE
(Minutes South of I-95)
Cecil County, MD 21921

WEDNESDAY, JUNE 23, 2010
AT 12:00 NOON


NOTE:  The information contained herein has been obtained from sources deemed reliable and believed to be accurate.  However, no express or implied warranty is made as to the accuracy of these representations.  All dimensions contained herein are more or less.

LOCATION & DIRECTIONS:

Beautiful quiet upscale waterfront community, just one mile south of the Incorporated town of Elkton. The property is located on the Elk River, a major tributary leading to the Chesapeake Bay.  The Cove Marina deep slip marina is situated 3 doors north of the subject property.  By virtue of its location at the Maryland, Pennsylvania and Delaware lines, Elkton operates much as a rural bedroom community for larger metropolitan areas and employment centers, including Wilmington, Lancaster, Baltimore and the BRAC military expansion areas. Major highways in the area offer very good commuter access. The home is located just ten minutes south of I-95, 3.4 miles east of the Delaware border.


Photos of auction property
HOMES ALONG THE WATER    THE COVE MARINA    ADJACENT HOME


Directions: From I-95 (Exit 109), travel south on MD-Route 279 about 2.5 miles to MD-213 and turn left.  Follow MD-213 for approximately 3 miles to Locust Point Road and turn right.  Continue on Locust Point Road for 1.4 miles,  turn right and stay on Locust Point Road for 0.3 mile to Old Locust Point Road.  Turn left on Old Locust Point Road, go to the end and turn left on Mainsail Drive.  The home is on the right. For directions from your location, visit: maps.google.com


For more information on Elkton, visit:
http://www.elkton.org/about/index.cfm


For more information on Cecil County, visit:
http://www.ccgov.org

 

SITE AREA

2 - contiguous parcels (sold as an entirety only) fronting a total of 50' along the Elk River, 71.5' along Mainsail Drive, with total depth lines of 197.5' & 200'


Private well and septic system


LEGAL DESCRIPTION (pdf)

Tax Map:

 

IMPROVEMENTS

Detached bungalow in poor condition in need of complete renovation.  The home is currently contains 3 rooms, kitchen and an enclosed waterfront porch.

 

ZONING

RR - Rural Residential

 

REAL ESTATE TAXES

Annual taxes - $4,068 (based on a full value tax assessment of $305,300)

 

TITLE

In fee simple; sold free and clear of all liens

 

INSPECTION TIME

By 11:00 a.m. on the day of the auction.

 

TERMS OF SALE

Deposit payable by certified or cashier's check of $7,500 will be required of the purchaser at time and place of sale.  The deposit shall be increased to 10% of the purchase price within 24 hours at the office of the Auctioneers.  Balance to be paid in cash within 45 days. If payment of the balance does not take place within the specified time, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting purchaser. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of sale to date of settlement.  Taxes and all other public charges and assessments, payable on an annual basis, including sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of sale and assumed thereafter by the purchaser. The property will be sold in "AS IS" condition, without express or implied warranty as to the nature and description of the improvements as contained herein;  and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes risk of loss from the date of sale forward.  The purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof.  If the Seller is unable to convey good and marketable title, the purchaser's sole remedy in law or equity shall be limited to the refund of the deposit.  Upon refund of the deposit this sale shall be null and void and of no effect, and the purchaser shall have no further claim against the Seller or Auctioneer. The purchaser agrees to waive the right of inspection for lead paint as provided under current Federal and State Law. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the purchaser. TIME IS OF THE ESSENCE.  NO BUYERS PREMIUM!


Broker participation is invited.
BROKER REGISTRATION FORM (pdf)

 

FINANCING

Call for pre-qualification:

Mr. Craig Kessler
Equity Mortgage

2 Park Center Court - Suite 200
Owings Mills, Maryland  21117
410-654-3900 direct
410-581-5814 fax
ckessler@equitymortgagelending.com