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Court ordered real estate auction

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This is a foreclosure auction ordered by the Erie County Common Pleas Court, case # 2016 CV 0033.

Per the Court Order:

  1. The Minimum Bid for the Property is hereby waived and no reserve will be set.

  2. Sale of the Property pursuant to this order shall be free and clear of any and all encumbrances. The successful bidder will be responsible for all costs associated with the closing of the sale of the Property. The purchaser shall be responsible for those costs, allowances, and taxes that the proceeds of the sale are insufficient to cover.

For the avoidance of doubt, the buyer will be responsible for all closing costs including all transfer taxes, recording fees, title search, and deed preparation.

With regards to above, if the high bid is less than amounts that would be required to transfer the property, the purchaser shall be responsible for those costs, allowances, and taxes, etc. that the proceeds of the sale are insufficient to cover.

Ballpark figures: real estate taxes as of June 7th, 2017 are approximately $5,631.75, court costs are approximately $1,800.00, auction expenses are approximately $1,000.00.

If the high bid amount is above the total of these amounts, the balance would go to the Plaintiff.

Example #1: A bid level of $20,000 would cover the costs shown above, the buyer would not absorb any additonal costs other than normal closing costs.

Example: 2: a bid level of $6,000 would not be sufficifcient to cover the costs outlined above, and therefore the buyer would be responsible for the additional amounts necessary to cover said costs. 

A 10% buyer's premium will be added to the high bid to obtain the final selling price. Example: high bid is $20,000, $2,000 buyer’s premium will be added for total contract price of $22,000.

Taxes will be pro-rated to the date of auction. 

The required deposit is $5,000. As the property is being sold Online, the successful bidder must wire or directly deposit the required amount into the Chase Bank trust account for Ohio Sheriff Sales within 24 hours of the end of the auction. Credit cards may also be taken for the deposit, along with a 3% processing fee.

The balance remaining will be due at time of closing, which must take place within 30 days of Court confirmation. Southern Title in Sandusky will act as the closing agent.

The real estate is sold As-Is, Where-is with no buyer contingencies for financing, inspection or otherwise.

No contract is signed after the auction. A one-page buyer information form is the only document that is required by the Court. See http://www.ohiosheriffsales.com/download_forms for the form.

Private Selling Officer deed or equivalent given at closing with no liens or back taxes.

Buyer pays all closing costs. The purchaser shall be responsible for those costs, allowances, and taxes that the proceeds of the sale are insufficient to cover.

By order of Erie County Common Pleas Court, Case # 2016 CV 0033, Civista Bank vs. Raymond M. Notestine, et al.

Auction Date: Online auction will begin to close at 5PM on July 10th, until all bids are in.

Address: 409 West Osborne St, Sandusky, OH 44870

There will be no open inspection.

Property Description: Tri-plex. Built in 1890. 2,014 +/- sq ft per Auditor.

Legal Description of Real Estate: Situated in the City of Sandusky, County of Erie and State of Ohio: Known as Lot Number Eleven (11) on Osborne Street in George and Adam Feick's Subdivision as per plat recorded in Volume 3 of Plats, Page 10, Erie County Ohio Records.

Tax ID No.:57-05364.000

Property Address:409 W. Osborne Street

Sandusky, OH 44870

Prior Deed Ref. Erie County Deed Volume 524, Page 441


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LEAD AUCTIONEER

Michael Hoffman
Email Michael

C: 614-314-0298
W: 614-314-0298


Basic Terms:

This is a Foreclosure Auction ordered by a County Common Pleas Judge. The foreclosure process clears all liens and encumbrances on the subject property.

*In the case of a tax-lien foreclosure, the opening bid is the aggregate of the tax certificate, interest, court costs and current tax proration.

*The required deposits are as follows:
$2,000 for properties appraised for $10,000 or less.
$5,000 for properties appraised between $10,000 and $200,000. 
$10,000 for properties appraised over $200,000.

*If the property is being sold at a physical location, the buyer will immediately write a check for the required deposit. If there are no bids at an on-site auction there will be a second auction between 7-30 days later. The second auction will be offered regardless of price.

*If the property is being sold Online, the successful bidder must wire or directly deposit the required amount into the Chase Bank trust account for Ohio Sheriff Sales within 24 hours of the end of the auction. Credit cards may also be taken for the deposit along with a 3% processing fee.

*The real estate is sold As-Is with no contingencies. All inspections (if available) must be done prior to Auction.

*Close within 30 days of court confirmation.

*No contract is signed after the auction. A one page buyer information form is the only document that is required by the court. See http://www.ohiosheriffsales.com/download_forms for the form.

*A 10% buyer's premium will be added to the high bid to obtain the final selling price.

*Buyer pays all closing costs.

*Private Selling Officer deed or equivalent given at closing with no liens or back taxes.

*The purchaser shall be responsible for those costs, allowances, and taxes that the proceeds of the sale are insufficient to cover.

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