ABSOLUTE AUCTION

COMMERCIAL REAL ESTATE

Large Commerical Building on large lot located right along Highway 11 East in Baudette MN.

Legal Description:  All of Lots 1 thru 9, the N 12.5' of 10 and 15; all of lots 16 thru 24 along with adjacent vacated alley, 3rd Avenue and 1st Street, Block 12, Plat of Spooner, City of Baudette MN, County of Lake of The Woods

Lot size:  1.91+/- acres

Building size:  6,134 sq. ft. (5,000 sq. ft. store area, 1,134 sq. ft. storage area)

TO BE SOLD ABSOLUTE - TO THE HIGHEST BIDDER WITHOUT RESERVE!

See images for a printable copy of the Buyer's Prospectus.

TERMS & CONDITIONS

The Terms and Conditions of Sale are set forth in the Buyer’s Prospectus and the Earnest Money Receipt and Purchase Agreement.  The information set forth is believed to be accurate.  However, the owner of the properties and Steffes Auctioneers make no warranties or guaranties expressed or implied.  Information contained in this document was collected from sources deemed to be reliable and is true and correct to the best of the writer’s knowledge.  Auctioneers and owners will not be held responsible for advertising discrepancies or inaccuracies.

All ANNOUNCEMENTS ON AUCTION DAY TAKE PRECEDENCE OVER PREVIOUSLY ADVERTISED INFORMATION.

• Prospective buyers are advised to consult with an attorney of their choice with respect to the purchase of any real property including but not limited to, seeking legal advice from their own attorney regarding disclosures and disclaimers set forth below.

• REGISTRATION OF BIDDERS: All bidders must register their name, address, and telephone number along with a Bank Letter of Recommendation (sample letter included in this Prospectus).

• Auction staff will be at the sale site approximately one hour prior to sale time.  

• The successful bidder will be required to sign an Earnest Money Receipt and Purchase Agreement  at the close of the real estate auction.  

• A total deposit of 10% of the purchase price will be required. Those funds will be placed in the Steffes Auctioneers Auction Trust Account as good faith money until closing.

• Purchasers who are unable to close because of insufficient funds will be in default and the deposit money will be forfeited. 

• Balance of the purchase price must be paid in full with cashier's check at closing on Tuesday, June 17, 2008.

• Seller will provide up-to-date abstract at their expense and will convey property by Limited Warranty Deed. 

• 2008 Real Estate taxes to be pro-rated to date of closing.  Subsequent taxes and or special assessments, if any, to be paid by buyer.  Real Estate Taxes are subject to reassessment under new owner.
• Closing Agent Fee will be shared equally between Buyer and Seller. 

• THE PROPERTY WILL BE SOLD AS IS WITH NO WARRANTIES EXPRESSED OR IMPLIED. 

• THE PROPERTY WILL BE SOLD ABSOLUTE—TO THE HIGHEST BIDDER WITHOUT RESERVE.

• PROPERTY SOLD WITHOUT WARRANTY

          All dimensions and descriptions are approximations only

          based upon the best information available and are subject to

          possible variation.  Sketches may not be drawn to scale and

          photographs may not depict the current condition of the

          property.  Bidders should inspect the property and also

          review all the pertinent documents and information available,

          as each bidder is responsible for evaluation of the property

          and shall not rely upon the Seller, Broker or Auctioneer, their

          Employees or Agents.  The property will be sold AS IS and

          without any warranties or representations, express or implied.

• The auction sale is for registered bidders and their guests.  All bidding is open to the public and the property is offered for sale to qualified purchasers without regard to sex, race, color, religion, natural origin, or handicap.

• SUCCESSFUL BIDDER

          The successful bidder of the property shall be determined by

          competitive bidding.  Should any dispute arise between

          bidders, the auctioneer shall have the right to make the final

          decision to either determine the successful bidder or to

          re-offer the property that is in dispute.  The auction will be

          recorded and the auctioneer’s records shall be conclusive in

          all respects.

• CLOSING

           The successful bidder will be required, at  the close of  

           the auction, to complete the Earnest Money Receipt and

           Purchase Agreement.  (A sample contract is included as an

           image on this website.)  Balance of the purchase price is

           due in cash at closing on Tuesday, June 17, 2008. 

CLOSING TO TAKE PLACE AT A PROFESSIONAL CLOSING COMPANY AGREEABLE TO BUYER AND SELLER.

• SELLER’S PERFORMANCE

The Seller has agreed to the terms of the sale as published.  However, the Broker and Auctioneer make no warranties or guaranties as to the Seller’s performance.

• AGENCY DISCLOSURE

Steffes Auctioneers Inc. is representing the Seller and will be paid by the

seller.

• POSSESSION

Possession will be at closing.

• MINERAL RIGHTS

All mineral rights, if any, held by Seller will be transferred upon closing.  However, the Seller does not warrant the amount or adequacy of the mineral rights.

• ENVIRONMENTAL DISCLAIMER

The Seller, Broker and Auctioneers do not warrant with respect to the existence or nonexistence of any pollutants, contaminants or hazardous waste prohibited by federal, state or local law.  Buyer is responsible for inspection of the property prior to purchase for conditions including but not limited to water quality, and environmental conditions that may affect the usability or value of the property. No warranties are made as to the existence or nonexistence of water wells on the property, or the condition of any wells.

• EASEMENTS AND SURVEY

The property to be sold is subject to any restrictive covenants or easements of record and any results that an accurate survey may show.

BIDDING TIPS

• BIDDING PROCEDURE

As a buyer you have two objectives to accomplish:

1.  Purchasing the property.

2.  Purchasing the property at a price you can afford.

• HOW IS THIS ACCOMPLISHED?

Estimate comparative value.

Experienced buyers always decide what to pay before the bidding begins.

Inspect the property carefully.

Compare with other properties available in the area.

Check the selling price of previously sold properties.

Discuss your buying plans with a lender.  Have your financing arrangements made in advance. 

This sale is not subject to financing.

• AVOID OVER OR UNDER BIDDING

Always bid on a property toward a price. 

Establish that price before the bidding begins.  By doing this you will avoid getting caught up in the auction excitement and pay a price that is too high for the market or one that you cannot afford.  It will also make you confident to bid to your established fair market value.  Many bidders who do not plan ahead end up with regrets after the auction because they were too nervous or uncertain about their judgment to bid.

• THE BIDDING STRATEGY

Research and know the value of the property.

Have your financing arranged before the auction.

Establish your highest and best bid before the bidding begins.

Make your bids promptly to force other bidders up or out without delay.

For immediate information, contact Rodney at Steffes Auctioneers (800) 726-8609 or (701) 237-9173.