If you’re looking for a new home or investment opportunity, there’s an auction coming up for a residential property in Saint Albans, New York. This 2-bedroom, 1-bathroom house is set to be sold at auction starting February 4, 2025. If you’re interested, keep reading to learn all the details about this property, its auction terms, and what to expect during the process.
Property Overview
The property at 186-16 Hillburn Avenue is a 1,111 square-foot, 2-bedroom, 1-bathroom house built in 1930. Located in Queens County, the house sits on a 0.09-acre lot, offering a decent amount of space. The property is available only to Owner-Occupants, HUD-approved nonprofits, or government entities. This auction is part of a “Second Chance” sale, meaning it didn’t sell in the previous foreclosure auction and is now being offered at a lower price than its appraised value.
- Location: 186-16 Hillburn Avenue, Saint Albans, NY 11412
- Bedrooms: 2
- Bathrooms: 1
- Square Footage: 1,111 sq ft
- Lot Size: 0.09 acres
- Year Built: 1930
Auction Details
This auction will take place over two days: February 4, 2025 (starting at 9:00 AM CT) to February 6, 2025 (ending at 11:20 AM CT). The starting bid is $500,000, and the seller will consider pre-auction offers. If you want to place a bid, it’s important to know that you’ll need to show proof of funds or financing pre-qualification within 24 hours of placing your bid.
The auction is restricted to specific buyers, so only Owner-Occupants, government entities, or HUD-approved nonprofits can participate. The property is being sold as-is, where-is, which means the buyer will need to accept the property in its current condition, including any potential issues such as defects or safety hazards.
Special Auction Terms
There are several important details to know if you’re considering bidding on this property:
- Proof of Funds Required: You will need to show either a pre-qualification letter from a lender or a bank statement showing you have enough funds to cover the full purchase price.
- Buyer’s Responsibility for Closing Fees: While there is no buyer’s premium, you will need to pay escrow and closing fees, which typically range between $750 to $3,000.
- Occupied Property: The property is currently occupied, and the buyer will be responsible for handling eviction or tenant negotiations if needed.
- Utility Disclosure: Utilities are not currently turned on, and the property has been winterized. The buyer will need to manage the utility transfer after closing.
- Closing Timeline: The closing must occur within 30 days of the seller’s acceptance of your offer.
Important Notes Before Bidding
It’s crucial to understand the condition of the property and all the requirements before participating in the auction. The seller will transfer title via a Special Warranty Deed (or its equivalent) if the buyer purchases title insurance. If the buyer does not get title insurance, the seller will transfer the property with a quitclaim deed.
Additionally, buyers must acknowledge that the property is being sold as-is, with no contingencies. This means that if there are any issues with the property after the purchase, it will be the buyer’s responsibility.
This auction is a great chance for buyers looking to purchase a home in Saint Albans, NY, especially if you’re looking for a property in an established neighborhood. However, it’s important to go into the auction with full knowledge of the terms and conditions. The property is being sold in its current condition, so you should be prepared for potential repairs or legal steps to take possession after closing.
If you’re ready to bid, be sure to complete your research and ensure you can meet all the requirements before the auction begins on February 4, 2025.
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