REAL ESTATE AUCTION
THURSDAY, May 15, 2008 1:00 p.m. on the Premises
1421 West 8th Street, Wellington, KS 67152
SUMNER COUNTY

LENDER OWNED ABSOLUTE AUCTION

NO MINIMUMS- NO RESERVES 
9,900+- SF  RETAIL BUILDING ON 34,650+- SF LOT
 MIDWEST LAND SPECIALISTS INC., an Auction Management Corporation Affiliate
 

Local (316) 283-3300

Toll free (877) 980-9565 
www.auctionEbid.com
 
Scroll to the bottom to see pictures of the site!
 
The property consists of a single-tenant one story retail building with 14' eave height, constructed in 1997 on a slightly elevated, mostly paved rectangular lot with drainage away from the building to the north and south. A fence along the north property line separates the site from the residential neighborhood behind it.
The building construction is of steel frame construction with corrugated metal panels, and brick and concrete block exterior walls.  It was formerly a Sears appliance store. Electrical service is 200 amp, 208 volt, 3 Phase 4W. Finished floorspace includes a large showroom, a break room, and a private office with restroom. These areas are carpeted or vinyl floor with insulated acoustical tile ceilings.  The supply room, lockup room, and storage area have unfinished concrete floors. There is an 8' x 9' insulated overhead door at the northeast corner of the building, with a dock-high service bay and an elevated ramp for truck loading.
 
DIRECTIONS TO THE PROPERTY: From I-135, exit 19 west on US 160 toward Wellington, follow signs to stay on US 160 through downtown Wellington, site on the right across street from Wellington Golf Club.
 
PROPERTY INSPECTION: The staffed property inspection will be held Monday, May 12th, from 11
AM until 1 PM. Other inspections can be arranged by appointment.
AUCTION REGISTRATION: Auction registration will begin 1 hour before the auction. You must bring a cashiers or bank certified check in the amount of $10,000 made payable to F&F Midwest Title Company. You must present the check to auction representatives in exchange for a bid card. In the event you are not a successful bidder, check will be returned at end of auction.
 
TERMS OF SALE: Successful bidders will pay an initial earnest money deposit equal to $10,000 for the real estate. Upon conclusion of the bidding, bidder will sign an Auction Purchase and Sale Agreement, and the $10,000 cashiers check will be delivered to F&F Midwest Title Company. Failure to sign the Auction Purchase and Sale Agreement will result in forfeiture of the deposit. The earnest money deposit is non-refundable for all sales. The Auction Purchase and Sale Agreement which successful bidders must sign at the auction contains an acknowledgment that the purchaser has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property As Is with all faults and without reliance on any warranty of any kind whatsoever. Earnest money is at risk and may be forfeited by Purchaser if Purchaser does not close by June 13th, 2008. Contract is NOT subject to financing. All property sold is subject to all exceptions listed in the Title Report which includes all existing and planned roads and rights of way, power line and other utility easements, ingress and egress easements, and other easements of record The property is to be closed at the offices of FNF- Midwest-Western Division, 3606 N Governeour Ct, Wichita, KS 67226, Phone: 866-630-8338, Toll Free: 866-630-8338 Fax: 316-630-8279. Seller will pay 50% of closing fees charged by FNF- Midwest. Loan closing costs are at the Buyer's expense, if Buyer chooses to finance the property. Real property to be conveyed by Special Warranty Deed from existing deeds and is not subject to survey. Only the following sale closing costs will be paid by Seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; and (2) Prorated property taxes and back taxes due, if any. All other closing costs are at the expense of the Buyer.  
 
BROKER PARTICIPATION: To qualify for a co-op commission of 2% (two percent) of the winning bid, the Broker must register by mail, fax (to 316-282-7653), email of pdf to midwestland@sbcglobal.net or hand delivery the prospect's name and address on the real estate company's letterhead. The registration letter must be signed by the prospect and the Broker, and must be received at the office of Midwest land Specialists no later than 5:00 PM two (2) days prior to the auction. Broker must also attend the auction and sign the Auction Real Estate Sales Contract if Broker's client is the winning bidder. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction.
 
BUYER'S PREMIUM: Property sold at this auction will be sold with a ten (10%) percent buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $200,000 bid, plus the $20,000 buyer's premium, equals the $220,000 final purchase price.
 
PLATS/SKETCHES/DRAWINGS, EASEMENTS, ETC: All plats, surveys, dimensions, square footage, acreage, property taxes, easements, utilities, covenants and restrictions, zoning, and nature of improvements and all other information provided herein are believed to be correct, but have not been verified by Seller or Auctioneer. Property sells As Is - Where Is with no warranties expressed or implied. It is purchaser's responsibility to verify all information provided herein. All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.
 
PROPERTY INFORMATION: Available on our website at www.auctionEbid.com . Available material includes information on property, environmental studies and reports, tax and plat information, title report, contract information, survey. If you desire a hard copy, contact Vern Koch at 316-772-6318. There will be a processing and shipping charge for hard copy information.
 

BUYER'S NOTE: Auctioneer and Seller reserve the right to cancel the auction without notice. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The Seller has no liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property (including information appearing in this brochure or announcements made at the time of the auction) except as expressly set forth in the Auction Real Estate Sales Contract. There is no minimum starting bid required. Bid increments are at the sole discretion of Auctioneer. There is no obligation on the part of the Seller to accept any backup bids in the event the high bid falls through.

 
DISCLOSURE: In all transactions, the auctioneers are acting as agents for the Seller, not as buyer's agents.
 
FOR MORE INFORMATION, CALL Sale Manager, Vern Koch at 316-772-6318, email vern@auctionspecialists.com OR Steve McCullough at 316-288-5516, email midwestland@sbcglobal.net OR VISIT www.auctionEbid.com
 

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