Mission, Kansas | Prime Development Land Auction | Johnson County, KS | Opening Bid 60% Off Last List
Ends: 11/26/19 at 12:30 PM CDT
PROPERTY INSPECTION: TUESDAYS, NOV. 12 & 19TH; 11-1PM
51st Street & Barkley Street, Mission, KS 66202
This prime development site is well located in the City of Mission, Johnson County, Kansas. Johnson County, KS is regarded as one of the best real estate investment markets in the country. The site is situated in close proximity to retail, restaurants, residential, top-rated schools and major highways. With road frontage on both 51st Street and Riggs Street, the site offers good visibility and is adjacent to Bridges at Foxridge Apartments. The site has been zoned RP-5, has a plan approved by the City of Mission for 203 senior housing units and is ideal for senior living or multi-family development.
This investment opportunity is time-definite and only available through the auction date. The property was recently listed for sale at a price of $900,000 just prior to auction. The sellers are motivated to sell and the bidding will open at 60% off of the previous price! Make a pre-auction offer now or bid your price in the auction. Bidding ends Tuesday, November 26, 2019, at 12:30 p.m.
• Don’t Miss the Last Sizeable Development Site Left in Mission, KS
• City is Open to Zoning Change
• 9.58 Acre +/- Prime Development Site
• Located in the Heart of Johnson County, Mission, Kansas
• Close to Retail, Restaurants, Residential & Major Highways
• Within Top Rated Shawnee Mission School District
• Zoned RP-5 and Approved for 203 Senior Housing Units
• Located in One of the Best Real Estate Investment Markets in the Country, Johnson County, KS
• Opening Bid – 60% Off Last List Price!
9.58 Acres +/- (417,305 Sq. Ft.)
City of Mission, Kansas
51st St. and Barkley St., Mission, KS
203 Senior Housing Units
Senior Living, Multi-Family
51st Street and Riggs Street
Water, Sewer, Electricity, Gas
Shawnee Mission School District
2018 REAL ESTATE TAXES
“ONLINE ONLY” LAND BIDDING
AUCTION TERMS AND CONDITIONS
Proper and complete online registration is required to bid. All bidders must provide their contact information including name, address, phone number, and email address to register. A credit card (MC, Visa or Discover) is also required to place a bid and will be validated prior to access being granted. Other bidder qualifications such as a proof of funds or preapproval letter may be required in certain auctions. The credit card will be validated before bidding access is granted, but is not a recognized form of payment for the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit will be charged to the credit card provided at registration. By registering for this auction, all bidders acknowledge they have read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.
All bidding in this auction is being conducted online. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office at 816-781-1134 for assistance.) To place a bid, a bidder can enter their “maximum” bid and click the “Place Bid” button. Each time that bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum bid. In the case of an auction with a reserve, if the maximum bid amount entered is less than the reserve, the system will place the bid at their maximum amount. Once the reserve has been met, the system will display “reserve met” and any maximum bids higher than the reserve will only be advanced at the established bid increments when a bidder has been outbid and only up to the bidders maximum bid. Our online auctions utilize a “Soft Close” feature that automatically extends the bidding time if a bid is received within the last 2 minutes of the auction ending. These extensions will continue until 2 minutes have lapsed with no bidding activity, at which time the auction is concluded. The “Soft Close” feature provides for a fair bidding environment to allow each bidder time to respond to a bid placed in the last 2 minutes of the auction.
A buyer’s premium of ten percent (10%) of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s).
Sample calculation — High bid = $50,000
Buyer’s Premium = $ 5,000 (10% of 50,000)
Total purchase price = $55,000
Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.
At the conclusion of the auction the Winning Bidder will receive an email and/or phone call confirming his or her winning bid status. In this or a subsequent email the Winning Bidder will receive a link to sign all documents electronically along with wiring instructions for submitting the required earnest money deposit to the named title company. Should the electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and deposit payment process must be completed by close of business on auction day. A Winning Bidder whose documents and deposit are not received within the required time frame is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller’s reserve, unless advertised otherwise. Any property with a high bid exceeding the Seller’s reserve will be declared “sold” by the Auctioneer. In instances where the seller’s reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller’s sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.
DOWN PAYMENT (DEPOSIT):
The Winning Bidder shall be required to make a down payment equal to ten percent (10%) of the total purchase price. This earnest money deposit must be received by wire transfer (or by certified funds), by close of business auction day. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events.
The Winning Bidder shall close within 30 days of the auction date, unless stated differently in the Purchase Agreement.
EVIDENCE OF TITLE:
Seller shall furnish at seller’s expense an Owner’s Policy of Title Insurance in the amount of the total purchase price and shall execute a special warranty deed conveying the real estate to the buyer(s).
Seller shall provide a survey for any tract where there is no existing legal description. Any need for a new survey shall be determined solely by the Seller. The type of survey performed shall be at the seller’s option and sufficient for providing a legal description for title insurance. Purchase prices shall be adjusted to reflect any differences between advertised and surveyed acres.
REAL ESTATE TAXES & ASSESSMENTS:
2019 taxes are to be prorated as of the closing date.
EASEMENTS AND LEASES:
Sale of said property is subject to any and all easements of record and any and all leases.
Cates Auction & Realty Co., Inc. and its representatives are Exclusive Agents of the Seller.
A commission of 3% of the high bid (unless a different percentage is stated in the property’s MLS listing) will be paid to any properly licensed Broker who registers a successful buyer according to the appropriate Broker Participation Agreement. This form is available from the Auction Company and must be completed and returned no later than 48 hours prior to the auction end date.
DISCLAIMERS AND ABSENCE OF WARRANTIES:
BUYER HEREBY ACKNOWLEDGES, REPRESENTS, WARRANTS, COVENANTS AND AGREES THAT AS A MATERIAL INDUCEMENT TO SELLER TO EXECUTE AND ACCEPT THIS AGREEMENT AND IN CONSIDERATION OF THE PERFORMANCE BY SELLER OF ITS DUTIES AND OBLIGATIONS UNDER THIS AGREEMENT, THE SALE OF THE SUBJECT PROPERTY HEREUNDER IS AND WILL BE MADE ON AN “AS IS, WHERE IS” BASIS, SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY NEGATESAND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT, FUTURE OR OTHERWISE, OF, AS TO, CONCERNING OR WITH RESPECT TO THE SUBJECT PROPERTY, INCLUDING WITHOUT LIMITATION: (1) THE EXISTENCE OF HAZARDOUS MATERIALS UPON THE SUBJECT PROPERTY OR ANY PORTION THEREOF; (2) GEOLOGICAL CONDITIONS, INCLUDING, WITHOUT LIMITATION, SUBSIDENCE, SUBSURFACE CONDITIONS, WATER TABLE, UNDERGROUND WATER RESERVOIRS, LIMITATIONS REGARDING THE WITHDRAWAL OF WATER AND FAULTING; (3) WHETHER OR NOT AND TO THE EXTENT TO WHICH THE SUBJECT PROPERTY OR ANY PORTION THEREOF IS AFFECTED BY ANY STREAM (SURFACE OR UNDERGROUND), BODY OF WATER, FLOOD PRONE AREA, FLOOD PLAIN, FLOODWAY OR SPECIAL FLOOD HAZARD; (4) DRAINAGE; (5) SOIL CONDITIONS, INCLUDING THE EXISTENCE OF INSTABILITY, PAST SOIL REPAIRS, SOIL ADDITIONS OR CONDITIONS OF SOIL FILL, OR SUSCEPTIBILITY TO LANDSLIDES, OR THE SUFFICIENCY OF ANY UNDERSHORING; (6) USAGES OF ADJOINING PROPERTIES; (7) THE VALUE, COMPLIANCE WITH THE PLANS AND SPECIFICATIONS, SIZE, LOCATION, AGE, USE, DESIGN, QUALITY, DESCRIPTION, DURABILITY, STRUCTURAL INTEGRITY, OPERATION, TITLE TO, OR PHYSICAL OR FINANCIAL CONDITION OF THE SUBJECT PROPERTY OR ANY PORTION THEREOF, OR ANY RIGHTS OR CLAIMS ON OR AFFECTING OR PERTAINING TO THE SUBJECT PROPERTY OR ANY PART THEREOF INCLUDING, WITHOUT LIMITATION, WHETHER OR NOT ANY IMPROVEMENTS COMPLY WITH THE REQUIREMENTS OF THE AMERICANS WITH DISABILITIES ACT, THE FAIR HOUSING ACT AND/OR RELATED REGULATIONS; (8) THE PRESENCE OF HAZARDOUS MATERIALS IN, ON, UNDER OR IN THE VICINITY OF THE SUBJECT PROPERTY; (9) THE SQUARE FOOTAGE OF THE LAND OR THE IMPROVEMENTS; (10) IMPROVEMENTS AND INFRASTRUCTURE, IF ANY; (11) DEVELOPMENT RIGHTS AND EXTRACTIONS; (12) WATER OR WATER RIGHTS; (13) THE DEVELOPMENT POTENTIAL FOR THE SUBJECT PROPERTY; (14) THE ZONING OF THE SUBJECT PROPERTY AND THE ABILITY OF PURCHASER TO REZONE THE SUBJECT PROPERTY OR CHANGE THE USE OF THE SUBJECT PROPERTY; (15) THE ABILITY OF PURCHASER TO ACQUIRE ADJACENT PROPERTIES; (16) THE EXISTENCE AND POSSIBLE LOCATION OF ANY UNDERGROUND UTILITIES; (17) THE EXISTENCE AND POSSIBLE LOCATION OF ANY ENCROACHMENTS; (18) WHETHER THE IMPROVEMENTS WERE BUILT, IN WHOLE OR IN PART, IN COMPLIANCE WITH APPLICABLE BUILDING CODES; (19) THE STATUS OF ANY LIFE-SAFETY SYSTEMS IN THE IMPROVEMENTS; (20) THE CHARACTER OF THE NEIGHBORHOOD IN WHICH THE SUBJECT PROPERTY IS SITUATED; (21) THE CONDITION OR USE OF THE SUBJECT PROPERTY OR COMPLIANCE OF THE SUBJECT PROPERTY WITH ANY OR ALL PAST, PRESENT OR FUTURE FEDERAL, STATE OR LOCAL ORDINANCES, RULES, REGULATIONS OR LAWS, BUILDING, FIRE OR ZONING ORDINANCES, CODES OR OTHER SIMILAR LAWS; OR (22) THE MERCHANTABILITY OF THE SUBJECT PROPERTY OR FITNESS OF THE SUBJECT PROPERTY FOR ANY PARTICULAR PURPOSE (PURCHASER AFFIRMING THAT PURCHASER HAS NOT RELIED ON ANY OF SELLER RELATED PARTIES’ SKILL OR JUDGMENT TO SELECT OR FURNISH THE SUBJECT PROPERTY FOR ANY PARTICULAR PURPOSE, AND THAT SELLER MAKES NO WARRANTY THAT THE SUBJECT PROPERTY IS FIT FOR ANY PARTICULAR PURPOSE).
As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Sale Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion.
We hope you enjoy bidding in the online auction!
Video: The Cascades Rendering Video
Video: Mission, Kansas | Prime Development Land Auction | Opening Bid 60% Off Last List
I-35 to Lamar (exit 232A), south to 51st St., west to Barkley St. on South side. Watch for signs.