Real Estate Auction Terms:
Announcements: Information provided herein was obtained from sources deemed reliable, but neither Lucky Auctions LLC, Richard A. Olson & Associates Inc, nor the Seller makes any guarantees or warranties as to its accuracy. All potential bidders are urged to inspect the property, its condition, and to rely on their own conclusions. All maps, dimensions, and acreage figures are approximate or "more or less". Any announcements made on auction day by Lucky Auctions LLC will take precedence over any previously printed materials or oral statements.
Agency: Lucky Auctions LLC, Richard A. Olson & Associates, Inc and its representatives are acting as Agents of the Seller.
Auction End Date: Friday, February 28, 2025 @ 10:00 AM. (soft close in effect)
Starting Bid Price: $67,500. The starting bid is the reserve price.
Link to Internet Bidding: www.BidLuckyAuctions.Hibid.com
Buyer's Premium: A 1% Buyer's Premium will be added to the final bid. Buyer shall be responsible for paying the Final Bid Price plus an additional 1% Buyer Premium.
Taxes: Taxes shall be prorated based on 2023 full year tax bill including all exemptions therein.
Conditions: Seller makes no warranty regarding the operating condition of any fixtures, systems of personal property, or any and all items remaining on the premises conveyed to Buyer. All representations or warranties contained herein are made to the extent of the Executors' knowledge only with no requirement for investigation. Property is conveyed AS IS-WHERE IS with no further warranties or guarantees either express or implied, and Seller shall not remove any additional property, refuse or perform any additional cleaning.
Survey: The Survey has been ordered and will be posted to the website prior to auction closing. A copy will be available to the Buyer.
Contract and Title: Immediately upon conclusion of the auction, the high bidder(s) will enter into a Seller's real estate contract which provides all the terms and conditions. The Seller will provide title commitment in the amount of the contract price + 1% Buyers Premium. Sale is NOT contingent upon Buyer(s) financing.
Down Payment/Non-Refundable Earnest Money: The successful bidder(s) will be required to deposit 10% earnest money to be held by Seller's Attorney in an escrow account and will be applied to the purchase price. The down payment may be made in the form of a cashier's check, personal check or corporate check. BUYER'S BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.
Closing: The closing shall take place on or before March 31, 2025. The balance of the purchase price must be paid by wire transfer to the account of the settlement agent.
Possession: Possession will be granted on the closing date.
Sale Method: The real estate will be offered on a total dollar amount. The starting bid is $67,500. Bidding increments have been set at $500 increments at the discretion of the Auctioneer. No absentee or telephone bids will be accepted without prior approval of Lucky Auctions LLC.
Disclaimer: All decisions of the Auctioneer are final. Neither the Auctioneer nor the online bidding software and service provider shall be held responsible for a missed bid or the failure of the software to function properly for any reason.
By registering and bidding, the Buyer acknowledges that they have submitted themselves to the personal jurisdiction of the State of Illinois. Buyer acknowledges that any and all disputes shall be governed by Illinois Law, conflicts of law provisions notwithstanding.
By registering and bidding, the Buyer acknowledges they understand, accept and agree to these Terms and Conditions.
The Registered Bidder acknowledges receipt and copy of these Terms and Conditions and having read and understood the provisions set forth therein, accepts same and agrees to be bound thereby.

******

Auctioneer/RE Broker: Erik Olson
IL Real Estate License: 475.186146
Real Estate Brokerage Office:
Richard A. Olson & Associates, Inc
531 Bedford Rd, Morris, IL 60450
(815) 942-4266
www.richardaolson.com

Auction conducted by:
Lucky Auctions LLC
531 Bedford Rd, Morris, IL 60450
(815) 931-0699
IL Auction Firm License: 444.000601
www.bidluckyauctions.com

Friday, February 28, 2025 @ 10AM

Two-Story Building in downtown Elwood, IL.

This is a Timed, Online-Only Auction. Bidding is now open.

Retail or Commercial opportunity in downtown Elwood’s central shopping district with high visibility location. Starting Bid is $67,500. Selling as-is. Bidding is not contingent on financing.

Address: 114 E Mississippi Ave, Elwood, IL 60421.

BID HERE

Two Open House Dates:
Sunday, February 9, 2025 – 10AM to 12PM and
Thursday, February 27, 2025 – 10AM to 12PM.

Property Details:
Address: 114 E Mississippi Ave, Elwood, IL 60421
PIN: 10-11-29-122-006-0000
Jackson Twp, Will County, IL
Legal Description: THE W1/2 (W END) OF LOTS 1 & 2 OF BLK 25 IN THE VILLAGE OF ELWOOD, BEING A SUB OF PRT OF THE E1/2 OF THE NW1/4 OF SEC. 29, T34N-R10E.
Year Built: 1900
Building Dimensions: 28 x 53.
Total Living/Retail Area: 2,120 sq ft.
Attached Garage: 18 x 22; 372 sq ft.
Zoned: Commercial C-1: Local Shopping District
Tax Property Class: 0040 Residential

First Floor Properties: 1,484 sq ft.
Room 1: 12 x 28, access to lift, wood floors.
Room 2: 12 x 22, front door to street access, wood floors.
Room 3: 10 x 11, 36” side door to alley access, wood floors.
Room 4: 7 x 13, concrete floor.
Kitchen: 6 x 9, tile floor.
Laundry: 6 x 7, tile floor.
Entry: 6-½ x 14, sink, cabinets, access to garage, tile floor.
4’ pass-through with two sliding doors between Rooms 1 & 2 and a 23-½“ door between Rooms 2 & 3.

Second Floor Properties: 636 sq ft.
Room 1: 13 x 22, access to attic.
Room 2: 13 x 30, access to electric lift.
There is a 30” door to access the 2nd floor with 28-½”w steps.

Additional Property Notes:
Electric Lift: Move items between first and second story. Approximate dimensions: 2’ x 3’ x 5’H.
1-car attached garage: 18 x 22 with 9w x 7h door, alley access, 372 sq ft.
2023 Taxes: $3,294.84 calculated as follows: Net EAV = $51,856; Exemptions = $16,000; Tax Code 1010; Tax Rate 6.3538.
2024 Assessment: Land 9,155; Building Improvement 63,393; Total 72,548; Market Value 217,666.

 

Auction Terms:
Announcements: Information provided herein was obtained from sources deemed reliable, but neither Lucky Auctions LLC, Richard A. Olson & Associates Inc, nor the Seller makes any guarantees or warranties as to its accuracy. All potential bidders are urged to inspect the property, its condition, and to rely on their own conclusions. All maps, dimensions, and acreage figures are approximate or “more or less”. Any announcements made on auction day by Lucky Auctions LLC will take precedence over any previously printed materials or oral statements.
Agency: Lucky Auctions LLC, Richard A. Olson & Associates, Inc and its representatives are acting as Agents of the Seller.
Auction End Date: Friday, February 28, 2025 @ 10:00 AM. (soft close in effect)
Starting Bid Price: $67,500. The starting bid is the reserve price.
Link to Internet Bidding: www.BidLuckyAuctions.Hibid.com
Buyer’s Premium: A 1% Buyer’s Premium will be added to the final bid. Buyer shall be responsible for paying the Final Bid Price plus an additional 1% Buyer Premium.
Taxes: Taxes shall be prorated based on 2023 full year tax bill including all exemptions therein.
Conditions: Seller makes no warranty regarding the operating condition of any fixtures, systems of personal property, or any and all items remaining on the premises conveyed to Buyer. All representations or warranties contained herein are made to the extent of the Executors’ knowledge only with no requirement for investigation. Property is conveyed AS IS-WHERE IS with no further warranties or guarantees either express or implied, and Seller shall not remove any additional property, refuse or perform any additional cleaning.
Survey: The Survey has been ordered and will be posted to the website prior to auction closing. A copy will be available to the Buyer.
Contract and Title: Immediately upon conclusion of the auction, the high bidder(s) will enter into a Seller’s real estate contract which provides all the terms and conditions. The Seller will provide title commitment in the amount of the contract price + 1% Buyers Premium. Sale is NOT contingent upon Buyer(s) financing.
Down Payment/Non-Refundable Earnest Money: The successful bidder(s) will be required to deposit 10% earnest money to be held by Seller’s Attorney in an escrow account and will be applied to the purchase price. The down payment may be made in the form of a cashier’s check, personal check or corporate check. BUYER’S BIDDING IS NOT CONDITIONAL UPON FINANCING, so be sure you have arranged financing, if needed, and are capable of paying cash at closing.
Closing: The closing shall take place on or before March 31, 2025. The balance of the purchase price must be paid by wire transfer to the account of the settlement agent.
Possession: Possession will be granted on the closing date.
Sale Method: The real estate will be offered on a total dollar amount. The starting bid is $67,500. Bidding increments have been set at $500 increments at the discretion of the Auctioneer. No absentee or telephone bids will be accepted without prior approval of Lucky Auctions LLC.
Disclaimer: All decisions of the Auctioneer are final. Neither the Auctioneer nor the online bidding software and service provider shall be held responsible for a missed bid or the failure of the software to function properly for any reason.

SELLER: The Estate of William Reid

Auctioneer/RE Broker: Erik Olson
IL Real Estate License: 475.186146
Real Estate Brokerage Office:
Richard A. Olson & Associates, Inc
531 Bedford Rd, Morris, IL 60450
(815) 942-4266

 

Auction conducted by
Lucky Auctions LLC
531 Bedford Rd, Morris, IL 60450
(815) 931-0699
IL Auction Firm License: 444.000601
www.BidLuckyAuctions.com