ONLINE BIDDING ONLY
Ends: 03/11/21 at 2:00 PM CDT
Attention Jonesboro Restaurant Owners & Commercial Real Estate Buyers!
FORMERLY THE EDGE COFFE HOUSE ONLINE COMMERCIAL REAL ESTATE AUCTION
1900 Aggie Rd. Jonesboro, AR 72401
BIDDING ENDS THURSDAY, MARCH 11th AT 2:00pm
In the United States Bankruptcy Court Eastern District of Arkansas Northern Division. Re: Jacob K. Holliday, Debtor. Case No. 3:20-bk-13793J. Chapter 7.
Consisting of: 2,024± SF Former coffee house & private club located across the street from the Arkansas State University (ASU) Campus in Jonesboro, AR. The main level features a large dining area, bar, fireplace, lounge area, his & her bathrooms, commercial kitchen, & walk-in cooler. Other features include a large fenced in outdoor patio area, (2) herb gardens & beautiful landscaping throughout. The upper level consists of a separate bar, additional seating, private rooms, bathroom, storage rooms & office space. There is a unfinished basement below providing easy access to utility fixtures and additional storage.
Utilities: Municipal Water & Sewer, Electricity & Natural Gas
Craighead County Parcel No. 01-144171-19500
Estimated Annual Taxes: $1,800.25
Subdivision: College Place Addition
Online Auction Terms & Conditions Auction Terms & Conditions
The Following Terms & Conditions Apply to The Online Real Estate Auction of the following properties:
- 1900 Aggie Rd. Jonesboro, AR 72401. Also known as Craighead County Parcel No. 01-144171-19500
Bidder must read and accept all the Terms and Conditions set forth below in order to bid. (SCROLL DOWN & READ ALL TERMS BEFORE PLACING ANY BIDS)
All offers are subject to the approval of the Federal Bankruptcy Court.
Buyer’s Premium: A buyer’s premium of Ten percent (10%) of the high bid will be added to the bid to determine the contract purchase price.
TERMS ON REAL ESTATE
Upon the Sellers acceptance of the highest bid, winning bidder will be required to put down 20% of the contract purchase price immediately following the auction in form of a cashier’s check made payable to Hamilton M. Mitchell, Trustee. This is a non-refundable earnest money down payment. The balance will be due in approximately 30 days at closing. Buyer will receive a Trustee’s Deed. If title insurance is desired, buyer shall employ title company of their choosing and obtain title insurance at their own expense. Buyer & Seller will each pay their respective portion of the closing cost & taxes will be prorated to the date of closing.
Buyer’s Commitment: Your bids placed on the Wooley Auctioneers website/bidding platform are a FIRM COMMITMENT TO BUY and you are responsible for paying all amounts due.
Wooley Auctioneers requires a credit card for bidder verification purposes only. We will never charge your credit card for real estate transactions. Wooley Auctioneers will contact the winning bidder by phone at the conclusion of the auction with detailed payment instructions. (See payment instructions below)
Payment Instructions: Winning bidder will be required to put 20% of the contract purchase price immediately following the auction in form of a cashier’s check made payable to Hamilton M. Mitchell, Trustee. The balance will be due in approximately 30 days at closing. Buyer will receive a Trustees Deed, if title insurance is desired, buyer shall employ title company of their choosing and obtain title insurance at their own expense. Buyer & Seller will each pay their respective portion of the closing cost & taxes will be prorated to the date of closing.
Your bid is a FIRM COMMITMENT TO BUY should you be the winning bidder.
All property is sold “AS IS”.
By bidding on property, the bidder shows acceptance of the terms of the auction
All announcements made prior to the close of the Internet bidding take precedence over all written or verbal statements.
Currency Type: USD
Wooley Auctioneers attempts to describe the property to the best of our abilities however we make no representations or guarantees. In no event shall Wooley Auctioneers, Inc. be held responsible for having made or implied any warranty of merchantability or fitness for a purpose. Nor shall we be responsible for any errors or omissions in the description of the property.
Wooley Auctioneers, Inc. is providing an Internet auction as a service to Bidder. Bidder acknowledges and understands that this service may or may not function correctly the day of the auction. Under no circumstances shall bidder have any kind of claim against Auction Company or anyone else if the Internet service fails to work correctly during the online auction. Auction Company will not be responsible for any missed bids from any source. Internet bidders who desire to make certain their bid is acknowledged should use the proxy bidding feature and leave their maximum bid at least 24 hours before the auction closes. Auction Company reserves the right to withdraw or re-catalog items in this auction.
EXPLANATION SOFT CLOSE: if an item receives a bid within the last 5 minutes, then the close time will be extended 5 minutes from the time the bid is placed. The time will continue to be extended for 5 minutes with each newly placed bid and the item will not close until 5 minutes have elapsed with no additional bid activity. This does eliminate “snipers” from our Internet Auctions. Please be assured that we have taken every precaution to set the site up in a transparent manner that allows for the fairest environment for both buyers and sellers.