Terms & Conditions
- Auction Real Estate Terms & Conditions for:
4012 Paradise Court NW & 4020 Paradise Court NW, Cedar Rapids, Iowa
Vacant Lots: 316 4th Street SW & 408 4th Avenue SW, Cedar Rapids, Iowa
The Public Auction Sale of the Properties has been approved by Order of the U.S Bankruptcy Court for the Northern District of Iowa. This sale is being conducted pursuant to 11 U.S.C. section 363 and the Federal Rules of Bankruptcy Procedure. All bidders shall be governed by applicable state and federal law.
The Properties will be sold by legal description and for the benefit of secured parties.
Properties will be sold by cash offer or prequalified auction only. The auction is not subject to financing. If the Buyer needs financing, Buyer must secure the necessary proof of such financing prior to bidding on the Properties.
This auction is not subject to an appraisal. The Properties are not subject to any inspections after auction. Any appraisal or inspection must be completed prior to bidding on the Properties.
10% of selling price required day of sale as earnest money and to be deposited into Backes Realty LLC trust account. This is a nonrefundable deposit. If the Buyer cannot perform financially, or tries to avoid the transaction for any reason after the auction, they will forfeit the 10% earnest money.
Balance of the selling price due in full in 30 days or on a date acceptable to both parties whichever is sooner.
Buyer and Seller are each required to sign an Iowa State Bar Association Form, Offer and Acceptance and Disclosure Statement provided by Seller at the close of the auction.
A Merchantable Abstract of Title and a warranty deed provided by the Seller at the closing.
Real estate taxes will be paid by the Seller prorated to date of possession.
Possession of the Properties will be given at the closing.
Final bids on the Properties are subject to Seller approval.
Buyer acknowledges that Buyer has inspected the Properties and is bidding on the Properties in a “where is” “as is” condition with all faults whether known or unknown.
Surveying of the boundary lines of the Properties shall be the responsibility of the Buyer.
The 2017 assessed valuations as shown by the Cedar Rapids City Assessor are:
4012 Paradise: $1,962,000.00 4020 Paradise: $807,700.00 316 4th St. SW: $17,100.00 408 4th St. SW: $9,000.00
The 2017 gross property taxes as shown by the Cedar Rapids City Assessor are
4012 Paradise: $42,785.68 4020 Paradise: $17,589.45 316 4th St. SW: $588.61 408 4th St. SW: $195.99
When the bidding is “Closed” or “Suspended” by the auctioneer for any reason, the bidding will resume when all pertinent information has been determined.
Neither Dick Backes Auctioneers nor Backes Realty LLC assumes any responsibility for the accuracy of the information contained herein, although the information was obtained from sources considered to be reliable.
Announcements made the day of the auction sale take precedence over previous advertiseme