Dickson Commercial Group, Inc. is requesting a CALL FOR OFFERS for 488 W 5th Street. Written Offers must be submitted to Randel Walker via e-mail at rwalker@dicksoncg.com no later than Thursday March 1, 2018 at 5:00pm. Seller reserves the right to reject or counter all offers. The Seller’s objective is to be relieved of all present and future known and unknown liabilities of the property.
Seller Requested Contract Terms:
•Minimum Purchase Price approximately ($406,000.00) The $406,000.00 approximate minimum purchase price is based on a CitiMortgage payoff amount that is good through March 5, 2018. Ticor Title has requested an updated payoff amount so the minimum purchase price is subject to change based on the updated CitiMortgage payoff amount, and any other changes to the payoff amounts as determined by Ticor Title.
•Earnest Money Deposit $10,000.00.
•Buyer to pay all fees and escrow costs.
•Buyer to assume all present and future known and unknown liabilities of the property including, but not limited to; charges, collection costs, and fees due from CitiMortage and their collection agents; all debts, bonds, assessments, fines, and any other fees charged by the City of Reno and any other municipality related to the condemnation and demolition of the property.
•The property is being purchased and the land and building shall be delivered AS-IS, WHERE IS, AND WITH ALL FAULTS.
•Escrow Agent to be Alice Escalante, Ticor Title.
•Close of Escrow to be as soon as possible and no later than March 26, 2018 contingent upon Ticor Title receiving all payoff information.
Timeline:
02/27/18Call for offers
03/01/18Deadline to submit offers 03/01/18 at 5:00pm PST.
03/01/18 – 03/06/18 Offers reviewed
03/06/18Offer awarded (Seller reserves the right to reject or counter all offers)
There was a fire at the property on December 21, 2017, and the Sellers have submitted an Insurance Claim. The Insurance Company is in the process of evaluating the claim.
The property is subject to violation notices by the City of Reno. The City of Reno has assessed various fines, penalties, fees, and charges of which the known amounts are included in the fees and escrow charges to be paid by the prospective Buyer. The City of Reno has posted a Notice to Abate and has ordered the Seller to demolish the building by March 14, 2018. The Owner has requested the City of Reno for an extension of time to March 28, 2018. The City of Reno may assess daily fines should the building not be demolished by the failure to complete the correction date, and will result in the Code Enforcement Division abating the violation by conducting the demolition with all costs for demolition to become a lien on the property and a special assessment.
