Online Foreclosure Auction starting at $500,000. Bidding ends on Wed. Jan. 22 at Noon. See OhioRealEstateAuctions dotcom for full info. 71 Room Hotel. Closed and secured. 5 story building. Outdoor pool. Easy access to I-77 just South of Downtown Cleveland. Zoning has been changed to light industrial. The photos on this site are from 3 years ago. The property is in rough shape and has roof and mold issues. Copper thieves have also stolen a fair amount of copper. Make your own inspection prior to bidding. Buying AS IS. The succesful bidder will have up to 6 months to obtain a zoning change back to hospitality if that is the desired use and an additional 30 days to close the transaction. $10,000 of the required deposit will be non-refundable no matter the outcome of the zoning appeal.
Basic Terms:
Sells subject to Plaintiff's approval and approval from the Cuyahoga Co. Common Pleas Court. This is a receiver's sale. $50,000 downpayment will be due by 5pm the day of Auction which will become your deposit. $10,000 of that amount will be non refundable no matter the result of the zoning appeal. The real estate is sold As Is with no contingencies. All inspections must be done prior to Auction. Close within 30 days of zoning approval or notification that the zoning will be approved. A 10% buyer's premium will be added to the high bid to obtain the final contract selling price. Short tax proration. Buyer pays all closing costs. Receiver's deed given at closing with no liens or back taxes.
