Bank Owned
1401 3rd Ave
Heron Lake, MN 56137, Jackson County
1
Beds
1
Baths
1,049
Sq. Feet
Current Bid
$30,001
Auction.com
Minnesota
Jackson County
Heron Lake
1401 3rd Ave
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Bank Owned
6,310
Views
1 Beds1 Baths1,049 Sq. Ft.
Auction In Progress
Price Insights
Est. Resale Value
$144,000
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Source: Collateral Analytics
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Reserve Not Met
Property Details
Beds
1
Baths
1
Square Footage
1,049
Lot Size (Acres)
0.34
Property Type
Single Family
...
Year Built
1915
Market Analysis
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Due Diligence
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Review Property Information
Check out third party reports on property condition, market value and neighborhood info.
Examine Title and Liens
Preliminary reports are provided for reference. Seek a professional for a full evaluation.
Deed Type
Quitclaim Deed and Assignment of Interest in Sheriff's Deed
Title Insurance Paid by
Not Available
Review Purchase Agreement
Details of the Seller's terms and conditions, and your rights as the buyer.
Prepare Your Finances
Cash is the accepted payment. In some cases, hard money loans and lines of credit are accepted. See purchase documents for details. You'll need proof of funds within 48 hours of winning the auction. Conventional financing cannot be used to buy this property.
Top FAQs
Will I be able to inspect the property before I bid?
Typically, no. Many properties will be sold "as is, where is," with all faults and limitations. You'll need to estimate any renovation costs from a distance. Even if you believe the home is vacant, treat it as occupied. These homes have not transferred ownership yet and walking on or entering the property is trespassing.
Does Auction.com have any more information on this property?
Like other real estate transactions, you should conduct careful due diligence before purchasing a property at auction. Common research items include local market value, property condition, and title report.
Please note, Auction.com is not the seller for any property made available online, and all information and photos to Auction.com have been made available on this page.
Will the property be free and clear of all liens?
Not necessarily. You should seek independent advice to perform your own due diligence and fully understand the foreclosure process and foreclosure sales in general. It is your responsibility to do a title search and seek any professional counsel before bidding.
Can I use financing to buy this property?
Typically, no. Be sure to check the property listing to see if financing is considered. Most properties on Auction.com are sold cash-only. That means you must pay the entire purchase amount by the closing date.
What happens if I am the winning bidder?
If you are the highest bidder at the end of an auction, here are your post-auction obligations:
- Contract Information: You'll receive an email confirming you have the highest bid. You will then need to provide important contracting information by filling out a form online. You can preview the required information on this form as a printable checklist. Make sure to submit the form within 1 business day.
- Purchase Agreement: Once everything is verified, the Purchase Agreement will be generated and you will need to sign and return the document for the seller to review and sign.
- Proof of Funds: You need to provide Auction.com a copy of your Proof of Funds by email within 2 business days.
- Earnest Money Deposit: Unless otherwise specified on your purchase agreement, you will need to send the Earnest Money Deposit to the closing company within 2 business days of receiving the transfer instructions. Send Auction.com a copy of your confirmation receipt within 1 business day of sending funds.
See more FAQs
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Transaction Details
- All bank-owned properties bought at auction are, "Subject to Seller Acceptance." Both buyer and seller must sign the purchase agreement for the bid to be considered accepted.
- Buyer is not entitled to possession of the property until expiration of the redemption period. If the property is redeemed, Buyer will receive only the amount paid to redeem the property and will not receive title to the property. Please research the amount required to redeem this property before bidding as it may be higher or lower than the winning bid at this auction.
- No title insurance offered at closing.
- If you are the winning bidder, an Earnest Money Deposit of 5% of the total purchase price or $2,500 (whichever is greater) is required
- This property will be conveyed via an Assignment of Interest in Sheriff's Deed and Quit Claim Deed (Michigan) and an Assignment of the Sheriff's Certificate (Minnesota)
- Buyer is responsible for all escrow fees typically ranging from $850 to $1375
- Any delinquent HOA/COA assessments shall be paid in accordance with the applicable purchase and sale agreement
- Property is being offered as is, where is.
- Buyer will be assessed a $55 Document Generation Fee paid at closing to a third party provider.
- Until the seller's reserve price is met, Auction.com may counter bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price. Counter bids do not occur after the seller's reserve price is met. Learn more about reserve pricing.
Auctioneer Licensing Information
Auction.com, Inc. – License No. 40040398 (RE Broker), Lee Leslie – License No. 20547509 (RE Broker)
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