450 Chester St, Painesville, Ohio 44077

*** REO SALE ***

Prodigy Properties is pleased to present for online bidding only this investment / redevelopment opportunity located in Lake County, Ohio at the corner of Chester St. and N State St.  Per the county auditor, the subject property plays host to a 1,760 SF building, formerly known as Stadium Lounge, a well-known local bar.  Surrounded by both residential and commercial properties in a high-traffic area.  Great location.  Upside potential exists with a trash out, curing deferred maintenance, and getting the bar back into operational condition.  The opening bid is $20,000 with an unpublished reserve price.

The subject property will be sold free and clear of all liens, with property taxes paid by the Seller through the first half of 2021.  Seller may, in its sole discretion, accept or reject any bid or offer for any reason, at any time, without notice.  No representations, warranties, or guarantees.  Bidding is scheduled to conclude on 5/27/2021 at 2pm ET.  A 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price.  The high successful bidder must wire transfer a $5,000 deposit of the final purchase price within 24 hours of auction conclusion.  Furthermore, a Purchase and Sale Agreement is required to be executed by the high successful bidder within 48 hours of auction conclusion.

This property is vacant.  Contact [email protected] to schedule a walkthrough.  If you choose to walk the subject property without contacting Prodigy Properties first, please understand that it is at your own convenience and risk.  Photos are provided for guidance purposes only.  All information provided is believed to be true, but cannot be guaranteed.  It is up to the bidder to verify any / all code violations prior to bidding.

For this platform, agent representation is welcomed, but not a requirement.  Therefore, whether an agent is involved or not, the buyer will do everything themselves for the bidding process.  For any licensed Ohio real estate agents seeking a commission, they must register as the agent and claim their buyer within each individual property auction their client will be bidding on BEFORE their client places any bids on that particular property whatsoever — ZERO EXCEPTIONS.  The agent will never bid on behalf of the buyer.  After the agent completes their registration, their buyer will just simply need to go to the top right corner of the platform, click “Register” to create an account (if they don’t already have one), and then place their bid(s) for themselves.  Once again, the agent will never bid on behalf of the buyer.

Information contained in ANY advertisement for this property is not guaranteed, warranted, and should not be relied upon.  BY BIDDING ON THIS PROPERTY, THE BIDDER REPRESENTS IT HAS INDEPENDENTLY VERIFIED ALL INFORMATION AND MADE THE DECISION TO BID BASED UPON THEIR OWN INVESTIGATION.  High successful bidder must wire transfer a $5,000 deposit by Friday, May 28, 2021 at 2pm ET.  MUST close within 14 days of auction end (Thursday, June 10, 2021).

KEY SALE POINTS:

• The opening bid is $20,000 with an unpublished reserve price.
• Property is sold 100% AS-IS, WHERE-IS, with all faults.
• Property is sold subject to any / all code violations.
• Seller reserves the right to accept or reject any bid or offer, at any time prior to or subsequent to auction end, for any reason.
• Information contained in any advertisement is not guaranteed or warranted.
• No contingencies will be accepted.
• Property will be sold free and clear of all liens.
• Property taxes will be paid by the Seller through the first half of 2021.
• Cash only sale, absolutely no financing contingencies.
• Absolutely no inspection contingencies.
• 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price.
• $5,000 deposit must be wired to the title company by Friday, May 28, 2021 at 2pm ET.

Contact Daniel at [email protected] with any further questions.