Highland Cooperative Corporation

Four Family Apartment Building in Athol, MA for Sale!

c/o Flanders Law Offices, 7 School Street
Shelburne Falls, MA 01370

Phone: 413-625-2525
Fax: 413-625-8485

NOTE:  The transaction shown on this page has been completed.  However, this page has been left up on ValleyLists as an example of how a ValleyLists page might  be used by a landlord, a person selling their home by themselves, an auctionneer, or anyone else dealing in real estate.  The 25-photos/graphics slide show can be used to show the building and/or a particular unit.  The unlimited text space can be used to describe the building or the apartment. 

If you want more information about how ValleyLists can be used effectively for real estate transactions, call Will Flanders at (413) 625-2525.

  

 

 

 

 

Highland Cooperative Corporation owns a four-unit property located at 1365 Main Street, Athol, MA.

SEALED BID AUCTION

Highland is offering the Property for sale by written sealed bid auction under the following terms and conditions: Deadline for Submission of Sealed Bids: February 28, 2007 at 5:00pm Address for Submission of Sealed Bids: Flanders Law Offices, 7 School Street, Shelburne Falls, MA 01370 Good Faith Deposit: A good faith deposit of $5,000.00 in the form of a bank or certified check payable to "Flanders Law Offices IOLTA" must be included in the bid package. Deposits received from bidders whose bids are not accepted will, of course, be returned. Minimum Bid: None. Best Bid Definition: Since Highland is a low-income cooperative housing corporation, the bid selected will that bid which offers the best combination of price and a specific plan which assures that the units in the Property will continue to be available to current and future low income tenants. The Town of Athol and the Community Economic Development Assistance Corporation ("CEDAC") must approve the winning bid as representing a reasonable fair market value of the Property. Accordingly, bids must contain a market analysis of comparable sales which supports the reasonableness of the bid amount. Contingencies Permitted in Bids: None. The building is being sold in "as is" condition with no warranties whatsoever. Bidders are expected to have completed all inspections and arranged for financing by the bid deadline. Walk-Throughs and Inspections: Walkthroughs and access to the Property for inspections may be arranged by contacting ________________. Tenants: The buyer will take the building subject to the occupancy of the current tenants. The building currently has 2 month-to-month tenants who are planning to stay. Highland will collaborate to the best of its ability with the winning bidder to rent the vacant apartments as soon as possible after February 28, 2007. Completion of the Sale:The winning bidder will be expected: (a) on March 1, 2007, to sign a standard Purchase and Sale Agreement provided by Highland which incorporates the terms of the accepted bid and make an additional (bank or cashiers check) deposit bringing the total deposit to 5% of the purchase price; (b) to close the transaction on or before March 31, 2007. Failure of the Winning Bidder to purchase: If the winning bidder fails to complete the purchase the Property in a timely manner, that bidder will forfeit his/her/its deposit and Highland will accept the next best bid. Realtors: If the purchasing bidder's bid indicates that he/she/it was brought to this transaction by a specified Realtor, Highland will pay a commission equal to 2.5% of the sale price to that Realtor at closing.

DISCLOSURES

Outstanding Mortgages and other Encumbrances: The total amount of current indebtedness on the Property is expected to exceed the fair market value. Two mortgage holders, the Town of Athol and CEDAC, have agreed to provide mortgage discharges even though they will not be paid in full. All sale approvals required by recorded instruments will be provided at the closing. Condition of the Property: The current Highland management has not inspected the Property and has no knowledge regarding the condition of the Property. The previous manager of the property has died leaving. Accordingly, Highland makes no representations whatsoever regarding the condition of the Property and the purchaser must take the Property in "as is" condition. Highland will make no repairs whatsoever to the Property prior to the closing. The Franklin County Regional Housing Authority ("FCRHA") seriously considered purchasing the Property and, in the process of that consideration, inspected the Property. The FCRHA's inspection results are displayed at the bottom of this page. Possible bidders should be aware that the list of repairs prepared for FCRHA, if implemented, would bring the property up to the very high standards required for state-funded projects. Thus, this list of repairs does not necessarily represent the repairs which would be required to legally and safely rent the apartments. Highland has no information regarding the truth, accuracy, or completeness of the information contained in the FCRHA's inspection report , makes no representations or warranties with respect thereto, and provides the report for the convenience of possible bidders. Estimate of Fair Market Value: One Realtor has submitted information to Highland regarding comparable sales which indicates the fair market value of the property is between $168,000 and $172,000.00. Highland believes that this estimate includes an allowance for about $10,000 for repairs. FCRHA's Inspection Report:

Posting # 1679 Expires: May 7, 2050