AUCTION 1218 MAGNOLIA AVE LOS ANGELES CA 90006 - STARTING BID:$795,000 - Kennedy Wilson ...
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AUCTION
1218 M A G N O L I A AVE
LOS A N G E L ES CA 90006
AUCTION STARTING BID:$795,000
FEBRUARY 10th, 2019 AT 2:00 PM
www.BIDKW.com
The
The property consistsofofaanewly
property consists newlyremodeled
remodeled +/-
3,572
3,572
SF, asSF,
per (as
titleper assessors
4 bedrooms records 4 bedrooms
2 bathrooms. Currently
2the
bathrooms).
home consists of 12 rooms and 9consists
Currently the home bathroomsof 12
rooms and 9 bathrooms single family residence
single family residence on a 6,475 SF R3 zoned lot.
on a property
+/- 6,475has SFapproximately
R3 zoned lot 10 (TOC Tieron-site
2). The
The gated
property has approximately 10 gated on-site
parking spaces in the rear accessible through the
parking spaces in the rear accessible through the
alley in addition to ample street parking. The subject
alley in addition to ample street parking. The
propertyproperty
subject is locatedison the east
located onside of Magnolia
the east side ofAve
between 12th
Magnolia Ave St. & Pico 12th
between Blvd. Street.
It is conveniently
& Pico
located lessItthan
Boulevard. a mile from the
is conveniently 110 freeway
located anda
less than
the 10
mile freeway.
from the 110 freeway and the 10 freeway.
STARTING BID:$795,000
REGISTRATION:
Registration is required to be eligible to attend and bid on auction day. To register you must complete
the Auction Registration Form, available on-site and online at www.bidkw.com Bidders must complete
and return the Auction Registration Form with Proof of Funds and Pre-qualification Letter from their
lender to Kennedy Wilson prior to Friday, February 9th, at 4:00 PM. Please go to bidkw.com for
additional information.
SHOWING SCHEDULE:
The home will be held open for inspection at
the following times and by appointment:
Friday January 18th: 11:00 AM - 1:00PM
Tuesday January 22nd 11:00 AM - 1:00PM
Saturday February 2nd: 12:00 PM- 2:00 PM
Friday, February 8th: 11:00 AM- 1:00 PM
Auction Day, Sunday February 10th: 1:00
AM - 2:00 PM
REGISTRATION DEADLINE:
Friday, February 9th, at 4:00
PM
AUCTION DATE/ TIME:
Sunday February 10th 2019
at 2:00 PM
(Auction held on the property)
AUCTION TERMS:
The Property is available for inspection during the scheduled open houses and by appointment. The property will
be sold "AS-IS WHERE-AS WITH ALL FAULTS KNOWN OR UNKNOWN" without any expressed or implied
warranty or representations whatsoever on the part of the seller and Kennedy Wilson or Keller Williams. It is the
responsibility of all prospective buyers to inspect the property prior to making a bid for all cash and satisfying
themselves as to the physical condition. Prospective buyers should examine the Property and all supporting
documentation carefully as each buyer is responsible for making his or her evaluation of the Property and may
not rely on the seller or sales agents.
Documents:
A partial list of documents include: (a) Permits of Record (b) Preliminary Title Report with underlying items, (c)
Seller Disclosure Documents including Transfer Disclosure Statement (TDS), Seller Property Questionnaire (SPQ),
Natural Hazard Disclosure (NHD), and Agent Visual Inspection Disclosure (AVID)
DISCLAIMER. This brochure and the due diligence materials on the website are provided by the Seller and Listing Broker as a courtesy to prospective buyers. Seller and
Listing Broker make no representation or warranty as to the accuracy or completeness of these materials, sizes, configurations, zoning allowable land use, governmental
regulations, potential development, potential income/returns, etc. from this purchase opportunity. All prospective buyers are required to do their own due diligence and
feasibility studies prior to submitting to purchase the property. The seller has the right to postpone or cancel the offering in whole or in part, in its sole discretion, and to
modify or add any terms and conditions of sale and to announce such modifications or additional terms and conditions either prior acceptance, the executed Purchase
Agreement and Escrow Instructions will evidence all understandings and agreements between buyer and seller and will be in all respects controlling.
SHANNON HAYON RHETT WINCHELL DAVID YASHAR
DRE# 02000079 DRE# 00867471 DRE# 01102638
shayon@kennedywilson.com rwinchell@kennedywilson.com dyashar@kw.com
818.926.6121 818.371.0000 310.724.8043
Copyright 2019– Kennedy Wilson Auction Group. All rights reserved. No part of this advertising material may be reproduced or utilized in any form or by any means, electronic or
mechanical, including photocopying and recording, or by any information storage and retrieval system, without permission in writing from Kennedy Wilson Auction Group, Inc #8015, a
California Real Estate Broker, License # 01830032 –310.887.6446
POF Prequal Checks Bidder No
LOS ANGELES HOME AUCTION
1218 MAGNOLIA AVENUE
AUCTION REGISTRATION FORM
Please complete and return this Registration Form with Proof of Funds and Prequalification Letter from your lender to
Kennedy Wilson prior to Friday, February 9th, at 4:00 PM in order to be eligible to bid at the Auction. Bidders may
deliver the Registration Form to the on-site staff at the open house, or email to bidkw@kennedywilson.com,
LAST NAME
FIRST NAME
CO-BIDDER NAME LAST NAME
ADDRESS CITY
STATE ZIP
PHONE EMAIL
REAL ESTATE AGENCY SUMMARY OF AUCTION TERMS & CONDITIONS
❑ NOT REPRESENTED BY A REAL ESTATEAGENT
❑ REPRESENTED BY A REAL ESTATEAGENT • Registration Deadline: Friday, February 9th, at 4:00 PM
If a buyer is represented by a Real Estate Agent and Bidder
registered the Agent on their first visit to the property,
• The Auction will be held on-site Sunday February 10th
2019 at 2:00 PM . Bidders are advised to arrive between
please complete the following: 1:00 PM - 2:00 PM
REAL ESTATECO.
PHONE#:
• The Starting Bid Price is $795,000
AGENT NAME: • On Auction Day, all bidders must have in their
possession a cashier’s check in the amount of
SIGNATURE: $10,000 made payable to Kennedy Wilson, and a personal
check for the balance of the 5% deposit
The Real Estate Agent must sign here and must accompany the
Bidder to the Auction and sign the “Cooperating Broker
• Winning Bidder Deposit is 5% of the Winning Bid
Amount
Agreement” attached to the Purchase Agreement and Escrow
Instructions in order to qualify for cooperating commission, See • The Winning Bidders Deposit is due at the time of the
the Auction Brochure for complete details. auction and will be deposited 3-days following acceptance.
I/WE HAVE received, read and accepted the terms
and conditions of sale for the Auction,
PLEASE TAKE A MOMENT TO LET US KNOW
and I/we have reviewed purchase documents.
HOW YOU FOUND OUT ABOUT OUR AUCTION
Signature
Los Angeles Times Broker
Realtor.com E-blast
BidKW.com Google Signature
Zillow Friend
Trulia Redfin
MLS Date
Sign/Drive By
LOS ANGELES HOME AUCTION
REGISTRATION The purchase is subject to an unpublished reserve price
Registration is open to the public without regard to race, color, (Unpublished Reserve Price) which means that the seller has
sex, religion, familial status, handicap or national origin. established an unpublished minimum selling price. The Starting
Registration is required to be eligible to attend and bid on Bid is not the reserve price. In order to become the winning bidder, a
auction day. To register you must complete the Auction bidder must have the highest bid and meet or exceed the unpublished
Registration Form available on-site and online. Bidders must reserve price. The highest bid is subject to acceptance by the seller.
complete and return the Auction Registration Form with proof of With respect to a high bid less than the seller’s reserve, the high
funds and prequalification letter from the lender to Kennedy bid, resulting purchase agreement/offer are subject to the seller’s
Wilson prior to Friday, February 9th, at 4:00 PM . Bidders acceptance, counter-offer or rejection during the auction and/or
may deliver the Auction Registration Form on-site or by email within 5 days following the auction.
to bidkw@kennedywilson.com or in person, or fax to
310.887.6415. You may also take your registration to an open- If you are the highest bidder at the auction, you will execute the
house. There will be no registrations accepted the day of the purchase documents and receive a receipt for your 5% deposit.
auction.
Potential bidders shall be solely responsible for confirming the LIVE ONLINE BIDDING
delivery and timely receipt of their completed and signed Live online bidding will be available to qualified, registered
registration form by Kennedy Wilson. A bidder’s failure to bidders, who are unable to attend the auction. For online bidding
timely register with Kennedy Wilson may result in non- our auctioneer will call the bids during the auction, and the entire
recognition of the bidder at the Auction. event will be broadcast over the Internet with real-time audio and
video. Bidding online is easy. Just remember that to participate
HOMEINSPECTION AND REVIEWOFSALE you must first complete the Auction Registration Form and submit
DOCUMENTS to Kennedy Wilson. Once your Auction Registration Form is
The home will be open for inspection on several dates (see approved, you will receive details on how to participate via live
Home Preview section) and by appointment. Please take this online bidding on auction day.
opportunity to tour the estate prior to the auction and make a
thorough inspection. The property will be sold “AS-IS BROKERCOOPERATION
WHERE-AS WITH ALL FAULTS KNOWN OR Participation of California licensed real estate brokers is
UNKNOWN” without any expressed or implied warranty or encouraged. A commission of 1.5% of the high bid price will be
representations whatsoever on the part of the seller and offered to all qualified, registered brokers. All commissions will
Kennedy Wilson. It is the responsibility of all prospective be paid at the close of escrow. In order to qualify for the broker
buyers to inspect the property prior to the auction and satisfy cooperation commission, brokers must comply with the following
themselves as to the physical condition. requirements:
Thoroughly review the documents which are available online at
BidKW.com, at Kennedy Wilson’s Beverly Hills office at 151 a) The prospective client (“Bidder/Buyer”) must register their
South El Camino Drive, and at each open house. A partial list Broker on their Auction Registration Form no later than
of documents include: (a) Purchase Agreement and Escrow Friday, February 9th, 2019. No Broker registration will
Instructions; (b) Preliminary Title Report or Commitment; and be accepted on auction day.
(c) Other Disclosure Documents. b) Brokers must accompany the Bidder/Buyer to the auction
DEPOSIT and, if successful, through the entire purchase process at
To participate in the auction and bid on auction day, all the auction on Sunday, February 10th and execute the
approved registered bidders must present a cashier’s Cooperating Broker Agreement.
check in the amount of $10,000. For the successful c) A Bidder/Buyer who does not comply with subparagraphs
bidder, the cashier’s check will be used as a portion of the (a)– (d), inclusive, shall assume liability and be solely
5% deposit. Cashier’s checks must be made payable to responsible for payment of any commission due and
Kennedy Wilson. The balance of your 5% deposit should owing to its broker.
be in the form of a personal or business check. Please d) Through your attendance at this auction you acknowledge
bring your personal checkbook to the auction. and agree that Kennedy Wilson is the exclusive real estate
agent of the seller and is not acting as the real estate agent
AUCTION DAY PROCEDURES for or representative of the buyer.
Check in and receive your bidder package which will include
auction day announcements and your bidder number. You will
CLOSING
be required to show proof of your cashier’s check, personal
The sale must close on or before March 28, 2019 (45
check, proof of funds and pre-qualification letter from your
days after the auction) unless extended by the Seller in
lender; however, you will retain your checks until you are a
successful bidder.
writing. The buyer will be required to use the Seller’s approved of record, and printed exceptions in the standard form
Purchase and Sale Agreement and Escrow Instructions, and pay title insurance policy. A copy of the Preliminary Title
customary closing costs including, but not limited to: escrow Report (or title commitment) may be inspected prior to
fees, recording fees, normal pro-rations, title fees, new loan
the auction.
fees, all documentary transfer or preparation fees. Buyers
purchase of the Property is with no contingencies or conditions, g) Floor plan, size, square footage, layout, features,
including, without limitation, a contingency for financing or amenities, specifications set forth in the brochure are
inspections. Contingent buyers will not be allowed to bid or approximations only, based on the best information
purchase. available. Kennedy Wilson and Seller do not guarantee
the accuracy of the square footage or other information
DEFAULT OF BUYER regarding the condition and features of the property
If a buyer defaults on the terms of the Purchase Agreement and provided by the Seller or obtained from public records or
Escrow Instructions, seller may retain up to 3% of the purchase
other sources. Each bidder is advised to independently
price pursuant to the terms of the Purchase Agreement and
Escrow Instructions.
verify the accuracy of all information through personal
inspections with appropriate professionals and to rely on
See purchase agreement for complete details. their own research at their own cost. The furnishings
present in the property are not included in the purchase.
The Seller or the Auctioneer make no representation or
a) In order to purchase at the auction the bidder must be warranty that the subject property contains any such
acknowledged by the Auctioneer as the Winning Bidder furnishings, amenities or construction details.
(the bidder to whom the Auctioneer acknowledges the h) The Seller and Auctioneer reserve the right to refuse
home as being “SOLD” to) and such home is therefore admittance to or expel anyone from the auction premises
not identified as being sold subject to confirmation. for interference with auction activities, nuisance,
b) Upon the completion of the bidding, the Winning canvassing, collusive bidding, bid-rigging or other
Bidder will be required to immediately execute the reasons.
Purchase Agreement and Escrow Instructions and such
i) The auction will be recorded. Bidders’ attendance at the
other documents reasonably requested by the Seller and
auction shall constitute Bidders’ consent to any audio
the Escrow Agent and deposit 5% of the Winning Bid
and/or visual recording.
amount.
j) No auction attendees may take audio or visual recordings
c) With respect to a winning bid that is not immediately
of the auction.
accepted by the seller, the Auctioneer will inform the
k) The Seller has the right to postpone or cancel the auction
winning bidder that acceptance of their winning bid is
in whole or in part, in its sole discretion, and to modify or
“Sold Subject to Confirmation.” The winning bidder
add any terms and conditions of sale and to announce
acknowledges and agrees that winning bidder’s
such modifications or additional terms and conditions
purchase/offer is subject to and contingent upon the
either prior to or at the auction. Written and oral auction
Seller’s approval of the resulting purchase/offer, during
announcements shall take precedence over prior printed
the auction and/or within 5-days following the auction.
information; however, the executed Purchase Agreement
d) No claim will be considered for allowance, adjustment,
and Escrow Instructions will evidence all understandings
or rescission based upon failure of the property to
and agreements between buyer and Seller and will be in
correspond to any expectation or standard (except the
all respects controlling.
Preliminary Title Report).
l) Except where prohibited by law, the Auctioneer may, on
e) Bidding increases will be in such increments as the
behalf of seller, bid at any time up to the amount of the
Auctioneer in his sole discretion directs. In the event of
unpublished reserve price for the home.
a dispute between bidders, the Auctioneer shall make
m) The executed Purchase Agreement and Escrow
the sole and final decision to either accept the final bid
Instructions and such other documents reasonably
or reoffer and resell the property in dispute. The auction
requested by the Seller and the Escrow Agent serves as
will be recorded, and if any dispute arises following the
the definitive document for the purchase and sale of the
auction, the Auctioneer’s records shall be conclusive in
Property and shall control in all respects and supersedes
all respects.
any and all other documents or information, whether oral
f) Title Insurance is available through Old Republic Title,
insuring the title of such home subject to no or written, including the auction brochure terms and
encumbrances except as set forth in the Purchase conditions, MLS listing, advertising, and announcements
Agreement and Escrow Instructions, current taxes and made by Kennedy Wilson and the Auctioneer prior to the
assessments, easements, rights-of-way, reservations, start of the auction.
covenants, conditions and restrictions
n) No Buyer shall assign his/her rights under the Purchase
Agreement and Escrow Instructions to any other party
and any attempted assignment shall be void.
o) The Property shall be sold “as is”. Prospective buyers
should examine the Property and all supporting
documentation carefully as each bidder is responsible
for making his or her evaluation of the Property and may
not rely on the Seller or sales agents.
p) INDEMNIFICATION. By executing the Auction
Registration form and/ or participating in this offering
the Bidder and its Broker (if any) shall have explicitly
agreed to indemnify, defend and hold harmless Kennedy
Wilson Auction Group, Inc. and its parent, affiliates,
officers, employees, agents and representatives
(collectively, “Kennedy Wilson”) against any loss,
claim, demand, cause of action, liability, deficiency,
fine, penalty, damage or expense, including reasonable
attorney’s fees and costs and interest and penalties
which Kennedy Wilson may suffer, incur, sustain or
become subject to, as a result of or in connection with:
(i) any breach by Seller of any representation, warranty,
obligation or covenant set forth in these terms and
conditions and (ii) any breach by Seller of any Purchase
and Sale Agreement entered into with Seller.
q) Kennedy Wilson Auction Group, Inc., a California Real
Estate Broker, is not acting as agent for the buyer in any
capacity and is acting in the capacity exclusively as the
Seller’s agent.
r) OFFER VOID WHERE PROHIBITED. Brochure will
not be mailed to residents of any state in which this
offering is not in compliance with the real estate laws or
other laws of that state.
www.BidKW.com. Copyright 2019– Kennedy Wilson. All
rights reserved. No part of this advertising material may be
reproduced or utilized in any form or by any means,
electronic or mechanical, including photocopying and
recording, or by any information storage and retrieval
system, without permission in writing from Kennedy Wilson.
#8015. Kennedy Wilson Auction Group, Inc., a California
Real Estate Broker, License # 01830032 –310.887.6446
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