COURT ORDERED LAND AUCTION – 230+/- Acres Offered in 3 Stunning Tracts – Norman, OK

Property Info

Online Pre-Registration Form Link

Franklin Road & 60^th NE
Ridgetop Views of Surrounding Landscape
Confluence of Little River & Elm Creek
Excellent Potential Build Sites
Quality Bottomland Soils
Three Surface Ponds

The Franklin Road Farmstead is a stunning property positioned at the confluence of Elm Creek and Little River, with ridgetop views overlooking the fertile bottomland below. With ¾ mile of road frontage along Franklin Road and ½ road frontage along 60^th Ave NE, the property is exceptionally placed for potential build sites, recreational enjoyment, commercial agriculture production or a combination all! This thriving area of East Norman is also appealing to the long-term investor, seeking future appreciation out of a quality land asset. The Auction has been ordered by the District Court of Cleveland County and will sell to the highest bidder(s) at any amount surpassing 2/3 appraised value. Don’t miss this exceptional buying opportunity on December 2nd!

Maps

TRACT MAP(S)

AREA MAP

Terms

PROCEDURE: Tracts 1 through 3 will be offered in individual tracts, in any combination of these tracts, or as the whole property. There will be open bidding on all tracts and combinations during the auction as determined by the Auctioneer. Bids on tracts, tract combinations and the whole property may compete. The property will be sold in the manner resulting in the highest total sale price.

MINIMUM BID: The Property is subject to a court ordered minimum bid of 2/3rds (66.67%) the appraised value.

DOWN PAYMENT: 10% of the total contract purchase price will be due as a down payment on the day of auction, with the balance due in cash at closing. The down payment may be made in the form of cashier’s check, personal check, or corporate check. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.

APPROVAL OF BID PRICES: All successful bidders will be required to enter into purchase agreements at the auction site immediately following the close of the auction. Final bids are subject to court approval.

DEED: Title will be conveyed by Sheriff’s Deed.

EVIDENCE OF TITLE: Seller agrees to make available to bidder a preliminary title insurance commitment to review prior to auction. The cost of title insurance, if the buyer(s) elects to purchase the title insurance policy, will be the responsibility of the buyer(s). Seller agrees to provide merchantable title to the property subject to matters of record, general conditions of title, and similar related matters. All tracts sold “AS-IS”.

CLOSING: The closing shall take place 30 days after court approval.

POSSESSION: Possession shall be at closing.

REAL ESTATE TAXES: Real Estate taxes shall be prorated to the date of closing.

MINERALS: Seller specifically excepts and reserves all minerals, including without limitation, oil, gas, coal, coalbed methane, and all other hydrocarbons, lignite, and all metallic minerals, etc., if any, associated with the referenced real estate, and the term “Property” shall not include any mineral rights.

ACREAGE AND TRACTS: All acreages and dimensions are approximate and have been estimated based on current legal descriptions, property tax records and/or aerial photos. Any corrections, additions, or deletions will be made known prior to the auction.

AGENCY: Schrader Real Estate and Auction Company, Inc. and their representatives are exclusive agents of the Seller.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. All decisions of the Auctioneer are final. ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.

NEW DATE, CORRECTIONS AND CHANGES: Please arrive prior to scheduled auction time and routinely check the auction website at www.schraderauction.com to inspect any changes or additions to the property information or terms of sale.

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Description

Tract 1: 40+ acres located along 60^th Ave NE with the east and southern boundaries flanked by Elm Creek and Little River. Excellent recreational and agricultural parcel that has quality soils and a nice potential build site in the NW corner of the tract.

Tract 2: 70+/- acres located along Franklin Road, exciting for both the agricultural and recreational potential along Little River. The property is comprise of primarily Ashport Silt Loam soils and has a nice potential build site in the SW corner.

Tract 3: 120+/- acres that include the original farmhouse, storage building, hay barn and working pens. This parcel also features 3 ponds, some excellent tillable farmland and the stunning views of Little River from the ridgetop that runs east to west across the property!