Stone House & Barn on 1+ Acres in Upper Merion Twp, PA 326 King of Prussia Road, Wayne, PA 19087

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1 Stone House & Barn on 1+ Acres in Upper Merion Twp, PA 326 King of Prussia Road, Wayne, PA Preview: Wednesday, October 3 & 10 from 4-6 PM ET Auction Date: Monday, October 15 at 4:00 PM ET Auction Location: On Site Property#: AL101512A Tranzon Alderfer 501 Fairgrounds Road, Hatfield, PA Lic. #AY L Leonard Walter P: F: lwalter@tranzon.com

2 501 Fairgrounds Road Hatfield, PA Dear Prospective Bidder, Thank you for your interest in our auction of this property in Wayne, PA! The auction will be conducted on Monday, October 15 at 4 PM ET on site. Registration to bid will take place for one hour prior to the auction. In order to register to bid, all bidders must present a form of identification and a certified check in the amount of $25, made payable to Tranzon Alderfer. The deposit will be increased to 10% of the purchase price (the difference may be paid with a personal/business check). The full 10% deposit is due immediately on Auction Day. The balance of the contract price is due at closing which is to be on or before November 30, The sale is subject to the confirmation by the Seller. Enclosed is the information we have gathered that will explain the property in greater detail. We encourage you to contact one of our staff if you have any questions after reviewing this information. If this real estate does not suit your needs at this time, please contact us so that we can assist you in locating the property for which you are looking. Tranzon is a national auction company with properties throughout the United States. Please take a moment, if you have not already, to peruse our website at The right property for you may be available through one of our other offices. We wish you success as a Tranzon Alderfer bidder! Sincerely, Leonard Walter, Sales Associate Tranzon Alderfer

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5 PROPERTY INFORMATION Sealed Bid Deadline: Monday, October 15 at 4:00 PM ET Auction Location: On Site Preview: Wednesday, October 3 & 10 from 4:00-6:00 PM ET Address: MLS #: Tax Parcel No: County: Municipality: School District: Design: Style: Property Type: Interior SF: Year Built: 326 King of Prussia Road Wayne, PA Montgomery Upper Merion Township Upper Merion 2-Story Colonial Residential 3, Room Dimensions: Living Room: Dining: Kitchen: Family Room: 12 x x x x 16 M M M Main BR: 2nd BR: 3rd BR: 4th BR: 5th BR: 18 x x x x 7 13 x 17 U U U U M Foyer: Library: Full Baths: Half Baths: 12 x 12 M 10 x 10 M 1M 1U 0L 0M 1U 0L Tax Information (est.): Lot Information: Utilities: Taxes (est.): Tax Year: Assessment: $6, $273,980 Acreage: SF: Zoning: ,327 R-1 Residential Heat: Cooling: Hot Water: Water: Sewer: Electric: Oil hot water radiators/baseboard n/a Oil Public Public amp Parking: Exterior: Basement: Garage: Driveway: Parking: 2-car att. Macadam 3+ Covering: Stone/ Vinyl Siding n/a Roof: Foundation: Material: Shingle Material: Stone Barn: 3 additional garage spaces Description: This beautiful property includes a 5 BR / 2.5 BA colonial house and barn on 1.11 acres in Upper Merion Township, PA. Built in 1950, the 3,355 s.f. house features "King of Prussia" exterior stone accents, hardwood flooring, 4 fireplaces, and a 2-car attached garage. The barn includes 3 additional garage spaces. Located conveniently near the PA Turnpike, Route 202 and King of Prussia Mall. On Site Auction.

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10 AERIAL PHOTO **Property lines are estimated.**

11 PLOT PLAN

12 SELLER S DISCLOSURE STATEMENT

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19 LEGAL DESCRIPTION

20 WOOD INFESTATION INSPECTION REPORT

21 ZONING R-1 RESIDENTIAL

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24 THE CONDITIONS OF SALE FOR REAL ESTATE October 15, 2012 THE property of The Estate of Joan G. Morrison c/o Michael Morrison, Executor is now being offered for sale under and subject to the following conditions and stipulations. SAID property to be sold is 326 King of Prussia Road, Upper Merion Township, Montgomery County, Pennsylvania containing 1.11 acres or 48,327 s.f. more or less with all improvements and known as Tax Parcel No THE highest and best bidder shall be the Buyer or Buyers. However, this sale is subject to immediate confirmation and the Seller reserves the right to reject any or all bids up to and until the property has actually been knocked down to a Buyer by the Auctioneer. Should any dispute arise between two or more bidders, the property may, at the option of the Seller, be put up for sale again. BUYER S PREMIUM & DEPOSIT REQUIREMENTS: A ten percent (10%) Buyer s Premium will be added to the bid price to obtain the final sales price. BUYER or BUYERS shall pay down immediately after knockdown to TRANZON ALDERFER a deposit of ten percent (10%) of the final sales price with a minimum deposit of $25, in guaranteed funds. Said deposit to be held in the Escrow Account of TRANZON ALDERFER to conform with the Pennsylvania Real Estate License Law. Parties to sign an Agreement of Sale form accompanying these Conditions. DOCUMENTS AVAILABLE: Property description, preliminary title report, plot plan and other information are available for review and inspection during the On-Site inspections or by appointment. All information contained in the brochure and all other auction-related material is subject to and superseded by the Contract. CLOSING DATE: Settlement is to be on or before November 30, 2012 at which time the purchaser will pay the balance of the purchase price. Possession will be transferred upon recording of the deed. Taxes will be prorated to the day of closing. PROPERTY CONDITION: The property is being offered for sale AS-IS, WHERE-IS and with all faults without warranty, expressed or implied, of any character, except for any warranties described in the Agreement of Sale. Pursuant to local and federal disclosure laws, you are invited to perform lead based paint testing 10 days prior to the auction day as well as any other inspections of the property. Bidder understands that he will be relying solely on bidder s own information when bidding and that bidder has conducted sufficient due diligence to honor all bids, execute the Agreement of Sale, and close the sale if bidder is the successful bidder for the property.

25 AGENCY DISCLOSURE: Tranzon Alderfer and all other licensees employed by or associated with Tranzon Alderfer represent the Seller in the case of this property. The information provided herein is provided for the convenience of those that might be interested in the property, however the Seller or Tranzon Alderfer makes no representation or warranty as to zoning descriptions or like matter. Any prospective Purchaser may wish to perform their own due diligence and information searches. Tranzon Alderfer is acting as a licensed Pennsylvania auctioneer in this matter and although references may be made to Pennsylvania Real Estate License Law and there may be certain conformity with that law, it is purely voluntary on behalf of the auctioneer. Notwithstanding the above, it is understood and agreed between the parties, that Tranzon Alderfer is also a licensed real estate broker in accordance with the laws of the Commonwealth of Pennsylvania and in the event that the property is sold in accordance with those laws as opposed to auction laws, Tranzon Alderfer by agreement of the parties, may also in its capacity as a real estate broker be complying with the Pennsylvania Real Estate Commission laws and regulations. BROKER PARTICIPATION: A two percent (2%) referral fee will be paid to the licensed real estate broker whose prospect purchases and closes on the property. Referral fees are only paid if the broker s client closes the transaction and Tranzon Alderfer receives its commission. To qualify for a referral fee, the real estate broker must be a properly licensed real estate broker, register the prospect by fax* at with Tranzon Alderfer no later than 5:00 pm EST on the business day prior to the auction, inspect the property with the prospect and sign-in with the prospect during a scheduled on-site inspection, and attend the auction with their prospect. The Broker Acknowledgement Form must be signed by the prospect and received by Tranzon Alderfer by the deadline above. No agent will be recognized on a prospect who has previously contacted or been contacted by the Sellers or Tranzon Alderfer representatives. No referral fees are paid if the agent or a member of his immediate family is participating in the purchase of the property. In its sole discretion, Tranzon Alderfer may require proof that the agent is serving only as broker and not as a principal. DISCLAIMER: Information contained herein is believed to be correct to the best of auctioneer/ agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice. This is not a solicitation or offering to residents of any state where this offering is prohibited by law. Tranzon Alderfer is a member company of Tranzon, L.L.C., is independently owned and operated, and uses the Tranzon name by license from Tranzon, L.L.C., which is not conducting or otherwise involved in this auction. *Request a Broker Acknowledgement Form by calling the Tranzon Alderfer office ( ) or download it from our website ( property #AL101512A

26 AGREEMENT OF SALE

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28 FREQUENTLY ASKED QUESTIONS FOR BUYING REAL ESTATE AT AUCTION Q: How should I prepare to bid at a real estate auction? A: The primary difference between buying real estate at auction versus buying real estate conventionally is that at auction you do your property evaluations and inspections (including any lead-based paint inspections) and prepare your financing prior to coming to the auction as the property will be sold As-Is without contingencies. If you have done your homework in advance, evaluated what the property is worth to you and have arranged for financing, buying real estate at auction will be a fun and streamlined process. You will be able to bid with confidence, knowing what you are getting for your money, from where you are getting your financing, and when you will close your transaction (generally 45 days after the auction; see Terms & Conditions for exact settlement deadline). All bidders are playing by the same set of rules which avoids losing real estate over contingencies or seller concessions if a contingency or concession is offered to one, it is offered to all. Q: What do I need to do on auction day? A: It is advisable that you arrive at the auction site at least 30 minutes prior to the time of the auction. This will allow you plenty of time to ask questions, review materials, and register with your Tranzon auctioneer. A real estate auction can be over in a matter of minutes so don't be late! Although there is no obligation to bid at an auction, all prospective buyers must register in order to bid. To register, you will need a valid driver's license or other acceptable form of identification and you will need to provide evidence that you have the earnest money deposit required to bid. The earnest money deposit must be in the form of cash, certified funds, a bank letter of guarantee to accompany a personal check or business check, or acceptable check. Credit cards are not accepted. See the Terms and Conditions of each sale to obtain the specifics as to the deposit requirements for the property of your interest. Q: What is a Buyer s Premium? A: In auctions, a common industry practice is the use of a Buyer s Premium. The Buyer's Premium is a percentage added to the hammer price to obtain the final purchase price. For example, if the hammer price is $100,000 then the 10% Buyer s Premium would equal $10,000 ($100,000 x.10 = $10,000). Added together, the final purchase price equals $110,000. Tranzon s auctions are typically structured to include a 10% Buyer s Premium (check Terms and Conditions to see if this applies) so remember to factor this in to your bidding. Q: What are the Terms and Conditions of the sale? A: The Terms and Conditions govern the sale. They include information such as the required deposit amount, when the sale of the property will close, and other key facts. You should familiarize yourself with them prior to the auction. You should note that at an auction sale, any announcements made by the auctioneer on the day of sale take precedence over previously published or verbally conveyed terms and conditions. Q: How do I bid at a live auction? A: In order to bid at a live auction, you need to attract the auctioneer's attention. You can hold up your bidder card, you can wave, or you can shout out "Yes". Typically there will be a bid assistant circulating among the bidders who can also convey your bid to the auctioneer on your behalf. Conversely, if you want to take yourself out of the bidding, just shake your head No when the auctioneer looks at you or answer "No". It s easy! If you are ever unsure whether your bid is the high bid at any given time, feel free to ask a bid assistant or the auctioneer to confirm this. The auctioneer wants to provide you every opportunity to place your bid and will not allow you to bid against yourself. If you have additional questions, please call