Newsome Rd – Auction

Details

• +/- 8.61 acres
• Zoned L-I
• Water along Newsome Rd
• Sewer crosses northern section of the property
• Just north of the Main St / Hwy 52 Intersection
• Access easement granted to adjacent tract along Vegas Ct.
• Adjacent tracts available

Location

• Located in King NC / adjacent properties are annexed
• .9 miles to Hwy 52
• 15 miles north of Winston Salem NC
• 35 miles northwest of Greensboro NC

Terms

THE REAL PROPERTY IS BEING OFFERED TO THE PUBLIC THROUGH ONLINE BIDDING ONLY. PLEASE READ ALL TERMS OF THE SALE CAREFULLY PRIOR TO REGISTERING AND BIDDING. REGISTERING TO BID CONFIRMS THAT YOU HAVE REVIEWED AND AGREE TO THE FOLLOWING TERMS.

• AS IS: The REAL PROPERTY and all improvements, if any, will be sold AS-IS with no representations or warranties, expressed or implied. Bidders are encouraged to conduct their inspections and due diligence prior to bidding at the auction. All information provided is believed to be correct but is not guaranteed.
• RIGHT OF WAYS, EASEMENTS, & COVENANTS: THE REAL PROPERTY is being sold subject to any or all RIGHT OR WAYS, EASEMENTS, AND COVENANTS. Bidder is responsible for doing their own property investigations prior to bidding on the property.
• PROPERTY RIGHTS: Mineral rights, timber rights, water rights, if any, will transfer with REAL PROPERTY unless otherwise disclosed.
• PROPERTY PREVIEW: Scheduled preview dates will be announced prior to auction start date or Bidders may also request a preview of the property through scheduled appointments. All previews of the property shall be through appointment only.
• PRE-AUCTION OFFERS: Seller reserves the right to accept or reject any offers properly presented prior to the start of the auction. All offers submitted prior to the start of the auction are subject to the same auction terms such as due diligence deposit, buyer’s premium, and no contingencies. If an offer is accepted prior to the start of the auction any registered bidders will be notified, but the contract price will remain confidential.
• REGISTRATION: Registration is required for online bidding in advance and is the sole responsibility of the bidder to confirm they are registered prior to the auction start time.
• BIDS AND INCREMENTS: Auction Firm has the sole discretion to determine the highest bidder and to set bid increments.
• QUALIFIED BIDDERS: Auction Firm reserves the right to refuse to register or remove any bidder from the site for any reason and request additional information from any bidder.
• SOFT CLOSE: The online bidding is a timed event. Auction Firm reserves the right to extend the auction in 2-minute segments for all bids received in the last 2 minutes of the auction.
• SELLER CONFIRMATION: The REAL PROPERTY is being offered for an online auction only; bids will be subject to approval of the Seller.
• METHOD OF SALE: If Seller accepts the highest bid, the high bidder will be notified by 5pm on the end day of the auction. The bidder will have 24 hours to execute an NC Offer to Purchase Contract and other required documents upon notification of the winning bid. Winning bids may not be assigned except to entities that the bidder owns the majority interest in.
• AGENCY: Buyer will be required to sign an agency disclosure form stating that the buyer is aware that the Clearwater Group of NC INC represents the seller and the seller’s interest in the transaction.
• BUYERS AGENTS FEE: Buyer agents holding a NC Real Estate License will need to be disclosed in writing 48 hours prior to bidder registration for a broker participation fee of 2% (of the high bid price) or properly present any pre-auction offers on behalf of their clients; NO EXCEPTIONS. If these steps are not completed, no participation fee will be paid.
• PURCHASE CONTRACT: Within 24 hours of the close of the auction, Buyer will be required to submit their deposit and execute the most recent NC Offer to Purchase Contract 2T or Vacant Land Offer to Purchase; whichever is applicable to the type of property being sold. The winning bidder will be required to produce qualification or proof of funds upon notification of the winning bid.
• NO CONTINGENCIES: The offer to purchase contract is not subject to any buyer contingencies for financing, appraisal, surveys, inspections, soil testing, or any other contingencies.
• DUE DILIGENECE DEPOSIT: 2% of the sales price will be required in the form of a due diligence deposit (non-refundable) no less than 24 hours from the close of the auction, and the balance of the purchase price will be due at closing. The due diligence deposit will be credited back to the buyer at closing.
• BUYER’S PREMIUM: Buyer will be required to sign a buyer’s premium agreement upon execution of the offer to purchase contract. A buyer’s premium of 10% is added to the last and highest bid to determine the contract purchase price. EXAMPLE – if the high bid is $100,000.00, a buyer’s premium of $10,000.00 is added and the purchase price would be $110,000.00.
• PROPERTY TRANSFER: The property will be sold subject to an existing survey or the existing legal description.
• CLOSING: Closing is to take place no more than 45 days from the close of the auction; TIME IS OF THE ESSENCE.
• POSSESSION: Possession will be given at closing, subject to existing leases, IF ANY.
• BUYER DEFAULT: TIME IS OF THE ESSENCE with regards to the Closing Date.  Buyer shall forfeit the deposit if Buyer fails to close on or before the Settlement Date as set forth in the Offer to Purchase.
• TECHNICAL PROBLEMS: The Auction Firm will not be liable for any faulty equipment, failure of equipment, faulty software, failure of software, lack of internet service connections or signals, or failure for any online bids that are not relayed on time to the Auction Firm. The Auction Firm reserves the right to extend bidding, delay bidding, or cancel bidding, without any notice to online bidders.
• DISCLAIMER: The Auction Firm provides property information that is believed to be accurate, but it is not guaranteed. Bidders must do their own due diligence prior to bidding on the property. By bidding on the property buyers acknowledge that they are satisfied with the property and agree to purchase AS IS.

NCAL#10762