AUCTION TERMS AND CONDITIONS
401 W Depot St NW, Christiansburg, VA 24073
Montgomery County Tax Map # 526-A159
Auction Date & Time: Thursday, November 16, 2023 @ 12:00pm
Auction Location: On Site & Online
401 W Depot St NW, Christiansburg, VA 24073
Thursday, November 2 @ 10am – 2pm, or by appointment
Thursday, November 9 @ 10am – 2pm, or by appointment
Online Registration Deadline: Tuesday, November 14 @ 5:00pm
Registration Deposit: 10% of expected high bid price
Buyer’s Premium: 5% of the high bid price
Closing: 30 Days – Time is of the Essence
Trustee Company: Spilman Thomas & Battle, PLLC
Company Address: 310 First Street, Suite 1100
Roanoke, VA 24011
Substitute Trustee: Peter M. Pearl
Phone Number: (540) 512-1832
Auction Company: Walker Commercial Services
Address: 101 Albemarle Ave SE
Roanoke, VA 24013
Phone Number: (540) 344-6160
General Terms and Conditions of the Auction:
- Deposit: The successful bidder will be required to sign a Memorandum of Sale, immediately following the end of the Auction. At the conclusion of the sale, a Deposit in the amount of 10% of the successful high bid, in the form of a cashier’s check or cash, will be delivered to the Substitute Trustee. The Deposit will be applied to the contract sales price at closing. The deposit is non-refundable unless the Substitute Trustee is unable to convey clear title. Closings to take place within 30 days of sale. Time is of the Essence.
- Buyer’s Premium: There will be a 5% buyer’s premium in effect on the day of the sale. The buyer’s premium will be added to the final bid amount to determine the contract sales price. Example: final bid amount of $100,000 x 5% = $5,000. $100,000 + $5,000 = $105,000 “Purchase Price”.
- “AS-IS,” “WHERE-IS”: The property is being sold “AS-IS,” “WHERE-IS”. Potential Buyers must perform such independent investigations with respect to the property or title as they deem necessary.
- Advertisements: All information provided by Auction Company and the Substitute Trustee is deemed reliable but is not warranted. The information contained in this brochure and any advertisements by Auction Company are subject to verification by all parties relying on it. No liability for its accuracy, error or omission is assumed by the Auction Company or the Substitute Trustee.
- Representation: Auction Company and its representatives represent the Substitute Trustee.
- Deed: The property will be conveyed by Special Warranty Deed.
- Bidding: All Bidding is open to the public without regard to race, color, sex, religion, or national origin. All Bidders are required to have a Bidder's Number and provide proof of possession of a cashier’s check or cash for their respective deposit in order to bid. To obtain a Bidder's Number, you must be registered. As used in these conditions of sale the term "the final bid" means the highest bid acknowledged by the Substitute Trustee and Auctioneer, and the term "Purchase Price" means the sum of the Final Bid and the Buyer’s Premium. The highest bidder acknowledged by the Substitute Trustee and Auctioneer shall be the buyer. The Substitute Trustee has the right to reject any bid which, in his opinion, is not commensurate with the value of the property being offered. The Substitute Trustee and Auctioneer may advance the bidding at their absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute. Auctioneer reserves the right to set bid increments. Should there be any dispute after the sale, the record of final sale shall be conclusive.
- Closing Costs: The Deed shall be prepared and acknowledged by Substitute Trustee at Buyer’s expense and recorded at the expense of Buyer, including the Transfer Tax which will be paid by the Buyer. The Buyer shall pay all title searches, title insurance charges, survey expenses, usual conveyance expenses, and recordation fees and taxes. Real estate taxes, water and sewer charges, if any, will be prorated as of the date of sale.
- Financing: Sale of the property is not contingent upon the Buyer obtaining financing.
- Inspection: All property is sold "As Is, With All Faults.” Description and other information are provided as a service to bidders only and do not constitute a representation or warranty, either expressed or implied. Substitute Trustee and Auctioneer disclaim all responsibility for physical condition. All buyers are responsible for prior inspection of property on which they intend to bid, and by bidding are deemed to have so inspected the property. Auctioneer and Substitute Trustee are not responsible for delivering possession of the property, which is solely the responsibility of Buyer.
- Bid Execution & Technical Problems: Auction Company is not responsible for failing to execute bids due to Auction Company’s or bidder’s technological difficulties. Auction Company has made reasonable efforts to provide for online bidding for this sale. You recognize and acknowledge, however, that technical problems with hardware, software, or internet connectivity, as well as human errors, may arise and may affect, without limitation, the sale website, our online bidding program, and process, your or our internet service and access, and your connection to this sale bidding program and process. You further acknowledge that these and other technical problems may develop at any time and with or without notice. You acknowledge and agree that neither Auction Company nor the Substitute Trustee is in anyway responsible for any such technical problems, and that you have no absolute or other right to be able to bid on this sale in the event of any such technical problems. Notwithstanding the foregoing, you further acknowledge and agree that, in the event of any such technical problems, we reserve the right to postpone or cancel the sale and/or extend the bidding time for this sale and/or relist the property for sale at another time, in our sole discretion, and that our decision with regard to any such actions is and will be final. Bidders must take care in entering bids, and each Bidder will be responsible for all bids placed under the Bidder’s approved registration. Once entered and recorded online, a bid is deemed to be final on behalf of the registered Bidder and may not be modified, retracted, or rescinded in whole or in part. In addition to forfeiting the bidder’s deposit, the bidder will also be subject to lawsuit for Damages and/or Specific Performance in the Court of Law in which the property is located. Further, all Attorneys' Fees incurred by the Substitute Trustee and/or the Auction Company will be due and paid by a defaulting bidder.
CASTING A BID FOR THE PROPERTY WHETHER IN PERSON OR ONLINE CONSTITUTES ACCEPTANCE OF ALL OF THE FOREGOING TERMS AND CONDITIONS, INCLUDING ANNOUNCEMENTS AT THE SALE AND THE TERMS OF THE MEMORANDUM OF SALE WHICH, IF INCONSISTENT WITH ANY TERMS CONTAINED HEREIN, SHALL GOVERN.
ADDITIONAL TERMS FOR BIDDING ON-LINE
- REGISTRATION: Complete the Online Registration Form found on the online auction website, providing full name, complete physical address, current working email, and phone number(s).
- Mail or hand deliver a cashier’s check to the Auction Company’s address listed in the reference table above, in the amount of $20,000.00; or
- Wire funds to the Walker Commercial Services Escrow Account in the amount of $20,000.00, plus a $35.00 convenience fee to cover the wire transfer charge, no later than Tuesday, November 14. For wiring instructions please see below. Note: generally, wires must be initiated prior to 2:00 PM in order to clear by 5:00 PM.
NOTE: If you are the successful bidder, immediately upon the Auction being completed, unless the Substitute Trustee is unable to convey clear title, your Deposit becomes NON-REFUNDABLE and upon closing will be applied to the purchase price. The Deposit will only be refunded if the Substitute Trustee is unable to convey clear title. Deposits made by the non-winning bidders will be returned by check in the mail, or can be picked up at the offices of the Auction Company three business days after the end of the auction between the hours of 9:00 a.m. and 5:00 p.m. Checks that are not picked up will be automatically mailed to the address provided at registration.
- MEMORANDUM OF SALE: Online bidders will be required to sign a blank Memorandum of Sale upon receipt of the Deposit, acknowledging agreement to the terms and conditions of the Memorandum of Sale. If you are not the successful bidder, the signed agreement will be destroyed.
Once you have completed the above steps, the auction company and Substitute Trustee may approve your registration and you will be eligible to bid online. In order to bid online, all of these steps must be completed prior to the online deadline listed in the reference table above. If you do not timely meet these requirements, you or a legal representative must attend the auction in person in order to bid.
The Substitute Trustee will have the option to speak with all online bidders. If the Deposit for the successful bidder is less than 10% of the bid price, the Substitute Trustee may request additional funds to equal 10% of the high bid price.
By completing these steps, you agree to all of the terms and conditions announced at the sale, those contained in the Memorandum of Sale and all of the items contained herein which, by incorporation, are part of the terms of sale.
Use the following instructions for domestic wire payments:
Pinnacle Financial Partners
Receiving Bank Address
150 3rd Avenue South, Nashville, TN 37201
Auction Company Information
Walker Commercial Services, Inc.
101 Albemarle Ave SE, Roanoke, VA 24013
Other Wire Information
Purchaser to Seller Comments
Purchaser Name, Property Address (401 W Depot St)