Franklin County, Virginia

Smith Mountain Lake Auction

SOLD

These fine properties (Tracts 1-6) will be sold without reserve,
subject only to approval from Franklin County Circuit Court.

Smith Mountain Lake

Don’t miss this opportunity to purchase valuable Smith Mountain Lake real estate on the Scruggs Road peninsula.

Now is the time to purchase property on Smith Mountain Lake and you owe it to yourself to view this beautiful property. The Scruggs Road peninsula has always been the premier area of Smith Mountain Lake and here is your chance to buy. If you are one of the lucky purchasers of this fine property, you would be centrally located by land and water to the best shopping and restaurants around the lake.

Auction Tracts 1-5: These gently slopping lots offer spectacular views and wonderful water frontage.

Auction Tract 6 is a beautiful 21.44 acre tract of land located on Scruggs Road. This high land offers incredible views of Smith Mountain Lake and the surrounding countryside. This property fronts on Scruggs Road and is joined in the rear by Franklin Real Estate Company/AEP property that consists of a beautiful undeveloped point. What will happen there?

Photos

Aerial Photography

Auction Tracts 1-5 and 7

Auction Tract 6

Tract	Acres ±
1	13.3
2	3.1
3	2.78
4	2.81
5	2.82
6	21.44
7	3	with house

Boundaries shown on aerial photographs and topographical maps, which are provided by Auction Company as a courtesy to bidders, are approximate. Bidders should refer to the surveys provided in the Bidder Packet for boundary locations.

Directions

Directions to property: From West Lake, take Scruggs Road (Rte. 616) south 7.6 miles and turn left on Ashmead Road. Proceed 1/10 of a mile to the property tracts 1-5 and 7 on the right. You will pass Auction Tract 6, on your left, just before you turn left onto Ashmead Road.

The sale site (Bernard’s Landing Resort) is just past tracts 1-5 on Ashmead Road.

Documents

Survey - Auction Tracts 1-5 & 7
Survey - Auction Tract 6
Soil Evaluation Report
Preliminary Bidder Packet

Documents will be added as they become available.

Please check back often.

Broker Participation

Any appropriately licensed broker whose agent properly registers the successful high bidder will be paid a 2% commission based upon the contract sales price at settlement by the Seller. Application must be on a Woltz & Associates, Inc. Broker Participation Application form and contain the name, address and signature of agent and prospect as well as the Broker’s license number and Federal Tax ID number. The form must be received in the offices of Woltz & Associates, Inc. by 12:00 NOON, Thursday, August 6, 2009. Agent must show the prospective buyer the property and sign in at the open house, if attended by prospective buyer, attend the sale, and co-register with prospective Buyer on auction day. Only the first agent to register the high bidder will be eligible for a commission. Agents acting as principals buying on their own account, on behalf of family members, other licensed real estate agents, or who represent prospects that have had prior contact with Seller or Auction Company are not eligible. An agent may register only one bidder. Broker Participation Form.

Terms & Conditions

REGISTRATION: Bids will be accepted only from registered bidders. Registration begins at 5:00 p.m.. Please bring a driver’s license for identification.
AUCTION SALE: Auction Tracts 1-6 will be sold without reserve, subject only to approval from Franklin County Circuit Court . ALL SALES ARE FINAL: Auction Tract 7 will be sold subject to seller confirmation and all confirmed sales are final. All property is auctioned “AS IS, WHERE IS” with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise. Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate.
FINANCING: Your bidding and purchase of the property is not conditional upon financing. Be sure you have arranged financing, if needed, and are capable of paying cash at closing.
LIABILITY: Bidders inspecting property enter at their own risk. Auction Company assumes no risk for bodily injury or damage to personal property.
BIDDING: Qualified bidders may bid on individual tracts or any grouping of tracts. The auctioneer will determine all bid increments. All decisions by the auctioneer regarding bid acceptance are final.
ANNOUNCEMENTS: Announcements on day of sale take precedence over all prior releases, verbal and written, concerning this auction sale.
BUYER’S PREMIUM: The Buyer’s Premium on the real estate is 5% of the high bid amount. The Buyer’s Premium will be added to the high bid to determine the final sale price.
AGENCY: The Auction Company and its representatives represent the Seller.
LEAD PAINT: The residential property on auction tract 7 in this auction was built prior to 1978 and may contain lead-based paint. A lead-paint inspection may be performed by bidders prior to the auction sale date. Applicable lead paint documents and information are available from Auction Company. Bidders will be provided a lead-paint disclosure prior to signing a real estate purchase agreement and agree to waive the ten (10) day right to inspection after the auction sale.
REAL ESTATE DEPOSIT: A deposit in the amount of ten percent (10%) of the contract sale price will be required on day of sale. The deposit is payable by cash, cashier’s check, or pre-approved personal check payable to Woltz & Associates, Inc. Escrow Account. Personal checks will be approved if the Buyer presents a bank letter stating that the Buyer is a customer of the bank and the checking account is in good standing.
REAL ESTATE DEED: The real estate will be conveyed by special warranty deed for tracts 1-6, and a general warranty deed for tract 7 free and clear of liens, subject, however, to any rights of way, easements and restrictions of record. The balance of the purchase price is due at settlement within 30 days of approval of the sale by the Franklin County Circuit Court. Tract 7 may close at the same time or sooner at the Buyer’s choice. There will be no assigning of tracts or deeds between bidders. Tracts will be deeded in the manner purchased at the auction.
Boundary Lines: Boundaries on aerial photos and topo maps are approximate. Refer to survey for exact boundary locations.
GENERAL: The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.

Contact

For more information, please contact Russell Seneff (VA# 1185).
Phone Number: (540) 342-3560 or 800-551-3588
Email Russell