Inspection Dates: Wednesdays, October 5 & October 12, 1 – 3 PM
A highly desirable residential building lot in South Roanoke located at the corner of Cornwallis Avenue and 27th Street will be sold by sealed bid auction. The 0.689± acre level lot is less than a mile from the Carilion medical campus and 1.9 miles from Downtown Roanoke and I-581. Fern Park is only a short walk away. The property has more than 325 ft. of street frontage, 200.8± ft. on Cornwallis Avenue and 125.6± ft. on 27th Street. This auction offers the opportunity to purchase one of the only prime residential building parcels available in South Roanoke.
The property is zoned R-12, Residential Single-Family District, and identified as City of Roanoke Parcel 4080529. Natural gas, public water and sewer are available to the site.
Bidder information packets with bid documents are available from the auction company.
From Downtown Roanoke at Corner of Elm Avenue & Jefferson Street: Travel south on Jefferson Street toward Carilion Roanoke Memorial Hospital for 1.7 miles. Turn left on 27th Street. Property is 0.2 mi. on the right at the intersection with Cornwallis Avenue. Address: 175 27th Street, SE, Roanoke, VA 24014.
Any broker actively licensed in the Commonwealth of Virginia whose agent properly registers the successful high bidder will be paid a two percent (2%) commission at settlement by the Seller. Registration 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 Broker’s license number and Federal Tax ID number. The form must accompany the Sealed Bid Auction Real Estate Purchase Agreement and Deposit when the bid is placed. To be considered, sealed bids must be received in the offices of Woltz & Associates, Inc. by 12:00 noon Eastern Standard Time on October 19, 2016. If prospect attends inspection, agent must attend with prospect. Only the first broker to register the high bidder will be paid a commission. Agents acting as principals, on behalf of licensed real estate agents, on behalf of family members, on behalf of entities in which they hold an ownership interest or who represent prospects who have had prior contact with Seller or Auction Company are not eligible.
Terms & Conditions of Auction
- TERMS OF SALE: The property is being sold subject to the Terms & Conditions contained in the Bidder Information Packet and the Sealed Bid Auction Real Estate Purchase Agreement contained therein. The property is sold “AS IS, WHERE IS” and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries and due diligence with respect to the property as they deem necessary or appropriate. ALL SALES ARE FINAL. All time deadlines are Eastern Standard Time.
- BIDDER INFORMATION PACKET: The Bidder Information Packet containing bidding instructions, a survey, City of Roanoke GIS and zoning information, a title commitment and the Sealed Bid Auction Real Estate Purchase Agreement is available from the Auction Company.
- BIDDING: The property is being offered by sealed bid auction. In order to be considered, a signed Sealed Bid Auction Real Estate Purchase Agreement (contained in the Bidder Information Packet) must be received by the Auction Company by 12:00 noon on October 19, 2016. The bids will be opened and the bidders placing the three highest bids will be notified by 5:00 p.m. on October 19, 2016 and given the opportunity to place their highest bid by 12:00 noon on October 21, 2016.
- BUYER’S PREMIUM: A Buyer’s Premium will be charged. The Buyer’s Premium is five percent (5%) of the high bid amount and must be added to high bid amount in the Sealed Bid Auction Real Estate Purchase Agreement to calculate the purchase price.
- EARNEST MONEY DEPOSIT: A deposit in the amount of ten percent (10%) of the purchase price (high bid plus Buyer’s Premium) must accompany the sealed bid by either cashier’s check or wire transfer. Deposit checks must be made payable to Woltz & Associates, Inc. Escrow Account. Cashier’s checks will not be deposited during the bid consideration period. The Auction Company will mail deposits made with bids not accepted to the respective bidders by October 31, 2016. The deposit made by the successful bidder will be placed in the Woltz & Associates, Inc. Escrow Account and retained until settlement in accordance with the terms of the Sealed Bid Auction Real Estate Purchase Agreement.
- BID OPENING: Bids will be opened at the offices of Woltz & Associates, Inc. located at 23 Franklin Road, SW, Roanoke, Virginia 24011 at 12:30 p.m. on October 19, 2016. The bidders submitting the three highest bids will be notified by 5:00 p.m. that they are entitled to enter the final round of bidding. The final bids, due by 12:00 noon on October 21, 2016, will be opened at the offices of Woltz & Associates, Inc. at 12:30 p.m. that day. Only the top bid will be announced.
- TIE BIDS: In the event of a tie bid, Seller may accept the bid of its choice or elect to allow bidders who placed those bids an opportunity to submit an additional bid by 12:00 noon on October 25, 2016.
- SETTLEMENT: The balance of the purchase price is due at settlement on or before December 5, 2016. This is a cash transaction and is not conditioned upon the bidder obtaining financing.
- TRANSFER OF TITLE: The Real Estate will be conveyed by general warranty deed free and clear of liens subject, however, to any rights of way, easements, covenants and restrictions of record.
- AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER.
- BOUNDARY LINES: Boundaries shown on aerial photographs which are provided by the Auction Company as a courtesy to bidders are approximate.