Sealed Bid Auction
Farm • Views • Timber • Recreational
Preview Dates: Property can be previewed anytime. Agents will be on-site Saturday, April 16 & 23 from 12:00 NOON – 4:00 PM
Tax Assessment $363,000
Total Minimum Bid Only $299,000
This beautiful 206± acres consists of open land and mature hardwoods. The property offers tremendous views with several ideal building sites. A portion of the property includes a well and three bedroom septic already installed plus a spring-fed pond.
Tract 1 Description
• Tract totals 52.509± acres
• Existing well & septic
• Multiple building sites with views
• Mature timber (a timber report is available)
• Storage building
• 15± acre level-to-rolling hay field
• 18± acres pasture
Tract 2 Description
Tract 2 Description
• Tract totals 154.61± acres
• 66± acres of merchantable hardwood timber (a timber report is available)
• 84± acres of pasture
• Spring-fed pond
• Outstanding ridgetop views
• Multiple building sites with views
• South Fork of Clinch River
From the intersection of I-81/I-77 at Wytheville: Go north on I-77 and take Exit 64/Rocky Gap. Turn left on VA-61/West Scenic Highway (toward Gratton). Go approximately 21 miles to Property on left and right sides of VA-61/Clearfork Road (just past Gratton).
From Hardees in Tazewell, VA: Go east on VA-61 for approximately 3 miles . Property is on both sides of VA-61.
Call for Bidder Information Packet
A Bidder Information Packet with Bid Documents is available by calling 800-551-3588. In order to place a bid, the Bidder Information Packet MUST be obtained from Auction Company, the required documents completed, and the deposit paid as described in Basic Terms & Conditions of Auction. Sealed Bids are due by Thursday, April 28, 2016 by 12:00 NOON EST.
The property has excellent marketable timber. See report below.
TRACT TO THE NORTH OF ROUTE 61:
This tract contains 17 acres of merchantable hardwood timber—5.1 MBF (thousand board feet) Doyle scale per acre, a total of 87 MBF. Approximately half of the volume is oak species; the other half is yellow poplar, hickory species, hard and soft maple, and mixed hardwoods. Approximate value of the standing timber is $850/ac.
TRACT TO THE SOUTH OF ROUTE 61:
This tract contains 50 acres of merchantable hardwood timber. There is an abundance of excellent quality timber, nearly half of which is hard maple. A recent timber cruise estimated standing volume to be 15.3 MBF/ac (Doyle scale) for a total of 766.6 MBF. Volumes by species are as follows:
Red oak – 80 MBF
Chestnut oak – 47 MBF
Yellow Poplar-69 MBF
American Basswood-67 MBF
White Ash-71 MBF
Hard Maple-302 MBF
Soft Maple-24 MBF
Black Walnut-3 MBF
Black Cherry-49 MBF
Mixed Misc Hardwoods Birch, Buckeye-9 MBF
This timber is in its prime and has an estimated value of at least $2500 per acre.
Basic Terms & Conditions of Auction
- This Auction is being conducted subject to the Terms and Conditions of Auction and the Sealed Bid Auction Real Estate Purchase Agreement contained in the Bidder Information Packet.
- BIDDER INFORMATION PACKET: A detailed Bidder Information Packet containing the Sealed Bid Auction Real Estate Purchase Agreement, title reports, survey, tax parcel numbers, aerial and topographic maps, and bidding instructions are available from the Auction Company via email, fax or mail.
- BIDDING: The property is being offered for sale by a sealed bid auction. To participate and bid in the auction, a fully executed Sealed Bid Auction Real Estate Purchase Agreement (contained in the Bidder Information Packet) and a cashier’s check or wire transfer in the amount of 10% of the purchase price must received by Woltz & Associates, Inc. by 12:00 NOON EST, Thursday, April 28, 2016.
- BID BASIS: Bidding is by lump sum bid and not per acre. Bidders may bid on one or more Auction Tracts in a single bid, or may bid on Auction Tracts individually with separate bids for each Auction Tract.
- BUYER’S PREMIUM: A 5% buyer’s premium must be added to the bid to determine the Purchase Price.
- EARNEST MONEY DEPOSIT: A Deposit of 10% of the total Purchase Price must accompany the bid either by cashier’s check or wire transfer. Deposit checks must be made payable to “Woltz & Associates, Inc. Escrow Account.”
- DEPOSIT: Cashier’s checks will be held by Auction Company and will not be cashed during the bid consideration period. All deposits on bids not accepted will be returned to the bidder by Thursday, May 12, 2016 in order to permit time for mail delivery. Deposits for accepted bids will be deposited in the Woltz & Associates, Inc. Escrow Account and held according to the terms of the Sealed Bid Auction Real Estate Purchase Agreement.
- BID OPENING: Bids will be opened at the office of Woltz & Associates, Inc. located at 23 Franklin Road, S.W., Roanoke, Virginia at 1:00 p.m. EST on Thursday, April 28, 2016. Only the high bid(s) will be announced.
- NOTIFICATION OF ACCEPTED BIDS: The successful bidder(s) will be notified by 5:00 p.m. EST on Friday, April 29, 2016.
- TIE BIDS: In the event of any tie bids, Seller may accept the bid of Seller’s choice, or Seller may elect to give the tie bidders the opportunity to make their best and final offers within 5 business days of notice by the Auction Company.
- SETTLEMENT: Settlement must occur no later than June 13, 2016.
- ALL SALES ARE FINAL: The 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: Bidding and purchase of the property is not conditioned upon the bidder obtaining financing. Any financing should be arranged prior to bidding. The bidder must be capable of paying cash at closing.
- BROKER PARTICIPATION: Any actively licensed Virginia broker whose agent properly registers the successful high bidder will be paid a 2% commission based upon the Purchase Price at settlement by the Seller. Applications 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 submitted with the Sealed Bid Auction Estate Purchase Agreement and Deposit. Agents acting as principals, on behalf on entities in which they hold an interest, on behalf of family members, other licensed real estate agents, or who represent prospects that have had prior contact with the Seller or Auction Company are not eligible. An agent may register only one bidder per Auction Tract.
- BOUNDARY LINES: Boundaries on aerial photos and topo maps are approximate.
- TIMBER REPORT: The timber report provided by Whole Forest Solutions LLC was prepared for informational purposes only and is in no way a representation or warranty made by the Auction Company or Seller. Bidders are encouraged to perform their own due diligence to determine any actual timber values.
- LAND USE: This property is currently in land use. If the purchaser changes the use, it will be subject to roll back taxes at the buyer’s expense.
- GENERAL: The information contained in this brochure and otherwise provided by Seller and Auction Company is subject to verification by all parties relying on it. No liability for inaccuracies, errors, or omissions is assumed by the Seller or the Auction Company.