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If you plan to attend the auction and bid in person, which we hope you do, registration will start March 14, 11 AM  on-site.

Click for Registration for Online Bidding 

Location • Location • Location

Property currently assessed for $188,900 and previously sold in 2006 for $200,000.

Property Sold As Is

Directions

From stop light on Virginia Ave. (Hwy. 460) in Narrows, turn North on Fleshman St. and immediate left on Old Virginia Ave. Property on the right.

Basic Terms & Conditions of Auction

  1. AUCTION SALE: The property will be sold subject to Bankruptcy Court Approval of the highest bid. Purchaser will execute the Auction Real Estate Purchase Agreement as required in Paragraph 2 immediately following the auction. 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. Bidding signifies you have read and are in agreement with the terms and conditions of the auction.
  2. REAL ESTATE DEPOSIT: The Buyer is required to pay a deposit in the amount of ten percent (10%) of the contract sales price and sign an Auction Real Estate Purchase Agreement immediately following SELLERS acceptance of the bid. Buyer may wire funds ($25.00 wire fee), present a cashier’s check or personal check with a bank letter of good standing for the earnest money deposit.
  3. FINANCING: Your bidding and purchase of the property are NOT CONDITIONAL UPON FINANCING. Be sure you have arranged financing, if needed, and are capable of paying cash at settlement.
  4. LIABILITY: Bidders inspecting property enter at their own risk. Auction Company and Seller assume no risk for bodily injury or damage to personal property.
  5. BUYER’S PREMIUM: The Buyer’s Premium on the real estate is seven percent (7%) of the high bid amount. The Buyer’s Premium will be added to the high bid to determine the final contract sales price.
  6. AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER. Robert L. Johns Chapter 7 Trustee for the Bankruptcy Estate of Rumley Oil, Inc.
  7. REAL ESTATE DEED AND POSSESSION: The real estate will be conveyed by a Special Warranty deed to be prepared at the expense of the Seller and the cost of Virginia deed transfer tax shall be borne by the Seller. It is agreed the Property is being conveyed 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 which shall be 30 days from Approval of Bankruptcy Court. The contract to purchase is not assignable. Possession of the Property shall be given to the buyer at settlement.
  8. BOUNDARY LINES: Boundaries on aerial photos, are approximate and are subject to verification by all parties relying on them.
  9. DISCLOSURE: Seller has provided a Phase One Environmental Assessment for purchaser to review prior to bidding.
  10. BIDDING: The bidding is hereby offered to registered bidders only. Registration for on-site opens at 11:00 AM on the day of sale.
  11. GENERAL: The information contained in the brochure, on woltz.com, all advertising, and the Bidder’s Information Packet is subject to verification by all parties relying on them. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.
  12. SOFTWARE & TECHNOLOGY: Woltz & Associates, Inc. reserves the right to reject any bid at our sole discretion. In the event there are technical difficulties related to the server, software, or any other online auction-related technologies, Woltz & Associates, Inc., reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING
  13. THE SOFTWARE NOR WOLTZ & ASSOCIATES, INC. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information deemed necessary by Auction Company.
  14. Online Bidders must register by NOON on March 12, 2024.

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