Invest in Your Own Recreational Paradise!
Bidding Opens: April 1, 2021 – 8:00 AM
Closes April 28, 2021 – 1:00 PM (Soft Close)
Bid online at https://woltz.hibid.com/
Smyth County, Virginia Tracts
Auction Tracts 1-4: Horton Hollow Road, just off of Cussing Hollow Road – 938.93± Acres. These contiguous tracts total 938.93± acres, and will be offered in four tracts. Great recreational and investment opportunities. There are miles of roads and trails throughout, along with abundant game and wildlife. Sold “as is.”
We are selling all tracts in this auction “As-Is.” The access for Tracts 2-4 from Horton Hollow Rd has been disputed by the neighbors adjoining this property. Based on the Seller’s information and the title information we’ve received, we dispute those claims based on a previous survey that was performed for Independence Lumber and previous deed language discovered from the title search. However, Fidelity title company has stated that because the access is being disputed, that they would NOT insure access to the property at this time. The existing interior roads on tract 2 eventually go off of tract 2 onto on the adjoining landowner and we do NOT have deeded access to continue through their property onto tracts 3 and 4 as the existing roads lead. For this reason, a new road from Tract 2 through tract 2 onto tract 3 and 4 may need to be built at any new owner’s expense to access tracts 3 and 4. We have posted the title search for these tracts on the website for you to review. There is no insurable access to Tracts 2-4.
Auction Tract 5: Lick Creek – 83.53± Acres. This tract is 2,600 feet in elevation with fantastic high knoll views of surrounding mountains and valleys. An old timber road from Lick Creek Rd. leads to the property. This potential access is undefined and not insurable for ingress and egress. Sold “as-is.”
Directions: Tract 5: No Access. Call agents for details. Preview not possible.
Washington County, Virginia Tracts
Auction Tracts 6-7: Catt Property & Toole Creek Tracts – 413.71± Acres. These three contiguous tracts total 413.71± acres. Two tracts front along Route 611, North Fork River Road. Property has mature hardwoods throughout and an abundance of wildlife. A great timber investment and hunting/recreational paradise. Sold “as is.”
Directions: Tracts 6, 7: From Abingdon follow ALT 58 North to exit onto Brumley Gap Rd. Turn right onto Trout Rd and left onto N. Fork River Rd. Follow signs to the property. . Call agents for details. Preview anytime.
Auction Tract 8: Hanger Hollow Tract – 15.60± Acres. Long range views from high knoll. There is an undefined deeded right of way for ingress/egress. This potential access is not insurable. Fall colors are spectacular. Sold “as-is.”
Tract 8: No Access. Call agents for details. Preview not possible.
Auction Tract 9: Collins Hollow Tract-823.66± Acres. This 823.66± acre mountain top tract has multiple roads and trails throughout and is an ideal hunting and recreational paradise. Abundant wildlife. Easy access via a deeded right of way from Red Fox Lane. Sold “as is.”
Directions: Tract 9: From Emory and Henry College off I-81 – drive East on Hillman Hwy, turn left onto Old Mill Rd. Take left onto Clinchburg Rd. Take left onto Red Fox Ln and follow the signs to the property. Call agents for details. Preview anytime.
Russell County, Virginia Tract
Auction Tract 10: Cleveland Property – 120.25± Acres. This 120.25±-acre tract has 500± feet of frontage along Clinch River and approximately 890± feet of road frontage on both sides of Carbo Road. The 5± acres between Carbo Road and Clinch River has an old homesite above the river, ideal for your future cabin. There are numerous interior trails throughout the property. This is a great hunting and recreational tract. Sold “as is. “
Directions: Tract 10: From Lebanon VA drive North on Cleveland Rd until you get to the Town of Cleveland VA. Turn slight left just past the bridge onto Ivy Ridge Rd which turns into Carbo Rd. Follow the signs to the property. Call agents for details. Preview anytime.
BROCHURE CORRECTION: The minimum bid for Tract 7 is $31,100, not $3,110 as noted on the brochure.
Terms & Conditions of Auction for Online Bidding
Russell, Smyth and Washington Counties, Virginia
Bidding Starts: Thursday, April 1, 2021, 8:00 AM ET
Bidding Ends: April 28, 2021, 1:00 PM ET
- AUCTION SALE: The Property will be sold subject to Seller’s confirmation that the contract sales price is at or above the reserve price and subject to execution of the Auction Real Estate Purchase Agreement as required in Paragraph 2. 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. If you do not agree with the terms and conditions of this auction Do Not Bid!
- 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 within twenty-four hours (24) of sale day, executed and delivered via email. Buyer may wire funds ($25.00 wire fee) or overnight a cashier’s check for the earnest money deposit at Buyer’s expense.
- 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.
- LIABILITY: Bidders inspecting property enter at their own risk. Auction Company assumes no risk for bodily injury or damage to personal property.
- 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 five percent (5%) of the high bid amount. The Buyer’s Premium will be added to the high bid to determine the final contract sales price.
- AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER.
- REAL ESTATE DEED AND POSSESSION: The real estate will be conveyed by a Quit-claim deed to be prepared at the expense of the Seller and the cost of Virginia Grantor’s 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 on or before June 11, 2021. The contract to purchase is not assignable. Possession of the Property shall be given to the buyer at settlement.
- BOUNDARY LINES: Boundaries on aerial photos, topographic maps, and otherwise, are approximate and are subject to verification by all parties relying on them.
- SALE IS SUBJECT TO COURT APPROVAL: The auction is being conducted for the Receiver appointed in the case of First National Bank of Pennsylvania v. Independence Lumber, Inc., in the United States District Court for the Middle District of North Carolina (Case No. 1:20CV637), and the sale is subject to approval of the Court. The Receiver will request Court approval promptly after the signing of the Auction Real Estate Purchase Agreement and receipt of the Buyer’s deposit. If approved, the Court Order will provide for the Buyer to receive at settlement title to the property free and clear of all liens, claims, and encumbrances.
- BIDDING AND SOFT CLOSE: The Soft close will allow extended bidding until no bids are placed for five minutes. If a bid is placed within the last five minutes an additional five minutes will be added to ensure everyone gets time to place their bid.
- BROCHURE CORRECTION: The minimum bid for Tract 7 is $31,100, not $3,110 as noted on the brochure.
- 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.