Online Only Real Estate Terms

Wolf Lake Development LLC — Snow Blossom House Auction

194 Snow Blossom Trail, Tuckasegee, NC 28783 | Jackson County PIN 8505-89-2676. House and approximately 2.11-acre lot only; Lot 3B and the separate unimproved acreage are not included.

Bidding opens December 3, 2026, at 2:00 p.m. Eastern and begins ending December 10, 2026, at 2:00 p.m. Eastern.

Bankruptcy Sale Notice:

This property is being sold pursuant to proceedings in the United States Bankruptcy Court for the Western District of North Carolina in the matter of Wolf Lake Development LLC, Chapter 11, Subchapter V, Case No. 26-10031. The property is selling subject to Seller confirmation and approval of the United States Bankruptcy Court. In the event of any conflict between these auction terms and any applicable Bankruptcy Court order or approved purchase agreement, the Bankruptcy Court order and approved purchase agreement shall control.

Importance of Terms:

Please take the time to read the following set of terms and conditions for the online auction. When you register to bid, you will have to acknowledge that you have read these terms and conditions. If you intend to register, the following items will pertain to you.

Agency:

Iron Horse Auction Company, Inc. is acting as agent of the Seller and at no time acting on behalf of the Buyer.

Buyer's Premium:

There will be a Ten Percent (10%) Buyer’s Premium added to the final bid price to determine the final contract purchase price, subject to the credit-bid exception in paragraph F of the Confirmation Order. Under that provision, if Mr. Fernandez purchases the collateral for his allowed secured claim by credit bid at an auction conducted pursuant to the Plan, he is not required to pay the auctioneer a buyer’s premium. The Debtor may move to surcharge that collateral for the auctioneer’s fees and expenses as provided in the Order. This is not a general exemption for all creditors or bidders. In order to verify that the credit card used for registration is valid, the bidding platform requires a $100.00 authorization hold be placed on credit cards in order to register to bid. This charge will be removed within a 24-hour time period after registration.

Auction Ending:

Iron Horse Auction Company, Inc. Online Auctions are timed events. Bidding for this auction begins ending December 10, 2026, at 2:00 p.m. Eastern. Each online auction shall be subject to extended bidding. If a bid is placed in the last five (5) minutes of the auction, the auction shall automatically be extended for an additional five (5) minutes. This shall continue until there is a five (5) minute period without a bid being placed.

Time Reduction:

In the event that the auto-extend time needs to be decreased, Iron Horse Auction Company, Inc. may decrease the extended time amount at any time during the auction until the close of bidding. A Pop-Up Message in the Instant Message Center on the bidding page will notify Bidders prior to the time reduction.

Outbid Notification:

Until the auction begins to close, the bidding software will notify Bidders by email when they have been outbid. Bidders may also find out if they have been outbid by refreshing the individual lot information. Due to varying internet connections and speed, sometimes email notifications can be delayed. We are not responsible for failure of any part of the bidding process or internet bidding.

Property Information & Inspection:

No on-site inspections are offered. Contact the auctioneer with questions about the property or available information. Detailed photographs and available due diligence materials are provided for review before bidding. Iron Horse Auction Company, Inc. has attempted to provide accurate descriptions; however, it is Bidder’s responsibility to review the available information and determine the feasibility of the Bidder’s intended use. Descriptions provided by Iron Horse Auction Company, Inc. are provided in good faith. Photographs do not establish concealed conditions or the cost of repairs and completion. Registration and bidding do not constitute a representation that the Bidder has physically inspected the property. Bidding is subject to the posted Auction Purchase Contract, Seller confirmation and Bankruptcy Court approval.

Auctioneer's Discretion:

Iron Horse Auction Company, Inc. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and the convenience of Iron Horse Auction Company, Inc. or the Seller. This discretion is subject to the applicable Bankruptcy Court orders and approved saledocuments.

Server & Software Technical Issues:

In the event there are technical difficulties related to the server, software or any other online auction-related technologies, Iron Horse Auction Company, Inc. and the Seller reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software (MarkNet) nor Iron Horse Auction Company, Inc., or the Seller shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Iron Horse Auction Company, Inc. may send email notifications to registered Bidders with updated information as deemed necessary.

Payment Terms:

The successful high bidder is required to deposit twenty percent (20%) of the final contract purchase price as earnest money. The earnest money deposit shall be made payable to the IRON HORSE AUCTION CO., INC. ESCROW ACCOUNT and is due within three (3) business days following execution of the purchase contract. The balance of the contract purchase price shall be due at closing in accordance with the applicable Bankruptcy Court order and Auction Purchase Contract.

In the event the Seller cannot convey title pursuant to the terms of the applicable Bankruptcy Court order and Auction Purchase Contract, the earnest money deposit will be handled as provided therein. Purchaser shall be responsible for all wire transfer fees. Closing shall occur as specified in the Auction Purchase Contract.

This online auction is a cash transaction not contingent upon financing, appraisal, survey, or inspections of any kind, as agreed by the Bidders and/or Buyers at registration and as specified in the Auction Purchase Contract posted for the auction. All bids are subject to Seller confirmation and applicable Bankruptcy Court approval.

Auction Purchase Contract:

The contract is required to be fully and correctly executed, without any modifications, and properly signed promptly following the close of the auction. The required twenty percent (20%) earnest money deposit is due within three (3) business days following execution of the purchase contract.

Closing:

Property is to be closed pursuant to the terms of the applicable Bankruptcy Court order and Auction Purchase Contract.

Closing Costs:

Buyer’s closing costs can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items and any other fees required for closing. Seller’s closing costs and obligations shall be as provided in the governing Bankruptcy Court orders and Auction Purchase Contract. It is understood that the purchaser must hire an attorney to act as a settlement agent, which includes but is not limited to the preparation of settlement statement, distribution of funds and recording of all required documents. The Purchaser shall have the right to have a title examination made at the expense of the Purchaser. Additionally, it is understood that the transaction shall close pursuant to the terms of the applicable Bankruptcy Court order and Auction Purchase Contract.

Property Condition:

All property in this auction is selling “AS-IS, WHERE IS” with all faults, if any, except for the limited representations expressly set forth in the governing agreement, purchase contract or Bankruptcy Court order. Descriptions of the property are believed to be correct, but are not guaranteed. The residence is a partially completed modular home with a two-bedroom/two-bath main-level layout and an unfinished basement. Observed conditions include water damage, an unsafe rear elevated deck, interior basement stairs that have not been installed, and a steep, unimproved approach. No representation is made as to percentage complete, repair or completion cost, working utilities or readiness for occupancy. Final approvals and a certificate of occupancy have not been verified. No on-site inspections are offered. Buyers should review the photographs and available records and obtain independent advice before bidding. The property is subject to recorded restrictive covenants and property owners association provisions. Review the Auction Purchase Contract for the Buyer’s obligations and any applicable conditions.

Legal Interpretations:

The laws of the State of North Carolina and the United States shall interpret this document.

Disputes:

Any and all disputes, claims, or causes of action arising out of or relating to this auction, the bidding process, or the resulting sale of the property shall be subject to the jurisdiction of the United States Bankruptcy Court for the Western District of North Carolina in connection with the bankruptcy case involving Wolf Lake Development LLC, Case No. 26-10031, to the extent provided by applicable law and any Bankruptcy Court order governing the sale.

Auction Bidder and/or Buyer Default:

The successful Bidder and/or Buyer not executing and returning the contract as required, or not submitting the required twenty percent (20%) earnest money deposit within three (3) business days following execution of the purchase contract, will be considered in default and will be black-flagged in our database as a Non-Paying Bidder and will no longer be allowed to participate in our auctions. Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder in the event the successful high Bidder does not comply with the terms of the sale. By bidding on the property, the Buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, is considered to be in default. By registering and placing a bid, you agree that if you happen to become a Default Bidder or Non-Paying Bidder, Iron Horse Auction Company, Inc. has the right to charge your credit card for the amount equal to the earnest money requirement, which shall be non-refundable. These provisions are subject to the applicable Bankruptcy Court orders and Auction Purchase Contract.

Auction Administrative Fee

In the event a winning Bidder fails to submit the properly signed "Contract For Sale of Real Property" and earnest money deposit as provided in the pre-stipulated Auction Terms & Conditions, the winning Bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Iron Horse Auction Company and the Seller as provided in the Auction Terms & Conditions and "Contract for Sale of Real Property". All administrative fees are non-refundable. These provisions are subject to the applicable Bankruptcy Court orders and Auction Purchase Contract.

Auction Cancellation – Bid Rejection:

Iron Horse Auction Company, Inc. reserves the right to reject any and all bids, subject to the governing Bankruptcy Court orders and approved sale documents. No parcel shall be sold or withdrawn from the sale prior to the auction except by mutual agreement between the Debtor and the Auctioneer, as provided in Schedule B. All bids shall be final, and no raise-of-bid period shall be allowed, subject to Bankruptcy Court approval of the sale.

Acceptance of Bid Prices:

All bids are subject to Seller confirmation and applicable approval by the United States Bankruptcy Court. The successful Bidder and/or Buyer will be required to enter into a Purchase Agreement promptly following the close of the auction. Iron Horse Auction Company, Inc. will email documents to be executed and returned as directed. Successful Bidders and/or Buyers not executing and returning the contract as required, or not submitting the required twenty percent (20%) earnest money deposit within three (3) business days following execution of the purchase contract, will be considered in default. No on-site inspections are offered. Buyers should review available information and direct questions to the auctioneer before bidding.Subject to Seller confirmation and Bankruptcy Court approval, Iron Horse Auction Company, Inc. reserves the right to sell to the next highest qualified Bidder if the winning Bidder is in default of these terms. Winning Bidder and/or Buyer must execute the contract with no changes, modification, additions or deletion. In the event that you find yourself as a Bidder in default, you will be black-flagged as a NON-PAYING BIDDER and will not be allowed to participate in any further Iron Horse Auction Company, Inc. auctions.

Title:

Subject to entry of an appropriate sale order by the Bankruptcy Court, title shall be conveyed as provided in the applicable Bankruptcy Court order and Auction Purchase Contract. Do not assume that recorded easements or restrictive covenants will be extinguished by the sale.

Deed:

The Debtor shall convey the property by special warranty deed, or such other form of non-warranty or limited warranty deed as the Bankruptcy Court may approve, as provided in Schedule B and the Auction Purchase Contract.

Possession:

Not given until closing and further specified in the Auction Purchase Contract.

Real Estate Taxes and Closing Cost:

The purchaser will not assume the seller’s existing mortgage debt, delinquent property taxes or other prior debt secured by the property. Under the confirmed Bankruptcy Plan, the sale is free and clear of liens and claims, which transfer to the sale proceeds pursuant to the applicable court orders. Current-year property tax prorations, assessments and closing costs shall be allocated and paid as provided in the applicable Bankruptcy Court order and Auction Purchase Contract. Recorded easements, covenants and ongoing ownership obligations remain subject to the governing documents and applicable court orders.

Easements:

Subject to applicable easements and rights-of-way as provided in the governing sale documents. A recorded 20-foot driveway access easement across neighboring Tract A benefits the house tract (Deed Book 2317, Page 794). A separate septic easement burdens the house tract for the benefit of the neighboring tract (Deed Book 2317, Page 797). Review the recorded instruments and survey for locations, rights and obligations.

Zoning:

This property is subject to all state and local zoning ordinances.

Acreage & Aerial Photos:

Parcel dimensions and acreages are based on legal descriptions and recorded surveys. The 2021 survey identifies Tract B as 2.111 acres; the original subdivision plat identifies Lot 2 as 2.09 acres. Aerial photos and sales maps are for illustration purposes only and are not surveyed boundary lines.

Bidder Verification:

The identity of all Bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Iron Horse Auction Company, Inc. will reject the registration, and bidding activity will be terminated. The Seller and Iron Horse Auction Company, Inc. reserve the right to refuse service to any person who they feel to be fraudulent.

Bidder Responsibilities:

Bidder responsibilities include but are not limited to the following: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. When using the website, you must obey any and all local, state, and federal laws. Violations will result in termination of website use privileges. Iron Horse Auction Company, Inc. and its employees may bid on auctions. We gather aggregate information from the website, which may include but is not limited to, the number of page visitors, most visited pages, and any and all correspondence.

Guaranty Agreement:

By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Iron Horse Auction Company, Inc and the subsequent closing and payment in full at that time .

Age Requirement:

All Bidders must be eighteen (18) years of age