Historic Administrative Building in Downtown Rockingham, NC (Former Federal Courthouse) Sealed Bid Sale

125 S. Hancock Street in Downtown Rockingham, NC

SEALED BID SALE
Auction sealed bid opening to be held on November 25th at 2pm

PROPERTY ADDRESS AND SEALED BID OPENING LOCATION
125 S. Hancock Street
Rockingham, NC


INSPECTIONS
Dates Coming Soon

PROJECT MANAGER 
Marc Baysek
910-206-1881



PROPERTY DESCRIPTION
Administrative Building located at  125 S. Hancock Street in Downtown Rockingham, NC
Richmond County
PIN 746316833405
Deed Book 600, Page 483

Level 1/Ground Level:
2 Reception Areas
Conference Room
File Room
Walk In Vault
13 Offices
3 Bathrooms

Level 2:
1 Walk In Vault
Former Council Chambers
Conference Room
Sound/Media Loft
Mechanical Room
8 Offices
5 Bathrooms

Level 3:
11 Offices
1 Bathroom
Roof Access


Basement Level:
Maintenance Room
3 Bathrooms
Storage Areas

The 2 iron light fixtures at the front entrance of the building will be removed by the seller and DO NOT convey. If the buyer intends to demo the building the Historical Society is requesting a cap stone from the roof.
National Registry of Historic Places

National Registry Facts

Subject to Commisioners Approval at December 3rd Meeting.

Importance of Terms:

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

 

Bid Opening:

All bids must be submitted to IHAC by 2pm on November 25th, 2019.

 

Property Information & Inspection:

Iron Horse Auction Company, Inc. is not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. has attempted to provide accurate descriptions; however, it is the Bidder's responsibility to conduct inspections to determine the condition and feasibility of the Bidder’s intended use. Descriptions that are provided by Iron Horse Auction Company, Inc. are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have personally inspected the property, hired an agent to inspect the property, or waived your right to inspect the property. Submitting a bid creates a contractual agreement to purchase the property at the high bid price plus a Buyer’s Premium and any additional fees described in the terms and included in closing the real property transaction.

 

Auctioneer's Discretion:

Iron Horse Auction Company, Inc. has full discretion to modify the date and time, order, and details of the sale 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.

 

Payment Terms:

Twenty Percent (20%) of the final contract purchase price is required as non-refundable earnest money in the form of a certified check, cash or wire transfer. The earnest money deposit is due within 48-hours of the close of auction, with the balance of the contract purchase price due at closing, which shall be in thirty-days or upon delivery of the deed, whichever is sooner. In the event the Seller cannot produce a deed with insurable title, the earnest money deposit will be refunded. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Purchase Contract. This is a cash transaction not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by the Bidders and/or Buyers at registration and specified in the Purchase Contact.

 

Purchase Contract:

The contract is required to be fully and correctly executed, without any modifications and properly signed within 48-hours of the close of the sale unless the bidder is at the opening where the contract will be signed by the purchaser immediately and the deposit will be collected at the same time.

 

Closing:

Property is to be closed within thirty-days after the auction or upon delivery of the deed, whichever is sooner.

 

 

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 are limited to their portion of the prorated tax, revenue stamps and the cost of deed preparation.

 

Property Condition:

All property in this auction is selling “AS-IS, WHERE IS” with all faults, if any. Iron Horse Auction Company, Inc. makes no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspection prior to the bid submission deadline. All due diligence periods end at the bid submission deadline. It is possible that the property being sold is subject to restrictive covenants and homeowner’s association rules, regulations and dues. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid. No sale shall be invalidated by the Buyer as a result of he/she not conducting their own inspection prior to placing a bid or doing due diligence. It is automatically acknowledged by placing a bid that you have personally inspected the property, hired an agent to inspect the property or waived your right to inspect the property.

 

Legal Interpretations:

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

 

Disputes:

Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Richmond County, North Carolina as the sole and exclusive venue.

 

Foreign Bidders:

The Auctioneer may disregard any bid and the Seller/Trustee may set aside any sale to a bidder who is not domiciled in the United States unless such bidder irrevocably appoints an agent for service of process in the United States to the satisfaction of the Seller/Trustee. The Auctioneer must receive notice of such appointment within 24 hours after the conclusion of the bidding.

 

Bidder and/or Buyer Default:

The successful Bidder and/or Buyer not executing and returning the contract with the earnest money deposit within 48 hours of the conclusion of the sale 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 sales. 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 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 you for the amount equal to the Twenty Percent (20%) earnest money deposit, which shall be non-refundable.

 

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. 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.

 

Cancellation – Bid Rejection:

Iron Horse Auction Company, Inc. reserves the right to reject any and all bids for any reason. Iron Horse Auction Company, Inc. reserves the right to cancel this sale, or remove any item or lot from this sale prior to the close of bidding even if a bid has been placed, unless the auction is advertised Without Reserve.

 

Acceptance of Bid Prices:

All bids are subject to Seller confirmation unless the sale is advertised Without Reserve. The successful Bidder and/or Buyer will be required to enter into a Purchase Agreement immediately following the close of the sale. Iron Horse Auction Company, Inc. will email documents to be executed and they need to be faxed or emailed back to Iron Horse Auction Company, Inc. within 48 hours of the end of the sale. Successful Bidders and/or Buyers not executing and returning contracts with earnest money deposit within 48 hours, will be considered in default. Any and all inspections that a Buyer may want must be completed at the Buyer’s expense prior to the end of the sale. 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. sales.

 

Title:

As specified in the Purchase Contract.

 

Deed:

As specified in the Purchase Contract.

 

Possession:

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

 

Real Estate Taxes and Closing Cost:

Taxes will be prorated to the day of closing using the most current available year’s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees.

 

Easements:

Subject to any and all easements recorded or unrecorded.

 

Zoning:

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

 

Acreage & Aerial Photos:

Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and 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. 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 payment in full to Iron Horse Auction Company, Inc.

 

Age Requirement:

All Bidders must be eighteen (18) years of age or older.

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