ONLINE w/ BID CENTER
July 17th at 8am - July 24th at 2pm

PROPERTY LOCATIONS
257 Russell's River Run Drive
Mount Gilead, NC

495 Island Creek Drive
Troy, NC

120 Ludlow Street
Albemarle, NC

508 N. Hamilton Street
High Point, NC


INSPECTIONS
Russell's River Run Drive- Lake Tillery Property
Pre-Auction Offer Accepted

508 N. Hamilton St- High Point Property
July 17th from 12pm -2 pm
July 24th from 12pm - 2pm

120 Ludlow Street- Albemarle Property
July 17th from 930am - 1130 am
July 24th form 930am - 1130am

All other properties can be viewed at buyer's leisure and liability or by appointment. 


BID CENTER LOCATION
Norwood Town Hall
212 S. Main St
Norwood, NC


PROJECT MANAGER
Richard Lilly
704-294-5647



PROPERTY DESCRIPTION


Auction Lot 1 - Under Contract - Pre-Auction Offer Has Been Accepted
Lake Tillery Waterfront Home Located at 257 Russell's River Run Drive in Mount Gilead, NC
Montgomery County

 

This lake cottage is nestled in hardwoods providing shaded enjoyment of the unique waterfront views.  This home was built to allow the owners to enjoy the lake.  The home is in move-in condition with opportunities for the owners to update as they see fit.

257 Russells River Run Drive, Mt. Gilead, NC   27306
Built in 1960
Montgomery County PIN:  658305290391
Current Tax Value = $287,700
Three bedrooms, two full baths
Heated square footage = 1,560 square feet
Large screened front porch that is the width of the home.  The porch has a concrete floor covered in carpet.
Large Living Room with brick fireplace and insert
Lake views from the front porch and living room extend from the main channel to Lilly’s Bridge.
Interior walls are mostly paneled.  Exterior is vinyl siding.  Crawlspace foundation.
Replacement windows (insulated) installed in recent years throughout the home.
Carpeted floors in most rooms, wood laminate in the kitchen and dining areas.  Master bedroom has wood laminate floors.
Washer and dryer hook up on side utility area off kitchen.  Heat pump.  40 gallon water heater installed in 2017.
Roof has recently has recently been recovered on the back half of house.
Paved drive and parking.  Wood deck area at north entrance to house and porch.
County water with septic system on site.  The current septic system is shared with the home next door.
Large boathouse is in need of attention.  The three bays are constructed in 1960’s style and the bay furthest to the east crosses the property line.  The boathouse roof is decked but alsoin need of repair.  
The pier is usable but shows its age.

Concrete sea wall
Furnishings and appliances to be sold in a separate auction on the same date.   Some personal items in home will not sale (bedspreads and some photo
The street Russell’s River Run Drive is a community drive that is jointly maintained by the landowners with property down that street.  
There is a children’s playhouse at the turn around near the property being offered for sale.   The playhouse was originally built by the Russell family but sits in the middle of the street area.  
There is also a block construction well house next to the playhouse at the turnaround.   The well is no longer used since county water is available. 
There is an annual lease fee for the dock and boathouse with Duke Energy.  The lease was paid for 2018 for the lease year beginning July 1st.
Subject to any high water mark regulations.

The Auctioneers have placed white stakes at approximate corners to lots to assist in illustrating the property lines.   These stakes are for illustrative purposes only and do not reflect survey boundaries.

Plat Lot 11 Lilly's Bridge Division
7% Buyers Premium

Click Here For Video Of This Property


Auction Lot 2
Vacant lot located at 495 Island Creek Drive in Troy, NC in Carolina Forest Subdivision

Montgomery County
Interior Lot
Plat Lot 187 in Carolina Forest Subdivision
PIN 658808894475
Wooded, elevated from the street lot
Near tennis courts and recreational area
Health permit in place for this lot to allow a 3 bedroom house. Permit extended thru 2020. Lot does perk.
Tax Value- $3,900.00
10% Buyers Premium
Subject to all recorded restrictive covenants.
Subject to HOA dues. 
HOA Dues are Approx. $465.50 Annually
The Auctioneers have placed white stakes at approximate corners to lots to assist in illustrating the property lines.   These stakes are for illustrative purposes only and do not reflect survey boundaries.

Auction Lot 3
2016+/- sf. Office Building located at 120 Ludlow Street in Albemarle, NC

Stanly County

This attractive office building is conveniently located between up town and the hospital.  Carpeted throughout, the building interior indicates that the walls have been repainted since the most recent occupant.   Formerly a Doctor’s Office, the configuration would allow for any type of office application. 

120 Ludlow Street, Albemarle
PIN:  654801276714
Tax Value = $103,354
Recently Appraised at $115,000
.21 +/- acres lot accessed from Ludlow Street
2016 Square Feet on Single Level
Brick Construction with asphalt shingle roof and fixed windows.  Front porch entrance.
5 concrete parking spaces with street parking on Ludlow Street.
Landscaping surrounds the building with a grass yard on side and in rear.   
Built in 1988 with renovation in 2009
Large client waiting room with client ½ bath
Large Nurse’s Station/Office Area with built-ins for file storage
Breakroom off office area with washer/dryer hook up and ½ bath.  Includes a sink and cabinet area outside the bath.
2 Examination rooms/offices off main hall
2 Executive offices – one with full bath
X-Ray room
2 Supply/Storage Closets
Rear door access via the front drive and elevated deck walkway
Crawlspace entrance is a 6’ roll up garage door.  The crawlspace is completely covered in plastic.
City water and sewer
Electric heat and air conditioning
7% Buyers Premium


Auction Lot 4 & 5
28.57+/- Acres Located on Highway 52 in Norwood, NC


Auction Lot 4
15 +/- Acres
US Hwy. 52 Road Frontage  -  Approx. 2 miles north of Norwood City Limits and 1 mile south of Porter on east side of Hwy. 52
Tax ID #:   Portion of 655503412479
Deed Book: 644 Page:  996
This tract is part of a 27 +/- acre tract with a tax value of $101,452.00.  The property is enrolled in a land use program. 
Pine timber tract on gently rolling grade.  First thinning performed approx. 5 years ago.

The Auctioneers have placed white stakes at approximate corners to lots to assist in illustrating the property lines.   These stakes are for illustrative purposes only and do not reflect survey boundaries.
If this auction lot is sold seperately from auction lot 5, a survey will be required. The surveyor will be chosen by the auctioneers and the survey will be the expense of the purchaser.
*The land is presently in a Farm Land Preservation Program and in the Land Use Tax Program, which is optional for the new buyer.  In the event the new buyer chooses to not continue the property in the Land Use Tax Program, the new buyer will be responsible for the land use transfer fee. 

Auction Lot 5
12.5 +/- Acres

US Hwy. 52 Road Frontage  -  Approx. 2 miles north of Norwood City Limits and 1 mile south of Porter on east side of Hwy. 52
Tax ID #:  Portion of 655503412479
Deed Book: 644 Page:  996
This tract is part of a 27 +/- acre tract with a tax value of $101,452.00.  The property is enrolled in a land use program. 
Pine timber tract on gently rolling grade.  First thinning performed approx. 5 years ago.

The Auctioneers have placed white stakes at approximate corners to lots to assist in illustrating the property lines.   These stakes are for illustrative purposes only and do not reflect survey boundaries.
If this auction lot is sold seperately from auction lot 5, a survey will be required. The surveyor will be chosen by the auctioneers and the survey will be the expense of the purchaser.
*The land is presently in a Farm Land Preservation Program and in the Land Use Tax Program, which is optional for the new buyer.  In the event the new buyer chooses to not continue the property in the Land Use Tax Program, the new buyer will be responsible for the land use transfer fee. 

 



Auction Lot 6
Commercial Building, the Internet calls it "The Worlds Largest Chest of Drawers" Located at 508 North Hamilton Street in High Point, NC

Guilford County

508 N. Hamilton Street is within an easy walk to downtown High Point, the hospital and the new High Point baseball stadium.   It’s location is optimized for your business and is a High Point landmark. 

The top of the “Chest” has been enclosed so that the area can be entered on the roof through a walk through door.   This was done to eliminate any moisture issues on the back part of the front façade. 
PIN 0189768 Furniture Showroom
Plat Lot 40

Originally built in 1950.
Tax Value = $107,200
Zoned CB – Commercial Business for retail use.
The main floor is 1485 square feet.  The unfinished basement is 897 square feet.  Both levels are independently heated and cooled.  Heat and air conditioning has been recently updated with new outside units.
There is a ½ bath on each floor.
The upstairs area is finished with paneled wood inside the ‘Chest of Drawers’.  The rear portion of the upstairs is finished with drywall.   Large windows are on either side of the large room. 
A side entrance is handsomely accessed via a brick landing to the upstairs area.  There is a back interior stairs connecting the upstairs to downstairs.   The basement has a 6’0” double steel door on the rear of the building as an exterior entrance.
The driveway is gravel leading to parking in the rear of the property.  There is a traffic light in front of the property on Hamilton Street which allows for each access from the property.
The rear lots have a wooden fence spaced approximately 25’ from the back street, Oakland Place. 
Any personal property items depicted in the accompanying photos do not convey with the real estate. 
The back of the front lot and front of the back lots meet in a low area of the property that is serviced with drains. 
Vacant lot at 511 Oakland Place, Plat Lot 50,  PIN 0189781, .17+/- Acre. $10,000.00 Tax Value, Zoned CZ-CB
Vacant Lot at 509 Oakland Place, Plat Lot 58, PIN 0189782, .17+/- Acre, $10,000.00 Tax Value, Zoned CZ-CB



PRE-AUCTION OFFERS ENTERTAINED & BROKER PARTICIPATION ENCOURAGED

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 Seven Percent (7%) Buyer’s Premium added to the final bid price to determine the final contract purchase price of auction lot 1,3,4 & 5. There will be a Ten Percent (10%) Buyer’s Premium added to the final bid price to determine the final contract purchase price of auction lot 2.  If the Buyer is represented through a Buyer’s Agent, there will be an additional Two Percent (2%) Buyer’s Premium. 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:

Online auctions are timed events and all bidding will begin to close at a specified time. Online auctions also have an auto-extend feature. Any bid placed in the final ten minutes of an auction, will automatically extend the auction ten minutes from the time the bid was placed. Example: If an auction is scheduled to close at 6:00 and receives a bid at 5:51, the close time will automatically extend to 6:01. The auto-extend feature will continue until there is a ten-minute period without a bid being placed on any item in the auction.

 

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 unless the time is reduced at the sale at the auctioneers discretion.

 

Outbid / Back-In Notification:

During this auction process, there is a chance that you will be overbid by a combination bid of multiple lots. At that time, you will receive an outbid notification. If another Bidder breaks the combination by raising the bid on a lot other than the lot you were bidding on, you will automatically be placed back in the winning position for your lot. You will then receive a back-in 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:

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. Placing a bid creates a contractual agreement to purchase the property at the high bid price plus a Buyer’s Premium and any additional fees 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 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.

 

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 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:

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 Auction Purchase Contract. This online only auction 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 Auction Purchase Contact on the event page of each specific auction.

 

Auction 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 auction unless the bidder is at the bid center 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 auction. All due diligence periods end the date the auction is schedule to end, and prior to the end of the auction. 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.

 

Auction 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 auction 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 Twenty Percent (20%) earnest money deposit, which shall be non-refundable.

 

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.

 

Auction 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 auction, or remove any item or lot from this auction 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 auction 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 auction. 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 auction. 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 auction. 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:

As specified in the Auction Purchase Contract.

 

Deed:

As specified in the Auction Purchase Contract.

 

Possession:

Not given until closing and further specified in the Auction 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 earnest money payment to Iron Horse Auction Company, Inc.

 

Age Requirement:

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


    Online Auction

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    •   Jul 24 @ 2:00PM EDT (End)
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