ONLINE ONLY
November 5th - November 12th at 3PM
PROPERTY DESCRIPTION
OFFERING: Real Estate AUCTION for (2) Winston-Salem, NC Infill Lots Selling Regardless of Price! .28 combined acres in Popular West End Area of across from Truist Stadium. Seller Financing Available. Zoned PB-S for an array of Commercial & Residential Uses.
Address: Located at the Corner of Fayette St. NW and W. First St. at 0 Fayette Street NW, Winston-Salem, NC 27101. For GPS Purposes, 114 Fayette St NW, Winston-Salem, NC 27101 is the adjoining parcel to the north of these lots.
Auction Information: The (2) Adjoining Lots will be Sold to the Highest Bidder Regardless of Price. Online Only Bidding will begin on Tuesday, November 5th, 2024, at 3:00 P.M. and begin ending on Tuesday, November 12, 2024, at 3:00 P.M. Bidders control if the lots are sold individually or combined through Multi-Par bidding format.
On-Site Property Inspections: The Lots are undeveloped. Prospective bidders are free to visit them at their own leisure and liability.
Area Description: An ideal development opportunity just west of downtown in West End, a haven for the city’s most admired local restaurants, breweries, shops and architecture. A superb placement at the intersection of Fayette St NW and W. 1st St., as the lots are diagonal from Trust Stadium, home of the Winston-Dalem Dash minor league baseball team. Surrounded by large modern apartment communities and established commercial. Just 200ft from Peters Creek Parkway with wonderful visibility where it intersects at W. 1st Street. Just a quarter mile from Hwy 421, Exit 234A.
Lot Description: The Lots have a combined 130.3 ft of frontage along Fayette St and 125ft of W. 1St Street frontage along Lot#1. The is metal fence-lined sidewalks along the south and east perimeters with cut-curb access to Lot #1 along W.1st Street. The lots are mostly cleared except for overgrowth along portions of the lot boundaries. Topography map is available via GIS and included in the document section of this website.
AUCTION LOT | PARCEL ID | Legal | Acreage | Tax Value | 2024 Tax | Fayette St Frontage (ft) | 1st Street Frontage (ft) | Info |
1 | 6825-85-8486 | LO:018B BL:0104 | 0.12 | $ 64,300.00 | $ 907.62 | 58.7 | 125 | Corner Lot |
2 | 6825-85-8590 | LO:019 BL:0104 | 0.16 | $ 71,300.00 | $ 1,003.01 | 71.6 | N/A | North of Lot 1 |
TOTALS = |
|
| 0.28 | $ 135,600.00 | $ 1,910.63 | 130.3 | 125 |
Zoning: PB-S Pedestrian Business: The PB District is primarily intended to accommodate office, retail, service, institutional, and high-density residential uses which customarily serve community and convenience business needs of smaller communities and urban nodes in the city and county. The Permitted Use Schedule can be found in the Document Section of our website, and the complete Winston-Salem/Forsyth County Unified Development Ordinances (dated 8.15.24) can be downloaded at https://www.udoclearcode.org/ . For specific zoning and use questions, please contact Zoning Department representative Marc Allred, 336-747-7069 or [email protected]
Forsyth County PIN #: (lot #1) 6825-85-8486 and (Lot#2) 6825-85-8590
Deed: Deed Book 002497 on Page 04068 & Deed Book 002702 on Page 02611
Flood Zone: The Lots are not located within a flood hazard area or watershed area according to the Forsyth County GIS website.
Seller Financing: Seller financing will be available to the prevailing purchaser(s). Requirements include:
- 22-year amortization
- 3-year balloon
- 30% down payment at closing
- 7.5% interest rate
- 1% Origination Fee
Additional terms apply. Please refer to the Specimen Purchase Agreement to be included in the document section of this webpage.
Terms of Sale:
- The property will be Sold ABSOLUTE to the Highest Bidder Regardless of Price
- 10% Buyer Premium added to the High Bid Price to make a Total Purchase Price paid by the buyer at closing.
- The Earnest Money requirement of 20% of Total Purchase Price by wire transfer payable to IRON HORSE AUCTION CO., INC. ESCROW ACCOUNT within 24 hours after the end of the auction.
- Closing Deadline: Property is to be closed on or before December 18, 2024.
- All bids are Auto Extended 5-Minutes with each new bid within five minutes of ending.
For complete Terms of Sale, please refer to the Sample Purchase Agreement to be included in the document section of this webpage
INSPECTION
The Lots are undeveloped. Prospective bidders are free to visit them
at their own leisure and liability
AUCTION MANAGER
Jason Dolph
704-502-0388
All items in this auction are 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 items being sold. Descriptions of the items are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspections prior to the auction. All due diligence periods end the date the auction is scheduled to end and prior to the end of the auction. It is possible that the property being sold is subject to local, state and federal regulatory authorities and it is the Buyer’s responsibility to ascertain if they are subject to regulation and permitting. 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 items 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.
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. The Auctioneer reserves the right to bid on items on behalf of the Seller as permissible by the Uniform Commercial Code.
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. 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 and all bidding will begin to close at a specified time. Iron Horse Auction Company, Inc. online auctions also have an auto-extend feature. Any bid placed in the final five minutes for an auction item will automatically add 5 minutes to the time the bid was placed. Example: If an auction item is scheduled to close at 3:00 and receives a bid at 2:56, the close time will automatically extend to 3:05. The auto-extend feature will continue until there is a five-minute period without a bid being placed on each 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.
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 (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:
Twenty Percent (20%) of the final contract purchase price is required as non-refundable earnest money in the form of a wire transfer. The earnest money deposit is due simultaneously with the execution of the Real Estate Purchase and Sale Agreement, with the balance of the contract purchase price due at closing, which shall be on or before 3:00 P.M., Wednesday, December 18, 2024. 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 24 hours of the close of the auction.
Closing:
Property is to be closed on or before 3:00 P.M., Wednesday, December 18, 2024.
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. 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 is to be closed on or before 3:00 P.M., Wednesday, December 18, 2024 at the office of the Purchaser’s attorney.
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 scheduled 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 24 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 24 hours of the end of the auction. Successful Bidders and/or Buyers not executing and returning contracts with earnest money deposit within 24 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. 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 or older.