SELLING SATURAY, OCTOBER 5th at 10am LIVE ONSITE with SIMULCAST INTERNET BIDDING AVAILABLE! This 2.01+- acre waterfront estate is situated on the southern banks of the Piankatank River in northwestern Gloucester County and is just over an hour drive from the Richmond City limits or the Tidewater area. Features a 2040+- square foot 4 bedroom home with glass front windows on the riverfront side, a custom built private dock with covered boat lift and 7-9 foot average water depth at end. The shoreline is protected by a recently improved rip-rap revetment and treated lumber bulkhead.
The glass-front home features a large living area with a spectacular view of the river, 4 bedrooms, 2 full baths, eat-in kitchen, dining area, loft area and utility room with washer and dryer conveying with the sale. On the outside is full-front deck overlooking the river, screened gazebo, detached 2-car garage with workshop and upstairs storage, paved circular driveway, recently replaced roof and replacement windows.
This property consists of two parcels, the main home 1.37+- ac parcel plus a .64+- ac access parcel which connects the property to the entrance within the Riverwatch development. The access to this property is through East-West Parkway in the Riverwatch development, however the property being sold in not a part of the Riverwatch Homeowner's Association.
This beautiful property is a fantastic opportunity to renovate to your liking to make this your dream waterfront estate. There were some updates left in progress by the previous owner in the master bathroom, which is not currently functional. There appears to be a roof flashing leak in the fireplace area in the master bedroom, and the fireplace area on the roof has been temporarily covered with a tarp.
Property Tours will be held on these 4 dates for your convenience, and also by appointment: Friday, September 20th from 4-6, Saturday, September 21st from 10-12, Friday, September 27th from 4-6 and Saturday, September 28th from 10-12. The property will be sold live onsite with online bidding on Saturday, October 5, 2024 at 10:00 am.
For more information, or to schedule a private tour, call Dubby Isgett at 804-338-3458 or Wimpy Isgett at 804-357-2000.
Terms of sale: $25,000 down in certified funds on day of auction for live bidders, with additional terms for online bidders, closing in 30-60 days. 10% buyers premium applies. Property is sold in as-is condition. See full terms and conditions of sale for online and live bidding and broker participation information by clicking the "documents" tab in this listing.
Isgett Auction Marketing
Virginia Licensed Auctioneer No. 2426
Terms and Conditions of Real Estate Auction
8055 Riverwatch Court, Gloucester Virginia
Isgett Auction Marketing 804-338-3458
October 5, 2024
Announcements Any announcements made on the day of the auction take precedence over all previous announcements, including information printed in any electronic format, whether oral or written.
As-Is Condition All property is sold in “as-is, where-is” condition. There are no warranties or guarantees of any kind as to the condition, functionality or lawful uses of the asset(s) being sold. It is the responsibility of any potential bidder to do their own due diligence on all assets they intend to bid on. Any measurements furnished by the auctioneer such as lot size, acreage and square footage are for information only and should be verified by the potential bidder prior to bidding. Sale of property is not contingent on financing, inspections or any other contingencies of sale. On residences built before 1978, the purchaser waives the right for a 10 calendar-day opportunity to conduct a risk assessment for the presence of lead-based paint hazards.
Financing Sale of property is not contingent on financing. Prospective bidders are encouraged to make their own arrangements for financing if required prior to bidding on the property. Financing needs must be secured and in place by the prospective bidder so that closing takes place within the required 60 days after the auction. Contact the auctioneer for information if needed on mortgage lenders familiar with the purchase of real estate at auction.
Buyer’s Premium A 10% buyer’s premium will be added to the purchase price (high bid) and will become a part of the contract price. As an example, if the high bid is $100,000 on a property, a buyer’s premium of $10,000 will be added for a total contract price to be paid by the buyer of $110,000.
Conducting of Auction The auction will be conducted by the auctioneer in the matter deemed best for the interest of the seller. Bidding is open to the public without regard to race, religion, sex or national origin. Bidders must register with the auctioneer prior to the auction. The auctioneer reserves the right to reject any bid that is not in proportion to the value of the asset being sold. The auctioneer retains the right to protect the seller’s reserve by bidding on behalf of the seller. If any dispute arises between bidders, the auctioneer shall use his sole discretion to settle the dispute, determine the high bidder or re-offer the asset. The auctioneer’s recording of the auction shall be deemed final in determination of the high bidder and contract price. The auction is subject to approval by the seller or court. Attendees of the auction agree to hold the auctioneer and seller harmless for any injury or loss sustained while inspecting the property or attending the auction.
Deposit After Auction The successful bidder, immediately upon the conclusion of the auction, shall present to the auctioneer a non-refundable deposit of $25,000 to be applied to the purchase price. The funds shall be in the form of a cashier’s check made out to yourself and endorsed, a check accompanied by a bank letter of guarantee, or if other arrangements have been made with auctioneer.
Closing The successful bidder will at the conclusion of the auction sign all forms related to the contract to purchase the property. The purchaser will make an appointment with a real estate closing agent promptly so that closing will take place within 30-60 days from the date of the auction. Time is of the essence with regard to closing. At the time of closing the purchaser will receive a deed to the property in exchange for full payment including all closing costs.
The seller shall be responsible for the execution and cost of preparing the deed. The purchaser shall be responsible for all other closing costs, including surveys, title insurance charges, wire transfer fees, customary expenses and recordation taxes, including the Grantor’s tax. Real estate taxes, rents and water and sewer expenses will be pro-rated at the date of closing.
Additional Terms for Online Bidding Real estate auction purchases are significant transactions. We strongly recommend that you if at all possible attend the auction in person and bid. We cannot be responsible for software, internet connection or other issues which may prevent your bids from being properly received. This auction will be conducted live onsite at the property, however we welcome you to view and bid online through our online bidding platform as well. Once registered and approved, online bidders will be able to bid competitively up to and during the live onsite sale on the advertised date and time. During the live onsite sale, we will accept online and live bids to determine the high bidder for the property(s) being sold.
To register and bid online in this auction, please visit our website, isgettauction.com and go to the property on which you wish to bid, and follow the prompts to register. Once you agree to the terms and conditions of sale, we require a major credit/debit card to be registered with us and checked for an available balance of at least $5,000.00. Your card will not be charged at this time. We will contact you by phone previous to approving your registration to answer any questions you may have and confirm that you have read and are familiar with the terms and conditions of sale. We will also require a copy of your driver's license or other government issued identification. We reserve the right to accept or reject any online auction registration for any reason.
If you are the winning bidder in the auction, you will be contacted by us again by phone and email using the information you provided to us to confirm that you are the winning bidder. We will immediately, after you are declared the winning bidder, charge your card on file the amount of $1,000.00 as an initial deposit. Within 24 hours after the conclusion of the auction, the winning bidder will meet in person with the auctioneer to complete and sign all required paperwork and submit the remaining non-refundable deposit in certified funds. In the event that these additional terms and conditions are not adhered to by the purchaser(s), Isgett Auction Marketing reserves the right to seek any and all legal means to secure the required certified funds deposit outlined in the terms and conditions of the auction. This includes charging your card on file the entire deposit amount due, legal action and offering the property to the backup bidder. Please register online and ask any questions related to online bidding well in advance of the live simulcast auction as we may be onsite on the days leading up to the auction and unable to answer questions and approve your registration.
Real Estate Brokers and Agents Isgett Auction Marketing will pay 10% of the auctioneer’s commission at closing to a licensed real estate broker representing the winning bidder who successfully closes on the real estate offered. To qualify for the broker commission, the broker must do the following: 1. Register the prospective bidder using the form supplied by the auctioneer no later than 48 hours prior to the time of the auction. 2. Assist their client as needed in purchasing the real estate. The registration form can be obtained from the auctioneer and must be filled out completely, signed by the broker and the prospective buyer. If the prospect is a client of an agent of the broker, the agent must also attend the auction. The commission paid to the broker is 10% of the 10% buyer’s premium, or 10% of any negotiated commission.
Special note: No commission will be paid to a broker on any sale in which the buyer is affiliated with the broker’s firm, is involved with any business entity with the broker, is an immediate family member of the broker or agent, or if the prospect has previously been in communication with the auctioneer in regards to the property.
Remedies for Default in Purchase If any of the applicable terms and conditions contained within this document are not complied with by the buyer, the auctioneer may, in addition to any and all remedies available by law, hold the defaulting purchaser liable for the full amount of the auction contract. The auctioneer may also, at his discretion, cancel the sale and retain any deposits toward the purchase as liquidated damages. The auctioneer further retains the right to offer the property to the backup bidder, and/or re-sell the property upon 10 days notice to the defaulting purchaser.
Acceptance of Terms and Conditions Prospective bidders by registering for the auction acknowledge that they have read and accepted these terms and agree to be bound by them as set forth in this document. These terms and conditions as well as the completed purchase agreement may not be modified in any manner after the date of auction unless agreed to in writing by the sellers and auctioneer.
