ONLINE BIDDING INFORMATION:
TO BID ON THIS PROPERTY, Please register here on our secure Online Bidding Platform. A credit or debit card will be required to bid, and will be checked for a $5000 available balance. YOUR CARD WILL NOT BE CHARGED at that time, but will only be checked for validity. Once you are approved to bid, you will be able to easily bid immediately from your smartphone or computer all the way up to the conclusion of bidding on WEDNESDAY, DECEMBER 9th at 6pm. YOU WILL ALWAYS BE ABLE TO VIEW THE CURRENT HIGH BID THROUGHOUT THE AUCTION BY VISITING THE AUCTION LISTING ON OUR WEBSITE.
GENEROUS TERMS AND CONDITIONS ALLOW FOR UP TO 45 DAYS TO CLOSE WITH A $20,000 DEPOSIT AFTER THE AUCTION. GUARANTEED FREE AND CLEAR TITLE.
If you are the winning bidder, your card will be then be charged $5000 for the initial required deposit when the bidding ends. The remaining $15,000 deposit is due within 24 hours after the auction ends by cashier's check or wire transfer. Please read the complete terms and conditions for this sale by clicking on the "Documents" tab here in the auction listing.
PLEASE CALL 804-338-3458 OR 804-971-3884 FOR ADDITIONAL INFORMATION ON HOW TO BID ON AND TOUR THIS PROPERTY.
This stunning wooded property features a 2068+- square foot 3 bedroom home overlooking 10.1+- acres of beautiful mature hardwoods with creek frontage. The entrance to the property is at the rear cul-de-sac of Lock Lane in Western New Kent just off Cosby Mill Road, providing a beautiful, private and secluded homesite.
The solid and fully functioning condition home features a large 27 x 17 great room with stone fireplace, living room with brick fireplace, and a first floor primary bedroom with walk-in closet and adjacent full bath. The partially finished second floor includes 2 additional bedrooms and a full bath.
The home also features a full walk-out basement, recently updated heat pump, private deep well and septic system. A-1 agricultural zoning.
PROPERTY TOURS will be held 2 dates for your convenience, and also by private appointment: WEDNESDAY, NOVEMBER 18th and WEDNESDAY, DECEMBER 2nd from 3-5pm each day. The property will be sold by INTERNET ONLY BIDDING with the auction closing at 6pm on WEDNESDAY, DECEMBER 9th at 6pm.
Terms and Conditions of Sale: $20,000 down in certified funds within 24 hours of closing of auction, closing within 45 days, 10% buyer's premium applies. See full terms and conditions of sale and broker participation information by clicking the "documents" tab in this listing.
Please contact Dubby Isgett at 804-338-3458 or Tyler Isgett at 804-971-3884 for more information or to schedule a private tour.
Isgett Auction Marketing
2878 Quaker Road
Quinton, VA 23141
804-338-3458
VA Licensed Auctioneer No. 2426
Terms and Conditions of Real Estate Auction
11700 Old Lock Lane, New Kent Virginia
Isgett Auction Marketing 804-338-3458
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 45 days after the 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 $20,000 to be applied to the purchase price at closing. The funds for the deposit shall be in the form of a cashier’s check, 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 45 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.
Clear Title The seller(s) guarantees a clear, marketable title for this property, free of all liens. The purchaser may elect to have a title search performed, and/or purchase title insurance for the property at their expense. In the event that the purchaser’s title search reveals a purported defect in the title, the seller shall have an additional 30 legal business days from the date of such notification to the seller, as a “cure period,” to remedy any alleged defect so that closing can then take place according to these terms and conditions.
Additional Terms for Online Bidding This auction will be sold by online bidding using the bidding platform on at our website, www.IsgettAuction.com. There is no in person bidding for this sale, however please reach out to us at 804-338-3458 with any questions or to learn how to bid in this sale.
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, but will simply be checked by our software for validity. 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 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 then allow up to 24 hours afterwards for the buyer to meet with us to complete all paperwork related to the transaction and submit the required non-refundable certified deposit. In the event that these additional terms and conditions are not adhered to by the purchaser(s), we reserve the right to then immediately charge $5,000.00 to your card on file and offer the property to the backup bidder. Please register online and ask any questions related to online bidding well in advance of the ending of bidding so that we may have ample time to approve your registration and/or answer any questions you may have.
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.
