2 Fully Leased 2 BR/1 BA Duplex Units (4 Residences Total) in Franklin, VA--ONLINE ONLY BIDDING!!

PUBLIC REAL ESTATE AUCTION EVENT

ONLINE ONLY BIDDING!!

Please bid early and often & understand that the online only bidding begins to close on Wednesday, February 8, 2023 @ 11:00am (Eastern).

Need a Mortgage?....Just click on one of the lenders in the "Financing" menu above.

We've post descriptive photos, and there will be no official home tour due to each unit being currently occupied.  Please contact Tony Wilson (540-748-1359) for more information.

• 2 fully leased 2 BR/1 BA duplex units (4 residences total) in Franklin, VA (205 A & B Hall St. and 805 & 807 Railroad Ave.)
• All 4 units are currently leased (month to month) and are managed through a property management company:  Total monthly revenue is $3,050.
• Each unit features 2 BR/1 BA, eat-in kitchen (all appliances convey), living room & attic
• Luxury vinyl plank flooring & carpet
• Heating & cooling:  electric baseboard & window units
• Public water & sewer; electric water heater
• Covered front porch on all units; gravel driveways
• Other features:  all units have been recently renovated (2022) to include new paint, luxury vinyl plank flooring, carpet in bedrooms, new 40 year shingles, roof ventilation & new gutters.  Upgraded 200 amp electrical service in all units w/individual meter boxes for each unit.
• These duplexes are an excellent investment opportunity, and are conveniently located within minutes of Main St., schools, commerce, places of worship and a short drive to the Hampton Roads area!!
• Tax Maps:  122-06811-1A-1A, 2 ; Zoning:  R2; Yearly real estate taxes:  $1,484.00; Units were built in 1918 and has vinyl siding exterior; WE GUARANTEE A FREE & CLEAR DEED
• Only $100,000 Starting Bid!!

Need Financing for this property??  Please contact Tony Wilson for financing information (540-748-1359)

FOR REALTORS:  if you have been working with a Realtor, please have them click here and complete their broker participation form.  In order for the Realtor to be compensated, broker forms must be completed and submitted no later than 5 pm on the day before the auction (2/7/23), and all terms adhered to.

TERMS:  Thank you for your interest in this property. Contact Tony Wilson if you need additional information (540-748-1359).

This online auction is a cash sale not contingent on or subject to financing, appraisal, survey, study period or inspections of any kind, as agreed to by bidders at registration prior to bidding, and specified in the Offer to Purchase and Contract. Property is sold in as-is condition with no warranties or guarantees of any kind.

Per the contract, “TIME IS OF THE ESSENCE,” and you should proceed to closing immediately. You must close the transaction on or before 30 days from close of online auction and seller confirmation.  If your closing is delayed for any reason, by you, as purchaser, or other parties working on your behalf, including any lender you involve – you may be declared in breach of the contract, forfeit all deposits made, and could be additionally liable for any and all court costs, any price difference in a subsequent resale of the property, and all future auction costs incurred by the seller and Nicholls Auction Marketing Group, Inc.

Bid with confidence, but please do not delay your closing!

Terms & Conditions

Contract for Sale of Real Property: This property is offered under the specific terms provided in the contract. The Contract for Sale of Real Property is available at www.nichollsauction.com in the property information packet package located from within the “DOCUMENTS” section. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract for Sale of Real Property, Do Not Bid!

Nicholls Auction Marketing Group, Inc. has the sole authority to resolve any bidding disputes as they may arise.

Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Nicholls Auction Marketing Group, Inc. will reject the registration, and bidding activity will be terminated.

Online Terms: A $7,500 earnest money deposit will be required from the successful purchaser.  At the close of the online auction, and seller confirmation, the successful bidder will be emailed or given the contract package to execute and return to Nicholls Auction Marketing Group, Inc. Upon being declared the high and successful buyer, the credit card that you registered with will be charged $500 toward your deposit. The successful bidder’s remaining earnest money deposit ($7,000) must be in the form of cashier’s or certified check (United States Bank) or wire transfer to Nicholls Auction Marketing Group, Inc. and is due immediately. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees. You may be asked to show proof of funds for the deposit (via text or email) prior to being approved to bid.

Buyer’s Premium: A 10% buyer’s premium will be added to the final bid price to determine the total contract price. 10% Buyer’s Premium Example: Bid Price: $100,000 Plus 10% Buyer’s Premium: $10,000 Total Contract Price: $110,000

Contracts: Contract Packages will be sent by e-mail to the high bidder, who must execute and email, fax or overnight mail back to Nicholls Auction Marketing Group, Inc., within 24 hours of receipt. If the successful bidder does not execute and return their contract with earnest money deposit within 24 hours of receipt they will be considered in default and subject to legal action. This is a legal binding contract.

Auction Administrative Fee: In the event a winning bidder fails to submit the signed ’Contract for Sale of Real Property’ and deposit earnest money as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $7,500 on the credit card provided at auction registration. Additional default remedies are reserved by Nicholls Auction Marketing Group, Inc., and the Seller as provided in the Auction Terms & Conditions and the ‘Contract of Purchase’. All administrative fees are non refundable.

Closing: Time being of the essence, these sales shall be closed on or before 30 days from close and confirmation of online auction.  The purchaser will pay for all of their closing costs associated with the transaction.

Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as buyer’s agent. Nicholls Auction Marketing Group, Inc. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. At auctions with reserve, the seller and/or auctioneer reserves the right to bid.

Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being furnished to bidders for the bidder’s convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete.

Any reliance on the contents shall be solely at the recipient’s risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold ’AS IS’ with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding.

Realtor Representation: Pre-approved (no later than 5:00 pm Eastern on 2/7/23) realtor representation is compensated. Real estate agent must fill out and submit realtor representation form by time stated above and adhere to all rules in order to be compensated.

Technical Issues: Neither the company providing the software nor the auction company shall be held responsible for a missed bid or the failure of the software to function properly for any reason. The online bidding will begin to close on Wednesday, February 8 , 2023 @ 11:00am (Eastern Time). If there is bidding in the last few minutes before the auction closes, extended bidding will commence. If there are no bids within 2-3 minutes, the auction will end. This procedure prohibits any last second 'sniping' from taking place.  In the unfortunate event of a DDOS attack or server attack/shut down, the auction company reserves the right, but is not required, to change the bid closing deadline.