Pursuant to the Power of Sale in the Deed of Trust
4,353±SF Office Condominium
2575 Homeview Dr, Richmond, VA 23294
Live Onsite Auction Monday, February 26, 2024 at 2:00 PM
CLICK "BID ONLINE NOW!" TO REGISTER FOR MORE INFORMATION & AUCTION UPDATES
Property Inspection: Friday, Feb 23rd at 12 noon, by appointment only
Sale Manager: Jeb Howell 770-841-9924 or Jeb@AMCbid.com
Bid Caller: John S. Nicholls, Nicholls Auction Marketing Group, Inc, VAAF 2908000729
for Broker Registration
SALE TAKES PLACE AT THE PROPERTY
Pursuant to the Power of Sale contained in the Deed of Trust dated April 20, 2019 recorded in the Clerk’s Office of the Circuit Court of Henrico County, Virginia, Deed Book No. 5846, Page 1127, Instrument No. 201900012324, the asset will be sold at public foreclosure auction by and through Auction Management Corporation to market this foreclosure in order to sell the asset for a fair market cash price. The Secured Creditor (Beneficiary) does not wish to bid at the foreclosure sale, so DO NOT MISS this opportunity to obtain this excellently located property! All available information including the Notice of Power of Sale, the Deed of Trust, and the Memorandum of Sale the winning bidder will be required to sign can be viewed at our website.
Terms: A ten percent (10%) Buyers Premium will be added to the winning bid to determine the Purchase price. For example, a winning bid of $500,000 would result in a Purchase Price of $550,000. Execution by the winning bidder of the Memorandum of Sale (form of this agreement is posted on our website) will be required at the completion of the bidding at the auction along with a deposit of $25,000 or 10% of the Purchase Price, whichever is lower, payable in cash or cashiers check upon the completion of the bidding at the auction. In the event buyer pays the deposit of $25,000 and cannot furnish the full 10% at the auction, the balance due must be paid by wire transfer or cashier’s check to Substitute Trustee within two business days after the auction. The balance of the Purchase Price is payable at closing, to be held no later than thirty (30) days after the Sale.
The asset to be sold consists of a single level brick sided 4,353±SF office condo built in 1999 with a mix of private offices and open floor plan in a 17,409±SF Office condo building on 2± acres. The vacant property is zoned B-3C by Henrico County. B-3 zoning is intended to provide a mix of commercial, automotive, and recreational activities that are located appropriately on arterial roadways. Allowed B-3 uses include offices; retail uses; drive-thru and specialty restaurants; automobile sales, rental, repair, and service; live/work dwellings; theaters, arenas, stadiums, and sports parks; and kennels, although the HOA bylaws may limit these uses somewhat.
Henrico County Parcel ID#759-756-8555.006
2023 Tax Value: $631,200
2023 Taxes: $5,365.20. Property taxes are payable June 5th and December 5th of each year. Current unpaid balance including penalties and fees is $5,851.65. Foreclosure does not extinguish this lien.
Association Dues: $5,436/ year, payable quarterly
GENERAL TERMS AND CONDITIONS
Please see the Memorandum of Sale and the Advertisement for the full terms of the foreclosure sale. Both are posted to our website.
The foreclosure has been scheduled pursuant to the Power of Sale contained in the Deed of Trust under which a default has occurred. Auctioneer has been employed by the Substitute Trustee, Hamill D. Jones, Jr and is not an agent Beneficiary under the Deed of Trust (the “Beneficiary”). Auctioneer will conduct the open outcry auction of the assets in coordination with and under the supervision of the Substitute Trustee, who is responsible for facilitating the foreclosure sale.
The real property is to be sold for cash subject to outstanding ad valorem taxes and/or assessments, and superior easements, restrictions and rights of way and other superior matters of record, if any.
The property offered pursuant to the Power of Sale is being offered for sale, transfer and conveyance “AS IS, WHERE IS.” As more fully set forth in the Memorandum of Sale, none of the Auctioneer, the Beneficiary for the Secured Creditor, nor the Substitute Trustee, nor the officers, directors, attorneys, employees, agents or authorized representatives of either the Auctioneer, the Beneficiary, or the Substitute Trustee makes any representation or warranty relating to the title or any physical, environmental, health or safety conditions existing in, on, at or relating to the property being offered for sale, and any and all responsibilities or liabilities arising out of or in any way relating to any such condition expressly are disclaimed.
As set forth above, any successful bidder will be required to deposit with the Substitute Trustee immediately upon conclusion of the sale a cash deposit of the lower of 10% of the Purchase Price (bid amount plus 10% Buyers Premium) or $25,000.00.
AUCTIONEER’S RECOMMENDATION: Because the foreclosure requires cash for 10% of the Purchase Price (bid amount plus 10% Buyers Premium) or $25,000.00, bidders can either bring cash or cashier’s checks or a combination of same up to the amount of 10% of their maximum intended Purchase Price or $25,000. The cashier’s checks can be made out in increments so that adjustments can be made to total the final bid amount if your bid is the winning bid.
BROKER REGISTRATION: VA licensed real estate brokers may register for a commission of 1% of the bid amount if their client is the winning bidder. Registration link is on our website. Registration must be completed more than 24 hours prior to auction date, and must precede contact by prospect with Auctioneer. Cooperating broker will be paid by Auctioneer after closing as Foreclosure Memorandum of Sale cannot be signed by cooperating broker. Neither Substitute Trustee nor Beneficiary have any liability for paying cooperating broker.
THE ASSET IS OFFERED SUBJECT TO LOAN PRE-SALE, CANCELLATION OF FORECLOSURE, OR REMOVAL FROM SALE. PLEASE CHECK OUR WEBSITE FOR ASSET STATUS PRIOR TO FORECLOSURE.