Due to buyer default, you have the opportunity to once again purchase this solid well located home!!
Our seller, residing outside of the United States and having inherited this home, has contracted us to market and sell this property at public auction to the highest bidder. Located in desirable South Stafford County, this home needs renovation, but has the potential to make an excellent primary residence or investment property. Make plans to be the new owner at the PRICE YOU BID!!
PROPERTY INFORMATION PACKET
- 5 BR/3 BA all brick home on 1.27 +/- acre lot in Little Creek Estates--1,800 +/- sf above grade (only 1.3 miles off of White Oak Rd.)
- Kitchen (all appliances convey); living room; dining room; partially finished walk-out basement; attic; rear deck
- Hardwood flooring on main level; carpet in lower level
- Single car attached garage; asphalt driveway
- Heated & cooled w/heat pump; electric water heater; fireplace in lower level
- Private well & septic system
- Well located in a wonderful development, this home is only 1.3 miles from White Oak Rd., 3 miles from Rt. 3 and close to downtown Fredericksburg!
- Tax Map: 59A-1-29; Deed Book: 867-721; Zoned: A-2; Home was constructed in 1977 and has brick exterior; Nearby Schools: Ferry Farm ES; Donald B. Dixon-Lyle R. Smith MS; Stafford Sr. HS
- Only $50,000 Suggested Starting Bid!!
Need Financing for this home?? Please contact Kelly Strauss for financing information (540-226-1279)
Although not required, 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 4/5/18, and all terms adhered to.
Property Tour: Thursday, March 29 @ 5pm SHARP. Please contact Kelly Strauss for more information (540-226-1279).
TERMS: $10,000 deposit is due immediately after confirmation of final bid and the balance due at closing within 45 days (unless prior written arrangements have been made by contacting Kelly Strauss 540-226-1279 or firstname.lastname@example.org). Deposit must be in the form of a cashier's check/certified check (from a US bank) made payable to yourself. A 10% buyer's premium will be added to the final bid, and will become a part of the purchase price. Property sold in as-is condition, and is not contingent upon buyer's financing, condition of property, appraisal, inspection, etc. Pre-approved (no later than 5 pm on 4/5/18) broker participation is compensated. Auctioneer's Note: All information and dimensions were derived from sources believed to be correct, but are not guaranteed. Buyers shall rely on their own information, judgment, and inspection of the property. All auction day announcements take precedence over any previously printed material or any other oral statements made.
Addendum to Contract
Disclosure of Obligations under the Foreign Investment in Real Property Tax Act “FIRPTA”
Seller is a “foreign person” for purposes of § 1445 of the Internal Revenue Code of 1986 as amended (the “Code”), and as such, Buyer is responsible for withholding a tax equal to fifteen percent (15%) of the gross sales price, which tax is to be deposited with the IRS at Closing.
The parties hereby agree to the following:
Under § 1445(b)(5) of the Code, Buyer is exempt from the withholding obligation when (i) the sales price for the real property does not exceed $300,000.00 and (ii) Buyer plans to use the real property as a residence. If Buyer does plan to use the Property as a residence, then Buyer and Seller agree that no amount of the gross sales price will be withheld as tax and the parties will rely on § 1445(b)(5) of the Code as a proper exemption from withholding.
If Buyer does not intend to use the Property as a residence, then Seller may submit an Application for Withholding Certificate, Form 8288-B, to request under § 1445(c) of the Code and Treasury Regulation §§ 1.1445-2(d)(7) and 1.1445-3 that no amount of tax be withheld due to the Property’s cost basis exceeding its gross sales price.
In such case:
Seller shall file a Form 8288-B no later than the day of Closing to request a Withholding Certificate reflecting no amount of tax to be withheld;
Buyer may withhold fifteen percent (15%) of the gross sales price at Closing;
Buyer will place such funds in an escrow account which will be maintained by the legal counsel and/or closing agent for Buyer or Seller, at Buyer’s choice; and
Within 20 days of receipt of a denial of the Withholding Certificate, if applicable, then the withheld funds in escrow will be deposited with the IRS to satisfy Buyer’s responsibility.
We are happy to offer online/simulcast bidding for bidders who cannot physically attend the live auction event. Please understand and agree that online bidding will only be allowed if the buyer is physically NOT on site at the live auction. Online bidding will NOT be allowed if you are physically in attendance at the live auction event.