18 Unit Apartment Property

FORECLOSURE AUCTION

315 & 316 BURKHEAD STREET, WHITEVILLE, NC 28472

Thursday, September 25th, 2014 at 10:00 AM

SALE TAKES PLACE ON THE PREMISES

Pursuant to the Amended Notice of Foreclosure Sale at foreclosure, posted April 25th, 2013 at the Columbus County Superior Court by the Substitute Trustee, the property will be sold at public auction, to the highest bidder for cash. The Secured Creditor does not intend to bid at the foreclosure sale, so it has engaged Auction Management Corporation to market the foreclosure in order to sell the asset for a fair cash price, determined by the market. Borrower has signed a consent agreement to allow the sale without interference. DO NOT MISS this opportunity to obtain a good investment property for the price you pay at public auction! All available information including the Notice of Sale can be viewed at our website.

Terms: Greater of $750 or 5% of winning bid due at conclusion of auction, balance in 30 days, conveyance by non-warranty deed. Subject to NC statutory upset bid process. Buyer pays Clerk’s Commissions of .45% to a maximum of $500 plus 1% land transfer tax.

The asset to be sold consists of two separate corner lots selling together on either side of Burkead Street, on the east side of the intersection with a street known as Martin Luther King on the south side of the interchage, and Memory Lane on the north side. 315 Burkhead consists of 4 units with 190+- feet of frontage on the south side of Burkhead and 150+ feet of MLK frontage. 316 Burkhead consists of 14 units with 200+ feet of frontage on the north side Burkhead and 175+ feet of Memory Road frontage. The brick-sided asset was originally constructed in 1966 as a rest home for the elderly and known as Century Care Center. Per the July 2013 appraisal, the unit mix is six 3 bedroom units, ten 2 bedroom units, and two 1 bedroom units. There is a unit labelled as an office at the front of 316 Burkhead which may be one of the 14 indicated units. The tax cards indicate approximately 20,000 sf of improved space on the two lots, zoned R6-MF. The asset, known as Property Tax PIN is 0281.04-71-6865.000 or Map #s 1212 and 1213, is shown on the Columbus tax records as having a value of $331,200. There appear to be tenants in some of the units, but if there are leases in place or rents being paid or collected, it will be the responsibility of the buyer to negotiate with the tenants or pursue evictions.

PLEASE NOTE:

The foreclosure auction of the 18 unit property will be held onsite at 315 AND 316 BURKHEAD STREET, WHITEVILLE, NC 28472 ON THURSDAY, SEPTEMBER 25TH at 10:00 AM.

A five percent cash deposit, or a cash deposit of $750.00, whichever is greater, will be required of the last and highest bidder at the conclusion of the auction in cash or cashier's check. Close within 30 days.

Columbus County & City of Whiteville Past Due Taxes among due diligence documents.

GENERAL TERMS AND CONDITIONS

The foreclosure has been scheduled pursuant to the power of sale contained in the Deed of Trust, executed with a borrower who is in default in the payment of the indebtedness secured by the Deed of Trust. The Substitute Trustee was granted authority under the Deed of Trust to expose for sale at public auction the real property. Auctioneer has been employed by the Secured Creditor to market the foreclosure sale and is not an agent of the Substitute Trustee, although 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.

The real property is to be sold for cash subject to all liens, encumbrances, restrictions, easements and rights of way of record as may have priority over the lien of the Deed of Trust; and to all taxes, water rents and special assessments, if any.

The property to be offered pursuant to the Amended Notice of Sale (available for inspection at www.auctionEbid.com) is being offered for sale, transfer and conveyance “AS IS, WHERE IS.” Neither the Auctioneer, the Substitute Trustee nor the holder of the Note secured by the Deed of Trust/Security Agreement, nor the officers, directors, attorneys, employees, agents or authorized representatives of either the Auctioneer, the Trustee or the holder of the Note 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.

Pursuant to North Carolina General Statutes § 45-21.10 and the term of the Deeds of Trust, any successful bidder will be required to deposit with the Substitute Trustee immediately upon conclusion of the sale a cash deposit of $750.00 or 5% of the bid, whichever is greater. Any successful bidder shall be required to tender the full balance of the purchase price so bid in cash at the time the Trustee tenders to him a deed for the real property or attempts to tender such deed, and should said successful bidder fail to pay at that time the full balance of the purchase price so bid, he shall remain liable on his bid as provided for in North Carolina General Statutes § 45-21.30(d) and (e).

AUCTIONEER’S RECOMMENDATION: Because the Notice of Sale requires cash for the greater of $750 or 5% of the winning bid amount, bidders can either bring cash up to 5% of their maximum intended bid, or cashiers checks made payable to yourself which you can endorse to the Substitute Trustee, Melissa S. Gott, Esquire, if you are the winning bidder, or a combination of cash and cashiers checks. You may, for example, bring several cashiers checks of $500 and $1,000, plus additional cash for smaller increments of the required deposit.

The sale of shall be held open for upset bids for ten (10) days after the filing of the Trustee’s report of sale with the Clerk of Superior Court of Columbus County, North Carolina, as required by law.

The purchaser of the property shall pay the Clerk’s Commissions in the amount of $.45 per $100.00 of the purchase price (up to a maximum amount of $500.00), required by Section 7A-308(a)(1) of the North Carolina General Statutes. If the purchaser is someone other than the Beneficiary under the Deed of Trust, the purchaser shall also pay, to the extent applicable, the land transfer tax in the amount of one percent (1%) of the purchase price.

AUCTIONEER’S NOTE: Although anyone can submit an upset bid within 10 days of the sale by going to the clerk of court’s office and raising the bid by a minimum of 5% and paying the required deposit, thus triggering another 10 day upset period, in practice this happens only infrequently.

THE ASSET IS OFFERED SUBJECT TO LOAN PRE-SALE, CANCELLATION OF FORECLOSURE, OR REMOVAL FROM SALE. PLEASE CHECK OUR WEBSITE AT www.auctionEbid.com FOR ASSET STATUS PRIOR TO FORECLOSURE.

GOT QUESTIONS?

CALL Jeb Howell at 770-980-9565 , jeb@auctionEbid.com

Auction Management Corporation, NCAL 7403