Details

BANK-ORDERED FORECLOSURE: PROPERTY AUCTION - BID LIVE OR ONLINE

Sale Date: August 12, 2024 at 12:00 PM

Location: 5201 Monticello Ave, Williamsburg, VA 23188

Format: SIMULCAST AUCTION - Bid in person or online

All online bidders must register and wire their $25,000 deposit no later than August 11th @ 12:00PM; onsite registration is available day of sale with a $25,000 cashier's check. 

This bank-ordered foreclosure auction is for the sale of premium waterfront real estate.

BIDDING OPTIONS & REGISTRATION REQUIREMENTS

• Online Bidders:
  • Must register at least 24 hours prior to the auction (by August 11th, 12:00 PM)
  • Must complete all qualification requirements prior to approval
  • $25,000 initial deposit must be received 24 hours prior to auction
  • All required documentation must be submitted before bidding approval
• In-Person Bidders:
  • Can register on the day of the sale at the auction site
  • Must present a $25,000 cashier's check to the registration clerk
  • Must complete registration form before being approved to bid

PROPERTY DETAILS

Property Address: 2515 Manion Drive, Williamsburg, VA 23185

Legal Description: L-7 S-1 DRUMMONDS FIELD

Property Description: Luxury contemporary waterfront home built in 1986 featuring 4,608 square feet with 4 bedrooms and 4 full bathrooms on a 40,946 sq ft lot with James River frontage. Property includes an in-ground pool, screen porch, patio, and fireplace.

AUCTION TERMS

• Auction Type: Simulcast (bid in-person or online)
• Buyer's Premium: 10% added to the highest bid
• Required Deposit: $25,000 initial deposit required to register (cashier's check)
• Settlement Period: 30 days from date of sale
• Online Registration Deadline: 24 hours prior to auction start

IMPORTANT NOTES

• This is a BANK FORECLOSURE PROPERTY SALE. 
• A Substitute Trustee has been appointed to conduct this foreclosure sale.
• All sales are AS-IS, WHERE-IS with no contingencies.
• Bidders are encouraged to conduct appropriate due diligence regarding the property condition and all existing encumbrances.
• TIME IS OF THE ESSENCE for all settlement deadlines.

For further details, review the complete Memorandum of Trustee's Foreclosure Sale and auction Terms & Conditions available in the document section.

For online bidding assistance or technical support, please contact our auction team at (804) 581-1181

FOR REAL ESTATE AGENTS REPRESENTING BUYERS:  If you have been working with a Realtor, please have them CLICK HERE and complete the Realtor Representation form.
 

Location

Terms

TERMS AND CONDITIONS FOR THIS AUCTION EVENT FOR ONLINE BIDDING
This auction is held in connection with a foreclosure sale (the “Sale” or “Auction”) by the substitute trustee (the “Substitute Trustee”) appointed by the beneficiary (the “Beneficiary”) of a deed of trust (the “Deed of Trust”) and in accordance with the terms outlined in the Legal Notice of Sale (available under the Documents tab). The Memorandum of Sale that a successful bidder is required to execute is also provided. This is a simulcast auction. Bidders may submit bids both online and in person on site at the Auction.

Summary of Terms and Conditions:

Buyer’s Premium: 10% Buyers Premium added to the highest bid.
Approval to Bid: To be approved, all online bidders (“Bidders” and each a “Bidder”) must register at least 24 hours prior to the start of the Auction.
Deposit: Certified funds or cashier’s checks. A bidder’s deposit of 10% of the high bid amount will be required; Twenty Five Thousand Dollars ($25,000.00) is required as the
initial deposit on or before sale day, the remainder of the 10% deposit due within 3 business days, with settlement in full to be made within 30 days from the date of said Sale. The initial deposit is to be paid by cashier’s check payable to the substitute trustee, Jeffrey A. Ward, 540-946-4408, jward@fdwslaw.com. If a bidder registers to bid online the initial deposit must be received by wired funds or cashier’s check no later than 24 hours prior to the sale. If a bidder appears at the foreclosure sale on the sale date, either in person or by an authorized agent, the deposit may be brought to the sale by cashier’s check. Deposits received from online bidders that are not the successful high bidder will be returned within 24 hours of the completion of the sale. The deposit from the high bidder will be held and applied by the Substitute Trustee as required by the Trustee’s
Memorandum of Sale.
Broker Co-op: A $2,500 flat commission may be paid to a properly registered broker/agent at settlement. Agents must register their buyers at least 24 hours prior to the Auction.
Closing: 30 day closing, As-Is, no contingencies, per the terms of the Trustee’s Memorandum of Sale.
Agency Disclosure: Dudley Auctions Inc. dba Dudley Resources is acting as auctioneer/agent and is agent for the Substitute Trustee only.
Disclaimer: Information contained herein is believed to be correct to the best of Dudley Resources’ knowledge, but it is the sole responsibility of each Bidder to inspect and verify all information pertaining to the property. This property is subject to sale prior to the Auction and may be withdrawn, modified or cancelled at any time without notice.

Full Terms and Conditions:

Bidder Approval: A deposit in an amount displayed on the Dudley Resources website or as
communicated by Dudley Resources is required in order to become an approved Bidder
and be able to place a bid during the Auction. Any such deposit will be required in the form
of cash, certified funds, or credit card. Dudley Resources reserves the right to hold the
deposit until the completion of the Auction and for a reasonable period of time to allow for
the release of any such deposit and/or the return of any such funds after the conclusion of
the Auction. The online bidding platform shall place a minimal credit card hold at the time
of online registration to confirm the validity of the credit card being used.

Bid Increments: Dudley Resources shall solely determine the bid increments for this
Auction. Bid increments may be changed or modified from time to time during the Auction.

Bid Responsibility: Bidders are responsible for entering their bids and each Bidder shall be
responsible for any and all bids placed under that approved Bidder’s number during the
Auction. Bids placed by approved Bidders shall be considered final and will be recorded.
Recorded bids may not be modified, retracted or rescinded. The substitute trustee reserves
the right to reject any or all bids.

Bidding Time: This Auction is a timed auction event, which means that bidding is
scheduled to begin at the time posted on the website for Dudley Resources. All time
references on the bidding site for Dudley Resources are expressed in Eastern Time. It the
responsibility of the Bidder to check the Dudley Resources website regarding the
scheduled opening and closing times for the Auction.

Buyer’s Premium: A Buyer’s Premium of five percent (5%) will be added to the highest bid
for the real property and included in the total price paid by the buyer.
Buyer’s Premium Example:
High Bid Amount: $100,000
10% Buyer’s Premium. + $10,000
Buyer’s Total Purchase Price = $110,000

Closing: The highest Bidder must sign all documents and contracts within one (1) hour
after the end of the Auction. All closings must occur within 30 days of the end of the
Auction. TIME IS OF THE ESSENCE WITH REGARD TO ALL CLOSINGS! The subject
Property is to be conveyed by Special Warranty Deed from the Substitute Trustee. The
terms of the Memorandum of Sale are non-negotiable, and the highest Bidder must sign the Memorandum of Sale in the name of the highest Bidder or the highest Bidder’s associated business entity. The Memorandum of Sale and such other documents will set
forth the specific terms and conditions of the Sale, including the time by which the
successful participant’s purchase of the property must be completed. It is the sole
responsibility of each registered Bidder to review all documents provided by Dudley
Resources before making any bids at the Auction.

Closing Costs: The closing costs and expenses shall be paid in accordance with the terms
of the trustee’s memorandum of sale.

Controlling Law: The rights and obligations of all parties regarding this Auction shall be
governed and interpreted by the laws of the Commonwealth of Virginia. All registered
Bidders shall be deemed to have consented to the jurisdiction of the state courts of the
Commonwealth of Virginia when making an offer at the Auction, whether present in-person
or by agent, written offer, telephone, online or any other means.
Cooperating Broker/Agent Fee: Dudley Resources offers a twenty-five hundred dollars
($2,500) cooperating broker/agent fee to be paid to broker/agent representing the highest
Bidder for the real property (cooperating broker/agent fee. Please contact Dudley
Resources for full terms.

Default: If highest Bidder defaults in making settlement, the deposit paid by that defaulting
highest Bidder shall be forfeited, and the property purchased by such defaulting highest
Bidder may either be resold at the risk and expense of such party or Substitute Trustee may
accept the next highest available offer at the Sale. Such defaulting highest Bidder shall be
liable personally for any deficiency resulting from the resale of the property it purchased at
a lower price as well as for all costs, expenses, and attorneys’ fees in connection with such
resale. The forfeiture of such deposit shall not limit any rights or remedies of Substitute
Trustee with respect to any such default. Any successful Bidder who fails to submit an
executed Memorandum of Sale, fails to make any required earnest money deposit, or fails
to close in a timely manner may also be prohibited from bidding on future auctions
conducted by Dudley Resources.

Due Diligence: It is the sole responsibility of each Bidder to inspect the property; review
the information documents relating to the property; assess the accuracy and
completeness of the information contained in the Sale Brochure and any such other
documents; and independently verify and confirm any estimates, projections, or
assumptions relating thereto, none of which may be considered to be guaranties. Bidders
are independently responsible for completing due diligence to their own satisfaction. By agreeing to these terms and conditions, the Bidder represents that they have done so.

Registered Bidders are aware of and agree that the sale pursuant to this Auction is
being made on an “AS-IS, WHERE-IS” basis, with no representations or warranties of
any kind, expressed or implied, by the Beneficiary, Substitute Trustee and/or Dudley
Resources. This is a foreclosure sale under Virginia law and neither Dudley Resources
nor the Substitute Trustee can provide assurances as to the status of title. All
prospective bidders are advised to seek competent legal advice and a title
examination to determine the status of title obtained through foreclosure.

Dudley Resources is not the owner of these assets, instead is contractually engaged for the
sale of these assets on behalf of the Substitute Trustee. Dudley Resources reserves the
right to bid on behalf of the Beneficiary.
All Bidders have the sole and exclusive responsibility to select and consult with any and all
professional advisors in determining whether to place a bid at this Auction. All Bidders
acknowledge that they have relied exclusively on their own investigation and
determinations and the advice or their own professional advisors, and expressly represent
that they have not relied upon any information provided by the Beneficiary, Substitute
Trustee and/or Dudley Resources in any way.

Highest Bid Acceptance: Dudley Resources will inform the highest Bidder once the
highest bid has been considered.

Inspection: The property is being sold “WHERE IS,” “AS IS,” “WITH ALL FAULTS,” with
no representations or warranties except for the special warranty to be included in the
deed to the property. All property descriptions and due diligence documents are provided
by Dudley Resources as a service to customers and do not constitute a warranty, either
expressed or implied. Placing a bid, whether in-person, by agent, through the online
bidding platform, or any other means, constitutes an agreement by participant to these
conditions of the Sale. Dudley Resources assumes no liability for errors or omissions in this
or any other property listing or advertising or promotional/publicity statements and
materials.

Maximum Bid: Bidders will have the ability to submit a maximum bid amount (often called
a “Max Bid”) through the online bid platform and to direct that our website bid on such
Bidder’s behalf in scheduled increments until the maximum amount identified by the
Bidder has been reached. If a Max Bid in the same amount as was previously authorized by
another Bidder’s max bid, the other Bidder’s max bid as previously entered will be deemed to be the prevailing bid at that amount. In the event that there should be any dispute among Bidders with regard to the identity or amount of the high bid, Dudley Resources reserves
the right to reopen bidding and may, in conjunction with such reopening of the bidding,
designate one of the Bidders as the “High Bidder” at the sole discretion of Dudley
Resources. All decisions by Dudley Resources and the substitute trustee shall be final.

Megan’s Law Disclosure: All interested Bidders are solely responsible for conducting any
investigation regarding registered sexual offenders prior to bidding and should exercise
whatever due diligence they deem necessary with respect to information on registered
sexual offenders who might live near a property being offered for sale. Such information
may be obtained by contacting your local police department or the Department of State
Police.

Registration: In order to register and place bids for this Auction, all interested Bidders will
be required to register on the Dudley Resources website, www.dudleyresources.com. All
Bidders registering for this Auction must be at least eighteen (18) years of age and must be
eligible to bid at the sole discretion of Dudley Resources, based on any past experiences
with the registered Bidder or otherwise. Bidders may also be subject to verification through
credit card information in the registration process through a third party service to verify the
credit card has the appropriate funds necessary to register for this Auction.
If a prospective Bidder has been approved to bid at the Auction, the approved Bidder will
receive email notification that they have been approved to bid at the Auction. Bidding rights
are not absolute, and all registrations, even if successfully verified by credit card as
described above, are subject to manual verification at any time by Dudley Resources.
Dudley Resources also reserves the right to suspend or terminate any Bidder’s registration
at this Auction at any time.

Technical Problems: Dudley Resources has made reasonable efforts to provide for online
bidding for this Auction. All registered Bidders recognize and acknowledge, however, that
technical problems with hardware, software, or internet connectivity, as well as human
errors, may arise and may affect, without limitation, the Dudley Auctions website, the
online bidding program and process, or internet service and access, and the registered
Bidder’s connection to this Auction bidding program and process.
All registered Bidders further acknowledge that these and other technical problems may
develop at any time with or without notice. All registered Bidders acknowledge and agree
that Beneficiary, Substitute Trustee and/or Dudley Resources are in no way responsible for
any such technical problems, and that registered Bidders have no absolute or other right to
be able to bid on this Auction in the event of any such technical problems. Notwithstanding the foregoing, all registered Bidders further acknowledge and agree that, in the event of any such technical problems, Dudley Resources reserves the right to
postpone or cancel the Auction and/or extend the bidding time for this Auction and/or
schedule another auction event for the property, in the sole discretion of Dudley
Resources, and that any decision with regard to any such actions is and will be final.
Terms Specific to This Auction: As noted above, Dudley Resources may provide
Additional Terms and Conditions that are specific to this Auction or the property or
properties being sold at this Auction. Such Additional Terms and Conditions may, but shall
not necessarily be required to, relate to the following provisions, among others: extended
bidding time; and bid increments.

To the extent that these Terms and Conditions for this Auction Event for Online Bidding
conflict with the Legal Notice of Sale the Memorandum of Sale then the terms of the Legal
Notice of Sale and/or Memorandum of Sale shall control