NOW IN 10 DAY UPSET PERIOD - Foreclosure Auction of Historic Hotel formally known as "The Jarrett House" and Coaches Restaurant Located in Jackson County, NC

Commercial Auction in 401 Grindstaff Cove Rd, Sylva, North Carolina, United States

05 Thursday
05th November, 2020

NOW IN 10 DAY UPSET PERIOD - Foreclosure Auction of Historic Hotel formally known as "The Jarrett House" and Coaches Restaurant Located in Jackson County, NC

Commercial Auction in 401 Grindstaff Cove Rd, Sylva North Carolina, United States

Thursday at - 05th November , 2020

Notes

This is a Foreclosure Auction and 10 Day Upset Period will be in effect after the Auction. A deposit of 5% of the final contract purchase price or $10,000.00 will be required from the high bidder on the sale day and this deposit shall be made payable to the Jackson County Clerk of Court (or as specified at time of payment) to be held by the Clerk of Court until closing. In the event that a deposit forfeited, the deposit shall be administered pursuant to North Carolina law. Auction Live at the Jackson County Courthouse on Oct. 26th at 10am

This is a Foreclosure Auction governed by the NC General Statutes. By Statute, a 10 Day Upset Period will be in effect after the Auction. All Upset Bids must be submitted in person to the Jackson County Clerk of Court on or before the end of the upset period. As long as the upset period remains open, Iron Horse will post the current bid, the next acceptable bid amount and bid deadline to our website. Ultimately, it is up to the potential bidder to verify with the Jackson County Clerk of Court of the next bid increment, deposit amount required and bid ending date. A deposit of 5% of the final contract purchase price or $10,000.00 will be required from the high bidder on the sale day and this deposit shall be made payable to the Jackson County Clerk of Court (or as specified at time of payment) to be held by the court until closing. In the event that a deposit forfeited, the deposit shall be administered pursuant to North Carolina law. NC Real Estate Terms: 1. Agency: Iron Horse Auction Company, Inc. are acting as agents of the Seller and at no time acting on behalf of the Buyer. 2. Buyer's Premium: No Buyers Premium 3. Property Information & Inspection: Iron Horse Auction Company, Inc. is not responsible for any missing or incorrect listing information. Iron Horse Auction Company, Inc. has attempted to provide accurate descriptions. However, it is the bidder's responsibility to conduct any inspections to determine the condition and feasibility of the bidder’s intended use. Descriptions that are provided by Iron Horse Auction Company, Inc. are provided in good faith and are matters of opinion. It is automatically acknowledged by registering that you have either personally inspected the property, hire an agent to inspect the property or waive your right to inspect the property. By placing a bid, this creates a contractual agreement to purchase the property at the high bid price plus Buyers Premium and any additional fees included in closing the real property transaction. 4. Auctioneer's Discretion: Iron Horse Auction Company, Inc. has full discretion to modify the date and time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Iron Horse Auction Company, Inc. or the Seller. 5. Payment Terms: A deposit of 5% of the final contract purchase price or $10,000.00 will be required from the high bidder on the sale day and this deposit shall be made payable to the Jackson County Clerk of Court (or as specified at time of payment) to be held by the court until closing. In the event that a deposit forfeited, the deposit shall be administered pursuant to North Carolina law.7. Auction Purchase Contract: 8. Closing: Property is to be closed within 30 days after the end of the 10 day upset bid period. 9. Closing Costs: Buyers closing cost can include new boundary survey, title search fees, title insurance premiums, recording fee of documents, Buyer’s prorated items and any other fees required for closing including back taxes. 10. Property Condition: All property in this auction is selling AS IS, WHERE IS with all Faults, if any. Iron Horse Auction Company, Inc. makes no representations or warranties, expressed or implied, concerning the property. Descriptions of the property are believed to be correct, but are not guaranteed. It is the Buyer’s responsibility to conduct any inspections prior to the auction. All due diligence periods end the date the auction is schedule to end. Crop allotments, mineral rights, timbers rights, water rights, if any will transfer with the deed. It is possible that the property being sold is subject to restrictive covenants and home owner’s association rules, regulations and dues, if any. Iron Horse Auction Company, Inc. has attempted to find or locate all information deemed material facts. Ultimately, it is the Buyer’s responsibility to inspect all aspects of the property before placing a bid. No sale shall be invalidated by the Buyer as a result of the HE/SHE not conducting their own inspection prior to placing a bid. It is automatically acknowledged by placing a bid that you have either personally inspected the property, hired an agent to inspect the property or waive your right to inspect the property. 10. Legal Interpretations: This document shall be interpreted by the laws of the State of North Carolina. 12. Disputes: Any and all causes of action resulting from this auction shall be heard in the General Court of Justice of Jackson County, North Carolina as the sole and exclusive venue. 13. Title: As Is Special Warranty Deed. 14. Deed: Special Warranty Deed. 15. Possession: Not given until Closing. 16. Real Estate Taxes and Closing Cost: Taxes will be the responsibility of the Purchaser. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees. 17. Easements: Subject to any and all easements recorded or unrecorded. 18. Zoning: This property is subject to all state and local zoning ordinances. 19. Acreage & Aerial Photos: Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines. 20. Age Requirement: All bidders must be eighteen (18) years of age or older.

Description

Currently In 10 Day Upset Bid Period
Bid Deadline: November 5, 2020

Current Bid Amount: $120,000.00
Minimum Amount Of Next Upset Bid: $126,000.00
Amount Of Deposit Required To Upset Bid: $6,300.00
All Bids Must Be Made In Person To The Clerk Of Superior Court Of Jackson County, North Carolina

AUCTION LOCATION
Jackson County Courthouse
401 Grindstaff Cover Rd.
Sylva, NC 28779

PROJECT MANAGER 
Will Lilly

[email protected]

PROPERTY DESCRIPTION


Former Jarrett House Inn & Coach's Restaurant
Located in the heart of Dillsboro, North Carolina. The exact address 518 Haywood Road, Dillsboro, NC in Jackson County. The Inn property is identified as Tax Parcel 7631-26-7773 and found in Deed Book 653, Page 12 of the Jackson County Registry.  The Inn was originally built in 1885 and the street level consist of 5,658 +/- Sq. Ft. of Banquet and Dining Space. The Second and Third Floors consist of 15 rentable rooms consisting of 9,476 +/- Sq. Ft. The current Tax Value for this Parcel is $1,100,110.00.

**There is currently a moisture issue in the Main Inn Building and a Mold Report is located in the Documents Section. 
Delinquent Taxes
2015: $6,505.63
2016: $9,064.63
2017: $8,598.93
2018: $8,113.42
2019: $7,489.29
2020: $6,930.69
Total: 46,702.59


Coach's Restaurant adjoins The Jarrett House and sits on Tax Parcel 7631-26-8781and found in Deed Book 562, Page 2 of the Jackson County Registry.  The Restaurant Building was originally built in 1930 and features 2,537 +/- Sq. Ft. of kitchen and dining space. In addition to Coach's this parcel also houses the Annex.  The Annex was built in 1987 and features 4 exterior motel rooms. The current Tax Value for this Parcel is $525,420.00.

Delinquent Taxes
2015: $2,841.99
2016: $4,480.56
2017: $4,248.04
2018: $4,006.08
2019: $3,697.91 
2020: $3,420.15
Total: $22,694.73


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Location has been calculated by address and may not be 100% accurate.

Auction Items For Sale

Currently In 10 Day Upset Bid Period
Bid Deadline: November 5, 2020

Current Bid Amount: $120,000.00
Minimum Amount Of Next Upset Bid: $126,000.00
Amount Of Deposit Required To Upset Bid: $6,300.00
All Bids Must Be Made In Person To The Clerk Of Superior Court Of Jackson County, North Carolina

AUCTION LOCATION
Jackson County Courthouse
401 Grindstaff Cover Rd.
Sylva, NC 28779

PROJECT MANAGER 
Will Lilly

[email protected]

PROPERTY DESCRIPTION


Former Jarrett House Inn & Coach's Restaurant
Located in the heart of Dillsboro, North Carolina. The exact address 518 Haywood Road, Dillsboro, NC in Jackson County. The Inn property is identified as Tax Parcel 7631-26-7773 and found in Deed Book 653, Page 12 of the Jackson County Registry.  The Inn was originally built in 1885 and the street level consist of 5,658 +/- Sq. Ft. of Banquet and Dining Space. The Second and Third Floors consist of 15 rentable rooms consisting of 9,476 +/- Sq. Ft. The current Tax Value for this Parcel is $1,100,110.00.

**There is currently a moisture issue in the Main Inn Building and a Mold Report is located in the Documents Section. 
Delinquent Taxes
2015: $6,505.63
2016: $9,064.63
2017: $8,598.93
2018: $8,113.42
2019: $7,489.29
2020: $6,930.69
Total: 46,702.59


Coach's Restaurant adjoins The Jarrett House and sits on Tax Parcel 7631-26-8781and found in Deed Book 562, Page 2 of the Jackson County Registry.  The Restaurant Building was originally built in 1930 and features 2,537 +/- Sq. Ft. of kitchen and dining space. In addition to Coach's this parcel also houses the Annex.  The Annex was built in 1987 and features 4 exterior motel rooms. The current Tax Value for this Parcel is $525,420.00.

Delinquent Taxes
2015: $2,841.99
2016: $4,480.56
2017: $4,248.04
2018: $4,006.08
2019: $3,697.91 
2020: $3,420.15
Total: $22,694.73


CLICK HERE FOR INTERACTIVE MAP

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