Smith Mountain Lake, Virginia

Bank Forced Auction

Saturday, June 5, 2010 at NOON
Auction Held at LakeWatch YMCA
293 First Watch Drive, Moneta, VA 24121

Open Houses: Preview lots anytime at your convenience. Auctioneers will be on site at Penhook Pointe to answer questions on all properties on Sundays, May 23 and May 30 from 1-4 P.M.

Bid Your Price!

Compass Cove • Penhook Pointe • Highland Lake Developments

Penhook Pointe
Waterfront Lots 2 & 4
Off Water Lots 16, 17 & 21

Compass Cove
Waterfront Lots 15 & 18

Highland Lake Section 1
Water Access Lots A & 13 SELL ABSOLUTE!

Penhook Pointe is a brand new development in the Penhook area of Franklin County and is located within 4/10 of a mile from Penhook Boat Dock. This beautiful new subdivision boasts level lots with great water frontage. These lots are located in a subdivision with underground utilities, paved road and street lighting. This is a great location on a big, quiet cove.

Attention Fisherman: Here is your chance to purchase off water lots within 1/4 of a mile from the public boat ramp at Penhook Pointe. Quit hauling that boat back and forth from Roanoke, Richmond, and Greensboro etc. Own your own lot close to a public boat ramp, be on the water within minutes and sleep in your own bed.

Directions to Penhook Pointe: From Route 40 (Old Franklin Rd.) at Penhook, VA.
(Approximately 14 miles west of Gretna and 18 miles east of Rocky Mount), turn north on Morgan's Fork Road. Go 7/10 of a mile and turn right on Jefferson Dock Road. Go 9/10 of a mile and turn left into Penhook Pointe.

Compass Cove is a well known development located off Scruggs Road near Bernard’s Landing. The water front lots in this beautiful subdivision are surrounded by large, newly constructed homes. This development is minutes from West Lake and convenient to all the amenities it has to offer. This location is great by boat and land. When you look at these lots, you really need to consider the value of the recently constructed docks and rip rapped shoreline. These docks are approved and ready for your boat and summer fun. Please take the time to walk out on these docks and see the depth of the deep, deep water.

Directions to Compass Cove: From Hales Ford Bridge take 122 south to West Lake Village and turn left on Scruggs Road (Rte 616). Go 8 miles and turn left into Compass Cove.

Highland Lake Section One is a Union Hall jewel. Two lots in this established development will be sold ABSOLUTE!!! That’s right - ABSOLUTE - selling regardless of price! Both of these lots offer water access in this development and lot 13 offers water views. Lot A is located adjacent to a beautiful home on Dillard's Hill Road. Here is your chance to get lake property at your price. Boaters, fishermen, skiers, wake boarders, sailors - you name it - here is your chance. This development has its own boat ramp and trailer storage area. The community area at the water offers incredible views of the mountains and lake.

Directions to Highland Lake Section One: From Route 40 in Union Hall at the Whistle Stop Store, turn North on Kemp Ford Road (Rte. 945). Go 1.4 miles and turn right on Dillard's Hill Road. Go 2.4 miles and turn right on Belle Isle Dr. Go 1/10 of a mile and bear right staying on Belle Isle Dr. Go 2/10 of a mile and turn right on Montevista Road. Go 1/10 of a mile and Lot 13 is on your left. The community boat ramp and access is at the end of Belle Isle Drive.


Lot 18	View from Lot 18 Dock

View from Lot 15	Lot 15 - Double Dock



View from Lot 4

Lot Information

Auction Lot #	Survey Lot #	Development	Description	Acreage±
1	A	Highland Lake Section 1	Absolute/water access	1.027
2	13	Highland Lake Section 1	Absolute/water access	.558
3	2	Penhook Pointe	Level water front lot	.932
4	4	Penhook Pointe	Level water front lot	.831
5	16	Penhook Pointe	Off-Water Lot	.817
6	17	Penhook Pointe	Off-Water Lot	1.062
7	21	Penhook Pointe	Off-Water Lot	1.007
8	15	Compass Cove	Waterfront lot/dock/riprap	.516
9	18	Compass Cove	Waterfront lot/dock/riprap	1.208

Aerial Photography

Boundaries shown on aerial photographs and topographical maps, which are provided by Auction Company as a courtesy to bidders, are approximate. Bidders should refer to the surveys provided in the Bidder Packet for boundary locations.

Documents

Compass Cove Covenants and Restrictions
Highland Lake Covenants and Restrictions
Penhook Pointe Covenants and Restrictions
Compass Cove Survey
Highland Lake Survey
Penhook Pointe Survey

Terms & Conditions

REGISTRATION: Bids will be accepted only from registered bidders. Registration begins at 11:00 A.M.. Please bring a driver’s license for identification.
AUCTION SALE: Auction Tracts 1 & 2 will be sold absolute to the highest bidder. Auction Tracts 3-9 will be sold subject to seller confirmation of the high bid. ALL ABSOLUTE AND CONFIRMED SALES ARE FINAL: All property is auctioned “AS IS, WHERE IS” with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise. Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate.
FINANCING: Your bidding and purchase of the property is not conditional upon financing. Be sure you have arranged financing, if needed, and are capable of paying cash at closing.
LIABILITY: Bidders inspecting property enter at their own risk. Auction Company assumes no risk for bodily injury or damage to personal property.
BIDDING: Qualified bidders may bid on individual tracts or any grouping of tracts. The auctioneer will determine all bid increments. All decisions by the auctioneer regarding bid acceptance are final.
ANNOUNCEMENTS: Announcements on day of sale take precedence over all prior releases, verbal and written, concerning this auction sale.
BUYER’S PREMIUM: The Buyer’s Premium on the real estate is 5% of the high bid amount. The Buyer’s Premium will be added to the high bid to determine the final sale price.
AGENCY: The Auction Company and its representatives represent the Seller.
REAL ESTATE DEPOSIT: A deposit in the amount of ten percent (10%) of the contract sale price will be required on day of sale. The deposit is payable by cashier’s check, or pre-approved personal check payable to Woltz & Associates, Inc. Escrow Account. Personal checks will be approved if the Buyer presents a bank letter stating that the Buyer is a customer of the bank and the checking account is in good standing.
REAL ESTATE DEED: The real estate will be conveyed by general warranty deed free and clear of liens, subject, however, to any rights of way, easements and restrictions of record. The balance of the purchase price is due at settlement on or before July 6, 2010. There will be no assigning of tracts or deeds between bidders. Tracts will be deeded in the manner purchased at the auction.
BOUNDARY LINES: Boundaries on aerial photos and topo maps are approximate. Refer to survey for exact boundary locations.
GENERAL: The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.

Contact

For more information, please contact Russell Seneff (VA# 1185).
Phone Number: (540) 342-3560 or 800-551-3588
Email:russell@woltz.com