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

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.