FEB 6, 2013 10:08am ET

Iron Horse to Conduct Online Auction for REO Properties

FEB 6, 2013 10:08am ET
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Iron Horse Auction Co. said that it will be selling over 100 bank-owned properties in the Carolinas over the next week.

All of the properties will sell during an online auction regardless of price with no minimums, the Rockingham, N.C.-based auction firm said.

The REO properties include residential mountain lots in Avery, Watauga and Ashe counties, waterfront lots on Lake Norman, acreage and commercial properties in Charlotte, residential lots in Central and Eastern North Carolina, and residential and commercial lots in South Carolina.

The auctions are divided into three geographical areas with the Charlotte metropolitan auction beginning on Wednesday, Feb. 6 and ending on Feb. 13. The Western North Carolina auction starts on Thursday, Feb. 7 and concludes a week later. Lastly, the Eastern North Carolina auction initiates on Friday, Feb. 8 and also lasts one week.

All bidding for these REO assets will take place on the Iron Horse website.

The current tax appraisal of all the properties is more than $10 million. Iron Horse said the REO units are being sold clear of all liens.

Buyers who acquire these REO properties need to be close on the units by March 20. Until closing occurs, all taxes for the bank-owned assets will be paid by the seller.  

“Yadkin Valley Financial Corp. has raised $45 million in capital, allowing the bank to move a large portfolio of bank owned properties off their books,” said Sonny Weeks, auctioneer and broker at Iron Horse Auction Co. “The bank has authorized our company to auction these properties with no minimum to the highest bidder. This is a rare opportunity to buy bank owned properties at auction prices.”