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Newport News City VA – Tax Deed Auction

November 20, 2024 @ 10:00 am

Newport News City Tax Information

The City of Newport News will host its Tax Sale Auction online from November 6, 2024, to  November 20, 2024. This auction will be entirely online at VA Auction Company, offering multiple properties for sale due to delinquent property taxes. The sale presents a valuable opportunity for buyers to acquire real estate through a competitive bidding process. The auction features several properties, and bidders must adhere to specific contractual agreements for purchase.

Key Auction Details:

Dates: November 6, 2024 – November 20, 2024
Time: Bidding opens at 10:00 AM on November 6, 2024, and closes at 10:00 AM on November 20, 2024
Location: Online Auction via Virginia Auction Company

 

Terms & Conditions:

Buyer’s Premium: 10% of the winning bid will be added as the buyer’s premium.

Payment Terms: For winning bids of $5,000 or less, full payment is due on the day of the auction. For winning bids exceeding $5,000, They require a 20% deposit and the 10% buyer’s premium immediately at the close of the auction. The winner must pay the remaining balance within 10 days.

Payment Methods: You can deliver Certified checks to Virginia Auction Co. at 3533 Pruden Blvd., Suffolk, VA, or pay via wire transfer (details provided upon auction closure).

Properties “As-Is”: The County sells all the properties that are free and clear of liens and encumbrances. However, buyers must do their own due diligence.

Contractual Agreement: Buyers must agree to build a single-family detached home on specific lots in compliance with city and state building regulations. Construction must begin within two years, or the city retains the right to repurchase the property.

Design Criteria: Houses must meet specific design standards, including a minimum of 1,200 square feet, a brick foundation, and a 6-foot front porch.

Auto-Extend Bidding:

They use auto-extend bidding in This auction, which resets the auction clock to 2 minutes each time a new bid is placed in the final minutes, ensuring fair competition.

How to Participate:

Register: Visit Virginia Auction Company to register and participate.
Research: Review property details and contractual obligations prior to bidding.
Bid Online: Use the auction platform to place bids, with real-time updates on whether you’ve been outbid.

Links you might need for the Newport News City, Virginia, Tax Auction:

The Newport News tax auction offers a unique chance for buyers and investors to purchase real estate below market value. However, bidders must adhere to the auction’s contractual agreements and payment terms. This is an excellent opportunity for those looking to invest in property or develop real estate in Newport News.

For more information, visit the official Newport News auction page.​

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