Foreclosure Auction
506 Springvale Rd, Great Falls, VA 22066
Wednesday, September 18, 2024, at 12:00 PM EST - held at the front entrance of the Fairfax County Circuit Court

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OLD DOMINION TRUSTEES, INC.
SUBSTITUTE TRUSTEE
12355 SUNRISE VALLEY DRIVE, SUITE 650
RESTON, VIRGINIA 20191 

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SUBSTITUTE TRUSTEE’S SALE OF 
506 SPRINGVALE ROAD
GREAT FALLS, VIRGINIA 22066

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Under a power of sale contained in a certain Deed of Trust (the “Deed of Trust”) dated August 26, 2022 and recorded in the Land Records of Fairfax County, Virginia, at Deed Book 27746, Page 2079, Instrument Number 2022063580.001, default having occurred under the terms thereof, the Substitute Trustee will sell at public auction at the front steps of the Circuit Court for Fairfax County, 4110 Chain Bridge Road, Fairfax, Virginia 22030 on

 

WEDNESDAY, SEPTEMBER 18, 2024 AT 12:00 NOON

DESCRIPTION OF THE PROPERTY

 

All the following-described lot or parcel of land together with improvements thereon, situate, lying and being in the County of Fairfax, Commonwealth of Virginia: beginning at a pipe on the westerly side of the Springvale Road, Route 674, and the said pipe being 15 degrees 34' 50" W. 273.67 feet from the corner of Ted Gardner; thence with the said side of the road S. 15 degrees 34' 50” 258 feet to a pipe; thence leaving the road and running through the land of Wilbur C. Tubaugh N. 81 degrees 58' W. 510.94 feet to a pipe; thence N. 15 degrees 34' 50" E. 258 feet to a pipe; thence S. 81 degrees 58" E. 510.94 feet to the beginning, containing 3 acres.

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The improvements thereon being known as 506 Springvale Road, Great Falls, Virginia 22066, Tax Map No. 0072-01-0031. The tract described above is hereinafter referred to as the “Property.” The Property is believed to be improved by a partially constructed house.

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TERMS OF SALE:

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This advertisement, as amended or supplemented by any oral announcements during the sale, constitutes the entire terms upon which the Property shall be offered for sale, sold, or purchased.

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The Property will be sold in “AS IS” condition and without any recourse, warranties or representations, either express or implied, as to the nature, condition, or description of the improvements. Neither the Substitute Trustee, the auctioneer, nor the party secured by the Deed of Trust (the “Secured Party”) make any warranty or representation of any kind or nature, express or implied with respect to: (i) the physical condition of, the description of, or title to the Property; or (ii) the zoning, subdivision, or use of the Property; or (iii) the purchaser's ability to obtain possession of the Property. The purchaser shall be solely responsible for obtaining possession of the property purchased.

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The Property will be sold subject to (i) all conditions, liens, restrictions, rights of redemption, covenants, encumbrances, and agreements of record that take priority over the Deed of Trust; and (ii) such state of facts that an accurate survey or physical inspection of the Property might disclose (if any) that are not otherwise extinguished by operation of law.

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In addition, the Property will also be sold subject to all existing housing, building and zoning code violations, subject to all critical area and wetland violations, subject to all environmental problems and violations which may exist on or with respect to the Property, whether or not official notices thereof are issued, and subject to all matters and restrictions of record affecting the same (if any).

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A $50,000 deposit shall be required at the time and place of the auction and shall be in the form of a cashier’s check drawn on a bank acceptable to the Substitute Trustee.

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The deposit will not earn interest in the hands of the Substitute Trustee. The purchaser, if other than the Secured Party, its successors, or assigns, shall be required to increase its deposit to an amount equal to ten percent (10%) of the bid price payable by cashier's check or wire transfer of immediately available funds to the Substitute Trustee within two (2) business days following the sale. The Secured Party or any affiliate or subsidiary thereof, or an entity under common control with the Secured Party, if a bidder, shall not be required to post a deposit or to pay interest on the unpaid purchase money. If the Secured Party purchases the Property at the sale, the amount bid by the the Secured Party, after deducting all expenses related to the sale, shall be a credit against the indebtedness secured by the Deed of Trust.

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The balance of the purchase price shall be paid at closing, which shall take place on or before October 21, 2024 at the offices of NM Commercial Title, 8229 Boone Boulevard, Suite 610, Vienna, Virginia 22182, unless the Substitute Trustee extends such period at its discretion. The balance shall be paid by cash, cashier’s check, or such other form as the Substitute Trustee may determine acceptable. The purchaser, its assigns or designees shall pay interest on the unpaid purchase money at the interest rate set forth in the Promissory Note from the date of foreclosure auction to the date funds are received in the office of NM Commercial Title, LLC, the closing agent. If closing is delayed for any reason, there shall be no abatement of interest.

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The purchaser of the Property shall be responsible for all unpaid real property taxes due with respect to the Property, and all amounts due in connection therewith, including without limitation, all arrearages, interest and penalties, and all costs and expenses necessary to redeem the Property from tax sale, if applicable, and there shall be no adjustment therefor. All water and sewer charges, and all other public charges and assessments against the Property payable on an annual basis, including sanitary and/or metropolitan district charges, if any, shall be the responsibility of the purchaser, and there shall be no adjustment therefor. The purchaser shall pay all closing costs of the sale, including recordation, sales, transfer, and agricultural land transfer taxes. All obligations of the purchaser hereunder shall survive closing and delivery of the deed. The purchaser (other than the Secured Party) shall sign a contract including this advertisement and other terms. Time is of the essence.

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The purchaser shall deliver to the Substitute Trustee, within two (2) business days following the sale, an insurance certificate confirming that the purchaser has obtained casualty and liability insurance coverage on the Property, naming the Substitute Trustee and the Secured Party as additional insured parties on the policy, and otherwise in form and content acceptable to the Substitute Trustee. The failure of the purchaser to provide such evidence of insurance coverage shall constitute grounds for nullifying and voiding the sale.

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The Substitute Trustee reserves the right to require registration and/or pre-qualification of bidders, to modify or waive the requirements for bidders' deposits, to approve the creditworthiness of any bidder and final purchaser, to withdraw the Property from sale before acceptance of a final bid, to cancel the sale, to use an agent or attorney to conduct the sale, to reject any and all bids or to postpone the sale and keep the bidding open for any length of time.

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If the purchaser defaults, in addition to any other legal or equitable remedies available to it, the Substitute Trustee shall be entitled to retain the deposit as liquidated damages and, in addition, may resell the Property at the risk and cost of the defaulting purchaser. In such event, the defaulting purchaser(s) shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, reasonable attorneys’ fees, and all other charges incurred by the Substitute Trustee. If the Property is resold following a default by the purchaser, the defaulting purchaser shall not be entitled to any surplus proceeds resulting from the resale of the Property, even if such surplus resulted from improvements to the Property made by or on behalf of the defaulting purchaser.

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If the Substitute Trustee is unable to convey the Property by reason of any defect in the title or otherwise, the sole remedy of the purchaser of the Property at law or in equity shall be the refund of the deposit. Upon refund of the deposit to the purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claims against the Substitute Trustee, the auctioneer, or the Secured Party. The conveyance by the Substitute Trustee to the purchaser at settlement shall be by Substitute Trustee’s Deed, without covenant or warranty.

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The purchaser is responsible for, and the Property is sold subject to, any environmental matter or condition, whether latent or observable, that may exist at or affect or relate to the Property and to any governmental requirements affecting same. The purchaser of the Property waives, on its behalf and on behalf of its heirs, personal representatives, successors and assigns, any claims under all present and future environmental laws including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

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NOTE: The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only. The Substitute Trustee, the auctioneer and the Secured Party do not make any representations or warranties with respect to the accuracy of such information. For additional information, please contact Richard Lash, President, Old Dominion Trustees, Inc., 12355 Sunrise Valley Drive, Suite 650, Reston, Virginia 20191, 703-796-1341, extension 144, or Richard.lash@bhlpc.com or Stephen Karbelk, Auctioneer, CENTURY 21 Commercial New Millennium, 571-481-1037 or stephen@realmarkets.com.​​​​