Rules and Frequently Asked Questions

Regarding the Auction of the house at 2428 Hillsboro Quay, Virginia Beach, Virginia:

This is a sealed-bid auction commencing July 1st and ending July 31st, 2020.

Submitting Bids and Closing Date: All bids must be received by close of business on Friday July 31, 2020.  Bid packages may be transmitted to the Trustees via Fax, Email (PDF or scanned images), or USPS Mail (contact Trustees for address to send bid package to).  Once received, Trustees will confirm via email or phone that bid is competing.

Financing terms: This is a cash-only auction. Note that the house requires repairs that would have to be completed before it could qualify for home financing and therefore no offers contingent upon financing will be considered. All offers must include documentation that sufficient funds for closing are available at the time of placing the bid.

Inspections and warranties: This property is sold as-is. The sellers offer no warranty as to the condition of the property or the suitability of the property for the buyer’s use. All inspections must be conducted prior to placing a bid. Inspections may be conducted by contacting us and requesting access.

Contingencies: Offers that include contingencies will not be considered.

Bids MUST include:
(1) A binding real estate contract offer, free of contingencies, valid in the Commonwealth of Virginia
(2) Proof that, at the time of placing the bid, the bidder has all funds that will be required to complete the sale.

Real Estate Agents and Brokers:
Sellers will accept offers that include fees to be paid at closing to real estate agents or brokers; however, potential bidders should be aware that offers will be ranked by net proceeds to the sellers and take that into account when bidding.

Ranking of Offers:
Sellers will rank offers based on net proceeds to seller that would result from each offer. Any fees, commissions, taxes or other closing costs to be assigned to the seller at closing will reduce the competitive value of the bid during the ranking process.

Disclosure of bid amounts and resubmission of bids: Sellers reserve the right at their discretion to disclose the value of the current highest bid, however they may also choose to make no such disclosure. Potential bidders should consult this website for possible updated information, including potential information about the current state of bidding, prior to close of the bidding period. Bidders will be permitted to revise and resubmit their bids prior to the end of the auction.

Finality of the auction: If at the end of the auction period no acceptable bids have been placed, the sellers reserve the right to terminate the auction without accepting any bids.

Deed Ownership and Trust Information: The property was vested in the Frances Gunther Ramzy Living Revocable Trust in 1998, here:

Source Deed

The trustees are identified on the bottom of page 6 of the Trust document, here:

Frances Ramzy Trust

Mrs. Ramzy passed away in July 2017, at which point the Trust officially changed names to the Frances Gunther Ramzy Irrevocable Trust.  Catherine Harrison and Sean Arumae together hold the legal authority to transact this property on behalf of the Trust.

Property Sale Disclosures: Seller Disclosures is a list of standard property disclosures that will be discussed at closing, provided for both seller and buyer convenience.

Air Noise Zone Identification Map: VB Noise Zones Map shows the property located within Virginia Beach AICUZ Noise Zone light green (65-70dBs avg) (lowest noise zone).  No crash potential zone.