Kingsport Times News Wednesday, December 17, 2014

Local News

Public, potential buyers can tour Cedar Grove, Valley Pike Saturday

December 5th, 2013 10:36 pm by J. H. Osborne

Public, potential buyers can tour Cedar Grove, Valley Pike Saturday

BLOUNTVILLE — The public and hopefully would-be buyers have the chance Saturday to tour two former Sullivan County elementary schools scheduled for the auction block next week.

The former Cedar Grove Elementary School, on about 5.9 acres in the Bloomingdale community near Kingsport, is scheduled to be auctioned Dec. 14 at 1:30 p.m., and the former Valley Pike Elementary School, on about 5.6 acres near Bristol, is scheduled to be auctioned Dec. 14 at 10:30 a.m.

Both properties will be open for viewing Saturday from 2 p.m. to 4 p.m.

Earlier this week Administrator of County Buildings Claude Smith said he and other county officials have fielded calls from several potential buyers who have shown interest in one or the other of the properties.

That optimism didn’t stop some members of the Sullivan County Commission’s Building Committee from stating concerns that the county needs a backup plan for getting rid of the properties.

Commissioner Cathy Armstrong said the committee should talk about what to do if there are no takers for one or either of the properties at the county’s starting bid of $50,000.

Commissioner Eddie Williams said he’d suggested the auctioneer should start lower and see where it goes — and no offer should be too low to at least be considered by the full county commission.

A majority of the full commission must approve the final bid in order for the sale to go through.

The sales are being conducted by TCI Group — Jerry Petzoldt Agency LLC. The firm agreed to sell the former Cedar Grove school property for no fee (beyond reimbursement for advertising). But on the Valley Pike sale, the buyer will have to pay an additional 6 percent “buyer’s premium” and that fee will go to the firm.

Terms of each sale otherwise are 10 percent down on the day of sale and the property is sold as is with closing in 30 days or less after the county commission has confirmed the sale price.

Title insurance is provided on the Cedar Grove property.


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