Property Description

250CG056 - 0.64 Acres An exceptional residential development opportunity is now available in Oak Island, North Carolina. Conveniently located on Elizabeth Drive. On the Intracoastal side of the Island. § 160A-269. Negotiated offer, advertisement, and upset bids. A city may receive, solicit, or negotiate an offer to purchase property and advertise it for upset bids. When an offer is made and the council proposes to accept it, the council shall require the offeror to deposit five percent (5%) of his bid with the city clerk, and shall publish a notice of the offer. The notice shall contain a general description of the property, the amount and terms of the offer, and a notice that within 10 days any person may raise the bid by not less than ten percent (10%) of the first one thousand dollars ($1,000) and five percent (5%) of the remainder. When a bid is raised, the bidder shall deposit with the city clerk five percent (5%) of the increased bid, and the clerk shall re-advertise the offer at the increased bid. This procedure shall be repeated until no further qualifying upset bids are received, at which time the council may accept the offer and sell the property to the highest bidder. The council may at any time reject any and all offers.isted deadline. Step 1: Submit a Written Offer To begin the process, please submit a written offer via email to [email protected], [email protected], and [email protected] - Subject Line: Offer for 250CG056 & 250CG054 - Required Terms: Purchase price, closing period, and proof of funds. - Note: This initial offer acts as a Letter of Intent and is not a formal contract. Step 2: Town Council Review The Town Council must vote to ''propose to accept'' the initial offer. This review will take place at either the next regularly scheduled meeting or a specially called session. Prospective bidders should understand that bids will be discussed in open session, and the Council will decide in open session whether to accept a offer or not. Step 3: Deposit and Upset Bid Process If the council proposes to accept your offer, you must deposit 5% of the bid amount with the Town Clerk. The clerk will then publish a public notice of the offer pursuant to NC General Statute § 160A-269, which officially opens the 10-day upset bid process. Pursuant to statute, the town holds the deposit. Step 4: Final Approval and Contract Once the upset bid period closes and the final high bidder is determined, the Town Council will pass a resolution authorizing the Town Manager to work with Marguerite Greene (C21 Collective) to execute the formal purchase contract. Step 1: Make an Initial Offer You submit a formal ''Offer to Purchase'' directly to the town for a specific piece of property. Step 2: Town Review & Earnest Money If the town board is interested in your offer, they will pass a resolution to accept it conditionally. You must place a 5% deposit (bid bond or cash deposit) with the town clerk to secure your position while the public bidding period opens. Step 3: The 10-Day Public Challenge Period The town advertises your offer to the public. Other buyers now have 10 days to outbid you. To beat your offer, a competing buyer must submit a ''qualifying upset bid'' This new bid must beat yours by at least 10% of the first $1,000 plus 5% of the remaining balance. They must also submit their own 5% deposit. while the public bidding period opens. Step 4: Winning the Property If no one outbids you within those 10 days, the town board officially awards the property to you. If someone does outbid you, the 10-day clock resets. The advertising process repeats for the new highest bid. This cycle continues until a 10-day period passes with no new higher bids. If you are outbid and choose not to counter-offer, your 5% deposit is safely returned to you. Elizabeth Drive serves as a critical, scenic parallel route to the Intracoastal Waterway (ICW). No HOA Restrictions