In accordance with NC GS §160A-269, and by adopted Resolution 779 on July 15, 2025, the Town of Smithfield has initiated the upset bid process for the sale of town-owned property located at 204 Britt Street, Smithfield, NC.
The process began following the receipt of an initial bid for the property and allows additional interested buyers to submit higher offers. Under North Carolina General Statute §160A-269, the upset bid method provides a fair and competitive process and ensures compliance.
How the Upset Bid Process Works:
- Once an initial offer is received and proposed for acceptance by the Town Council, a public notice is issued.
- From that point, anyone may submit an “upset bid” within 10 days
- After 10 days the new highest qualifying bid constitutes a new public notice, and restarts a new 10-day upset bidding process until there are no new offers.
- A 5% deposit (based on the bid amount) is required with each offer, payable by certified or cashier’s check.
- All bids must be submitted using the official Town of Smithfield Offer to Purchase Form and delivered in a sealed envelope marked “Sealed Bid.”
The property will ultimately be sold to the highest bidder, pending final approval by the Town Council. The Town Council reserves the right to reject an offer at any time.
Interested parties can view the full Town of Smithfield Offer to Purchase Form and bidding instructions or contact Michael Scott, Town Manager, at (919) 934-2116 ext. 1104 for further information.