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Town of Smithfield Initiates Upset Bid Process for 204 Britt Street
07/18/2025

EDITED August 5th - 9:10am

 

An offer of $180,000 has been submitted for the purchase of certain property owned by the Town of Smithfield, more particularly described as follows:


Property located at 204 Britt Street, Smithfield, NC 27577

NC PIN No. 169409-06-2959 and PID 15086044 

 

Persons wishing to upset the offer that has been received shall submit a sealed bid with their offer to the office of the Town Clerk, Town of Smithfield, 350 East Market Street, PO Box 761, Smithfield N.C., by 4:00 pm August 25, 2025. At that time, the Town Clerk shall open the bids, if any, and the highest qualifying bid will become the new offer. If there is more than one bid in the highest amount, the first such bid received will become the new offer. The bid opening will take place in the Town Hall Council Chambers.

 

A qualifying higher bid is one that raises the existing offer to an amount not less than $189,050.00.

 

A qualifying higher bid must be accompanied by a deposit in the amount of five percent (5%) of the bid; the deposit may be made in cash, cashier’s check, or certified check. The Town will return the deposit on any bid not accepted, and will return the deposit on an offer subject to upset if a qualifying higher bid is received. The Town will return the deposit of the final high bidder at closing. The buyer must pay cash at closing.

 

The Town Council must approve the final high offer before the sale is closed, which it will do within 30 days after the final upset bid period has passed. The Town reserves the right to withdraw the property from sale at any time before the final high bid is accepted and the right to reject at any time all bids.

 

All inquiries should be directed to the Town of Smithfield, Michael Scott, Town Manager, 350 East Market Street, PO Box 761, Smithfield NC 27577. Telephone (919) 934-2116, ext. 1104 or via email at Michael.scott@smithfield-nc.com. ALL MAILED BIDS MUST DENOTE ON THE ENVELOPE “SEALED BID”.

_____________________

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.