What's Happening?
A property located at 3101 Woodrow Avenue in Richmond, Virginia, is slated for public auction on November 19, 2026, at 9:45 A.M. The sale will take place at the entrance to the Richmond City Circuit Court, 400 North Ninth Street-John Marshall Courts Building.
This action is a result of a default on a Purchase Money Credit Line Deed of Trust, dated April 15, 2022, and recorded on April 18, 2022, for an amount of $350,000.00 with an annual interest rate of ten percent. The property, legally described as Lot 15, Block "B", Alvista Heights, was conveyed to The Complete Contractor, LLC, from Pauline L. Stokes on March 29, 2022. Dankos, Gordon & Tucker, P.C. has been appointed as the Substitute Trustee by the Noteholder to conduct the sale. The property will be sold "AS IS," without any express or implied warranties, and is subject to all existing easements, restrictions, conditions, and reservations.
Why It's Important?
This public auction signifies a consequence of financial default within the Richmond real estate market, highlighting the risks associated with credit line deeds of trust. The sale of a commercial property under these circumstances can impact local property values and potentially signal broader economic trends if such defaults become more frequent. For The Complete Contractor, LLC, the loss of this property represents a significant financial setback, potentially affecting their business operations and credit standing. For potential buyers, the auction presents an opportunity to acquire real estate, possibly below market value, but also carries the inherent risks of purchasing property "AS IS" and navigating any existing encumbrances. The involvement of a Substitute Trustee underscores the legal mechanisms in place to address loan defaults and protect the interests of lenders, ensuring that financial agreements are upheld through asset liquidation when necessary.
What's Next?
The public auction is scheduled for November 19, 2026. Prospective bidders will be required to provide a deposit of up to 10% of the sales price on the day of the sale, with full settlement expected within 15 days. The Noteholder reserves the right to bid. The sale is contingent on post-sale confirmation that the borrower has not filed for protection under the U.S. Bankruptcy Code prior to the auction; if such a filing occurs, the sale will be null and void, and the purchaser's sole remedy will be the return of the deposit without interest. Additional terms will be announced at the sale. Written notices regarding the sale have been sent to The Complete Contractor, LLC, at its principal office address, registered agent address, and other known addresses, as well as to its Member and/or Manager, and Guarantor and/or Borrower, Tyrone Bagby.
Beyond the Headlines
The impending auction of 3101 Woodrow Avenue reflects the intricate legal and financial landscape surrounding property ownership and debt. The "AS IS" condition of the sale places the onus on potential buyers to conduct thorough due diligence, including title searches and property inspections, to understand any hidden liabilities or structural issues. This situation also brings to light the role of substitute trustees in the foreclosure process, acting as intermediaries to facilitate the sale and recover outstanding debt for the noteholder. The Federal Fair Debt Collection Practices Act is relevant here, as the firm conducting the sale is acting as a debt collector. This event underscores the importance of understanding the terms of credit line deeds of trust and the potential repercussions of default, particularly for businesses like The Complete Contractor, LLC, which can face significant asset loss.
