Yadkin Valley Financial Corp. continues the purging of their loan portfolio with the upcoming auction of some 56 residential lots across northwest North Carolina. Iron Horse Auction Co. Inc. is to handle the auction, according to the news.

The properties, largely residential lots in mountain home developments, will start online at 8 a.m. Feb. 8 and concludes at 2 p.m. Feb. 15. Interested parties will be able to place bids online at www.ironhorseauction.com (the auction page), as well as in person at the Wilkesboro Civic Center. The latter "in person" bidding will take place just before online bidding has concluded, 1 p.m. Feb. 15.

According to  Elkin bank chief, Joseph Towell, the auction is being held to justify the balance sheet of the bank. All the properties are to be sold  "as is" with no minimum price limitations. Also, all the lots will be free and clear of any liens or impediments. The lots are pad ready, with some having city water and sewage hookups in place.

Iron Horse's website has all associated maps and descriptions. The image above being one, shows lots in a Wilkes County subdivision.