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theboyzmom
F L I N T O I D
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| I have a contact that went to the no bid auction today with the county. Apparently they have changed the rules again. Now now you must pay the last tax in addition to the auction price and 13% premium before they will issue deed. Additionally, after you pay everything, they may still cancel the sale anytime up to when they get around to it with NO REFUND OF THE TAXES you paid! Apparently many people were angry and left. I am not sure that this is even legal. |
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Fri Oct 28, 2011 3:03 pm |
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untanglingwebs
El Supremo
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| Doesn't sound legal. Contact Deb Cherry and ask for an explanation. What is posted on the Treasurers website. |
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Sat Oct 29, 2011 12:20 pm |
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untanglingwebs
El Supremo
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Under frequently asked questions you might find your answer
Genesee County. - Tax-sale.infoTax-sale.info. ... part of our mailing list. Michigan Public Land Auction ...http://www.tax-sale.info/genesee-county - 38k - Cached - Similar pages |
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Sat Oct 29, 2011 12:28 pm |
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untanglingwebs
El Supremo
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By bundling a large number of properties every year the county hopes to keep them from being sold.
Record number of available properties creates record sales at Genesee County foreclosed property auction
Published: Tuesday, November 01, 2011, 8:36 AM
By Ron Fonger | Flint Journal
GENESEE COUNTY, Michigan -- Here's a silver lining to the county's tough real estate market: The demand for tax-foreclosed property hasn't been higher in years.
The county sold 342 parcels of property at its annual no-minimum-bid auction Friday, raising $275,550 -- an average of slightly more than $800 per parcel, Treasurer Deb Cherry said.
Deb Cherry
Those sales figures are up about 30 percent compared to the last several years. In 2010, the county sold 262 parcels at the November auction. In 2009 the number was 249, and the county sold 247 parcels in November 2008.
But officials said the big numbers don't represent any turn-around in the value of residential property. More likely, they said, it's a reflection of so many new parcels having been on the market.
"There were more properties (and the raw numbers) just got your attention this year," Cherry said."(The auction) has gotten a lot of publicity. Beyond that, I would just be guessing (the reason)."
More property was available at the auction because the county foreclosed on a record number of parcels this year -- about 2,900. Owners chose to walk away from properties that have collectively been dropping in value for the last five years rather than paying back-taxes.
The Treasurer's Office said a trust based in New York state bought 73 parcels while a California buyer purchased 11 on Friday. Last year, an Illinois-based investment company bought 58 Flint homes at an auction and tired to sell them on eBay for more than three times the auction price.
Terry Hanson, executive director of the Genesee Landlords Association, said he suspects some of that is happening again. Hanson said he heard little buzz among Flint area landlords about the auction.
"Most (properties at the auction) are vacant. Most probably don't have plumbing. Most are in tough areas to rent," Hanson said. "Most landlords are trying to buy properties in better locations."
The higher volume of sales this year came despite new auction rules that required minimum bids of $100 and that required buyers to have no record of tax foreclosures on other property owned here since 2000.
Buyers also have to pay summer property taxes before they will receive deeds to properties purchased Friday.
County Land Bank Executive Director Doug Weiland said having more property available was the most likely reason for a larger number of bidders and more sales than usual.
"There was a lot of stuff at the auction," Weiland said. "There were some good properties."
One collection of property that didn't sell by design was a bundle of 1,800 parcels, including 64 lots at the foreclosed Mallard Ponds Condominiums development in Burton.
City officials in Burton gambled that no one would purchase all the property in that bundle and now will get the 64 Mallard lots back without having to pay anything, including an estimated $124,000 tax bill.
Friday's auction was the second one this year for the county. At the first auction, buyers have to meet minimum bids for purchases. The second auction has no minimum bid. |
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Tue Nov 01, 2011 8:04 am |
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