Day 2: Washtenaw County tax foreclosure auction yields 2 sales
Eight houses crossed Washtenaw County's online auction block in tax foreclosure sales that ended this afternoon.
Two of the eight sold, generating a total of $35,987.
Those properties were:
• 2 Faust Court in Ann Arbor, which sold for $24,056 — the minimum bid. The house was fire-damaged, but city officials have recommended it for restoration.
• 625 Fox in Ypsilanti Township, which sold for $11,931, also the minimum bid.
Unsold in Ypsilanti were: 218 and 224 S. Grove, packaged together; 474 Jefferson; 938 Jefferson; 434 S. Adams; and 433 and 435 Worden, also packaged as a pair.
The sixth unsold home was 795 Lamay Ave. in Ypsilanti Township.
The bidding opened on Tuesday on Bid4Assets.com, the online auction company hired by Washtenaw County Treasurer Catherine McClary to conduct the sales.
Properties were offered this week in three batches: vacant land, which ended Wednesday; today's residential property; and commercial property, which ends tomorrow.
Another round of auctions begins Sept. 21 with three high-profile investor properties.
The number of properties heading to tax foreclosure auction this year was the highest ever, McClary has said.
The tax foreclosures results from non-payment of property taxes dating back to 2007. The tax debt takes priority over even a bank foreclosure for non-payment of a mortgage loan.
Of the commercial properties in the auctions that end Friday, only one has a bid: The closed gas station at Platt and Packard. The price has risen to $176,000 in 43 bids, up from $125,000 a day ago.
Comments
CincoDeMayo
Sun, Sep 19, 2010 : 11 p.m.
Agreed. To an extent... If taxes are lower, services don't get funded, people (tax payers) lose their jobs and mortgages can't be paid... I would definitely say turn the properties around more quickly, lowering the minimum bid, to incentivize investors.
MI-expatriate
Thu, Sep 16, 2010 : 11:19 p.m.
Please someone, provide stats. It seems to me that these properties are waiting too long to go to tax auction or that they are grossly overtaxed, to the point where the value of the property, probably influenced by condition, is not worth the minimum bid. I know the state and counties need money, but if taxes were lower, perhaps these people could have kept their homes? We have enough blight, even in Washtenaw County. Make the minimum bids lower. Investors would buy them at least and rent to those who cannot purchase, if they could do the renovations and make a profit. No one works for free.