Has anyone attended Tax Foreclosure Auction

[Ocean2026]

I just wondered what they were like? Lots of people bidding? Lots of properties struck off at the last minute?

I think this years is in Sept. Some have starting bids of $25k the rest $500 I would hope for $25 you can buy the majority of Detroit buildings.

[Jimaz]

The April 6th issue of The New Yorker has an interesting article on page 34 about a guy in Los Angeles who sells foreclosed houses for banks.

Cash for Keys

In 2006, Leo Nordine sold seventy-five houses for the banks; in 2008, he sold two hundred and eighty-two. This year he expects to sell a house a day. Nordine, forty-six, is one of Los Angeles’s leading R.E.O. brokers [[bank-derived shorthand for “other real estate owned�). He has a knack for pricing houses aggressively, so they sell fast. There is almost always a complication: the second house on a property that somehow vanished; the duplex where a neighbor donned a black mask to frighten off buyers; the doctor in Burbank who brandished a knife at one of Nordine’s field representatives.

[Ocean2026]

I was talking about the government auctions for Detroit.

[East Detroit]

I heard that the rugs from these homes can be made into luggage.

Can someone go check for me?

Thanks.

[Ocean2026]

I've head some people rather sleep on the bare floor or on the street than have a carpet. Its those same people who like Detroit just the way it is with its people and jobs gone. East Detroit figures he will be the smartest guy in his neighborhood in 10 years- but that can only happen when he's the last guy in his neighborhood.

[Ocean2026]

From Today's Detroit news

But a Detroit News analysis of U.S. Census Bureau and Internal Revenue Service data reveals that every day, Michigan gets less populated, less educated, and poorer because of outmigration.



http://www.detnews.com/apps/pbcs.dll...staggers+state


Yup - East Detroit - one day you'll be considered smart- when its only you and you're dog left in your neighborhood but then again your dog may not agree.

[East Detroit]

Thanks for the lectures from afar, Ocean.

I particularly liked your previous lecture about how stupid we are for not getting SEAfood from the Detroit RIVER.

Obviously, you don't know much about Detroit, have poor biased views of it but are still looking to make some cash or just do some vulture-like window shopping. I assume you'll just want some rental property rather than living with those less intelligent than you.

/ignore

[Ocean2026]

I challenge you to show me a serious "lecture" about getting seafood from the river. If anything I was being facetious. I also make a reference once about the Belle Island Aquarium being closed because hungry people had eaten all the fish after the '67 riots.

What I know, I know and when I have questions - I ask.

[Ocean2026]

Good list -each has a few properties.

I thought though, that there is one huge auction per year in September and am more interested in a commercial bldg with interesting architecture that could be fixed up - just one.

[vivadetroit]

Actually, there is a September & October auction with Wayne County. These are properties [[homes, vacant land, & commercial properties) that the owner hasn't paid taxes for past 2 yrs. There's a timeline on the Wayne Co. Treasurer's web page that explains the process.

There is also a PDF document [[about 4000 pages) that specifies which properties were in tax forfeiture as of Oct. 31, 2008. If these owners didn't pay all of their taxes [[with fines/interest tacked on), they lose the property for good. I believe the bidding starts out at $500. I was going to do it last year, but then lost my job.

If you're interested in other auction sites, check out
www.williamsauction.com
www.hudsonandmarshall.com
www.realtybid.com
www.ushomeauction.com

There's some nice properties in this year's auction. Check out the PDF:
http://www.waynecounty.com/treasurer...perty-list.asp
If you find one you're interested in, check out if the taxes were paid at:
http://www.waynecounty.com/mygovt/pta/default.htm

Good luck!

[Ocean2026]

Yes I have that pdf file - and there are some interesting properties among the thousands- some of $500 down but think the good ones are $25k

Not sure how well attended they are- many of the good properties are bought before the sale.