Property Auction Question

[poobert]

While playing around on the "Why Don't We Own This" website, I have noticed a few homes up for auction like this one in EEV, shown as having been sold for very small amounts after the market crashed. I'm just having a problem figuring out how a house could be lost for taxes a few years after having been bought so cheaply. http://whydontweownthis.com/2013/mi/...9651/-82.92978

It's actually pretty simple.

Some people just don't pay their bills. If you got a house for under 30k in EEV even at the lowest end of the market, chances are it was trashed and needed a lot of work.

Instead you had some ghetto trash pool their money together, buy the house cheap, never do any work, live in squalor, and now they're getting foreclosed for literally never paying taxes. Good riddance, I say.

You also had investors do the exact same thing. There is one on my block. A suburbanite scum slumlord bought two houses at the low end of the market, never did any work, collected rent for a few years from other ghetto trash who made the places worse, and is now losing the houses to taxes. What does he care? He got 4 years of rent, tax free!

Of course Wayne County is beyond useless. What are they doing to prevent this from happening again? Why are there no safeguards to see that these properties go to owner occupants with good incomes?

Thankfully the market has finally rebounded a bit, and as I have alluded to, the losers are being weeded out.

[getmoore]

It's actually pretty simple.

Some people just don't pay their bills. If you got a house for under 30k in EEV even at the lowest end of the market, chances are it was trashed and needed a lot of work.

Instead you had some ghetto trash pool their money together, buy the house cheap, never do any work, live in squalor, and now they're getting foreclosed for literally never paying taxes. Good riddance, I say.

You also had investors do the exact same thing. There is one on my block. A suburbanite scum slumlord bought two houses at the low end of the market, never did any work, collected rent for a few years from other ghetto trash who made the places worse, and is now losing the houses to taxes. What does he care? He got 4 years of rent, tax free!

Of course Wayne County is beyond useless. What are they doing to prevent this from happening again? Why are there no safeguards to see that these properties go to owner occupants with good incomes?

Thankfully the market has finally rebounded a bit, and as I have alluded to, the losers are being weeded out.

Well now they're enforcing a clause in the deed that states that if the properties are not kept out of delinquency it reverts back to the county. Since buyers are responsible for current years taxes the properties can be taken back within a few months of winning an auction. They should have done that long ago!

[sumas]

Good thoughts by all. I guess I am being simple but owner occupied auction stipulations would be nice.

Still can't believe the townhouses bought by New yorkers trying to make buck is a total burnt out mess now.