Author Topic: Detroit selling 26,000 properties via online auction next month  (Read 2925 times)

Mr Mark

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Well, for those who like distressed assets, or want a cheap house in Michigan, the Wayne county treasurer is selling 26,000 properties for tax default via on line auction.

Check out www.whydontweownthis.com, or go to the Wayne county website.

Now, most of these houses are not even worth their tax debt. But if you know Detroit, there are loads of bargains hidden in the dross.

Note, any that don't sell now will be reauctioned with just a $500 minimum later.

It ain't for most, but thought you'd like to know. Google 'why don't we own this' '  for the aftermarket map driven version. Yes, I will be bidding on a few.. there are plenty to share!
« Last Edit: August 23, 2012, 10:04:50 PM by Mr Mark »

JohnGalt

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Re: Detroit seling 26,000 properties via online auction next month
« Reply #1 on: August 23, 2012, 08:58:15 AM »
Is the auction minimum the tax debt?  Or would that be an additional cost on top of what you pay for the property?

Mr Mark

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Re: Detroit seling 26,000 properties via online auction next month
« Reply #2 on: August 23, 2012, 12:24:40 PM »
Just the tax debt! The treasurers website has the details. Some of the commercial property is going for less than $1/sq ft

But as I said, most of the properties need a bulldozer and even then are effectively worthless. But there are some jewels.

jbhernandez

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Re: Detroit seling 26,000 properties via online auction next month
« Reply #3 on: August 23, 2012, 02:57:31 PM »
Look over this site so you get an idea of how big a problem abandoned houses are in Detroit.

http://www.100abandonedhouses.com/

Petruchio

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Re: Detroit selling 26,000 properties via online auction next month
« Reply #4 on: August 30, 2012, 03:33:25 PM »
Huh. Despite reservations, I think I will check this out. I figure that there must be some diamonds in the rough. For $1/sq ft, you cannot expect much, but who knows.