Saturday, June 28, 2014

Downriver Auction Properties Need Diligence Before Bidding

It may be listed as a four-bedroom on zillow, but got torn down last week.

Scott Held from the News-Herald takes a look at some of the recent Downriver listings in the recent Tax Foreclosure Auction from the Wayne County Treasurer.

Apparently, many of them are vacant lots and houses about to fall on themselves.  No big surprise there.  If the property has substantial value, then odds are the owner keeps the taxes up.

My experience with the auction is that there were bargains to be had, but you needed to drive the properties in order to see if they were in the ballpark.  The second round, starting at $500, is easier, but the sensational values are gone by then.

Buyer beware.  Go to the actual place you plan to bid on and find out as much as you can first.