Wayne County Tax Auction (Detroit: home, buyer, taxes)

[fmax]

Yes - MCL 211.78k

Not sure what the code means exactly.

Michigan Legislature - Section 211.78k



Here is a 'beaut:

[fmax]

Retroit,

You are correct - I'm not sure what's for sale either.

Thinking out loud, everyone talks about 'Midtown' as if it's on some sort of comeback:

I wonder if the entire 2933 Second is up for grabs - opening bid $21,200.oo - or if it's one unit inside this building.

People talk as if Corktown has something going on. If that's the case, why are these two places in jeopardy of being lost due to taxes? People who have money typically pay their taxes.



1364 Michigan Ave: Opening bid - $6,900.oo
1350 Michigan Ave: Opening bid - $18,900.oo

[fmax]

Of course there are degrees of Tasty Morsels. I drove by all these places - and more. At the end of the day I would consider only the first string.

First string -

439 E CONGRESS
1431 TIMES SQUARE
1427 TIMES SQUARE

Second string -

3402 BRUSH
470 BRAINARD
2450 CASS
3175 CASS
2933 2nd Ave
9053 WOODWARD AVENUE
3415 Michigan Avenue

[Retroit]

2933 2nd https://maps.google.com/maps?hl=en Based on the others, I'm guessing it is for one condo unit, not the whole building.

1350-64 Michigan https://maps.google.com/maps?hl=en I like the 2nd floor of the facade. The structures in the back look even more historic https://maps.google.com/maps?hl=en Can't figure out the price though. Seems way to cheap in comparison to the others. The 1350 could be the vacant lot?...or the dumpster? https://maps.google.com/maps?hl=en

[Retroit]

Originally Posted by fmax

Of course there are degrees of Tasty Morsels. I drove by all these places - and more. At the end of the day I would consider only the first string.

First string -

439 E CONGRESS https://maps.google.com/maps?hl=en Not bad. Sure is deep. Housing in the back?
1431 TIMES SQUARE https://maps.google.com/maps?hl=en Very nice. Looks like recent restoration.
1427 TIMES SQUARE must be other part of above

Second string -

3402 BRUSH https://maps.google.com/maps?hl=en The Aurora. That's a beauty.
470 BRAINARD https://maps.google.com/maps?hl=en Kind of boding, but looks to be in good condition
2450 CASS https://maps.google.com/maps?hl=en I'll pass.
3175 CASS
2933 2nd Ave
9053 WOODWARD AVENUE
3415 Michigan Avenue

Looking for a commercial building, I take it?

Let me know if you come across any historic homes that appear to be in decent restorable condition

[jackmichigan]

Originally Posted by fmax

The pics I took of 8445 - overall good external condition.

All things considered , with an opening bid of $137,500, there are better buildings to be had at this auction.

In previous Wayne County tax auctions, if a property didn't sell it was subsequently offered again with a minimum bid of $500. Even though many of the properties are still not worth $500, most of the properties get sold during that auction.

As for liens, most liens are extinguished upon foreclosure, however, state and federal liens survive. Most of those liens are income tax liens and sometimes there are environmental liens. Those liens are usually noted, but it's important to make sure that no liens of that sort are on the property.

The other thing to watch out for are special assessments. Although past special assessments are wiped out, future special assessments would still be due from the new owner. Special assessments can be relatively low each year, however they can be thousands of dollars per year, depending on the purpose of the special assessment. I had planned to bid on one tax foreclosed property until I learned that the special assessment was over $40,000/year.

It's also important to know what the yearly taxes are for the property. People who win an auction bid will be responsible for the entire 2013 tax bill without proration. Since by the time the auction closes all taxes will be past due, there will also be significant interest and penalties added to the tax bill. Some properties--especially in Detroit--are highly over-assessed yielding an exhorbitant tax bill. In fact, a lot of these properties wouldn't be lost for back taxes had the assessment been more in line with what the property was worth. The state does an absolutely horrendous job in making Detroit assess properties correctly.

Investigate properties thoroughly and know what you're getting into if you decide to bid.

[fmax]

J,

Thanks for the tips. I decided to steer clear of The D. The motivating factor is lack of title insurance.

Retroit,

My thought is a commercial/residential building in the downtown district is lesser risk than becoming marooned in the neighborhoods.

"historic homes that..."

708 Pallister could be coming up for sale soon. The price w/Warranty Deed should be in the 30/40K zone - I think the place is coming out of probate soon. The listing agent will be the listing agent who listed 70 Pallister. (70 Pallister is fire damaged and land-locked.)

As comparisons of sorts is 707 Pallister and 731 Delaware Street. 708 is a bit smaller and is wood sided Vs brick. 731 Delaware Street looks to be listed for $8,910.

707 Pallister Street

731 Delaware Street, Detroit, MI 48202 - HotPads


FWIW -

I walked the area and noticed a few shady characters mulling about here and there but no one said anything to me. The smell of mildew and decay envelops Delaware St. At the end of Delaware St. is the Broadmoor Apartments. I spotted a woman who was obviously pregnant sitting on the curb smoking a cigarette in front of the place.

There is a park at the NE end of Pallister parallel to Bethune Ct. and Second Ave. Nearer to the Bethune side of the park, I noticed some people entertaining one another. They seemed like residents of the area. At the edge of the park facing Second I noticed a few men standing and sitting around. Some were drinking from brown paper bags. These people did not appear to be residents.

I found the following youtube link for 3415 Michigan. External shots. When I drove by a few days ago, the exterior had been sprayed with white paint. It's a mess.


Commercial Real Estate - 3415 Michigan Ave Detroit MI 48216 - Frank Rodriguez - YouTube

[adams_aj]

. . . . I feel like I need a shower. And that's just viewing them online!

Anyone know if there are entire blocks available? More efficient use of the bulldozer.

[animatedmartian]

A single buyer gets a whole neighborhood for under $200K.

Single buyer nabs nearly every county auction property in Detroit's North Corktown neighborhood | MLive.com

[ahsawn6841]

One of these days Detroit will make a big comeback and these investments will pay off big time. The riskier the investment the greater the potential reward.