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Bidder paying $3.2M for 6,000 Detroit foreclosures
CNBC.com
An auction in Motor City of more than 6,000 foreclosed properties found an
unidentified bidder who has offered $3.2 million for the buy.
It looks like someone is willing to invest in Detroit —though who that
person is remains a mystery. An auction in Motor City of more than 6,000
foreclosed properties found an unidentified bidder who has offered $3.2
million for the buy, Bloomberg Businessweek reports.
The offer meets the minimum bid allowed for the sale, which stands at $500
per property. Of course, the actual cost of taking over these properties is
likely to far exceed the initial $3.2 million, as almost half of the
properties need to be torn down in the next six months per conditions of the
auction. The bundle also includes around 2,000 empty lots and some 1,000
homes that are deemed habitable.
Read More Detroit-area home sales hit by higher prices
The Businessweek article says that the bid came as a surprise given how
little excitement preceded the large sale. Had the countywide auction found
no bidders, the properties would have then been transferred to the city for
sale.
CNBC.com
An auction in Motor City of more than 6,000 foreclosed properties found an
unidentified bidder who has offered $3.2 million for the buy.
It looks like someone is willing to invest in Detroit —though who that
person is remains a mystery. An auction in Motor City of more than 6,000
foreclosed properties found an unidentified bidder who has offered $3.2
million for the buy, Bloomberg Businessweek reports.
The offer meets the minimum bid allowed for the sale, which stands at $500
per property. Of course, the actual cost of taking over these properties is
likely to far exceed the initial $3.2 million, as almost half of the
properties need to be torn down in the next six months per conditions of the
auction. The bundle also includes around 2,000 empty lots and some 1,000
homes that are deemed habitable.
Read More Detroit-area home sales hit by higher prices
The Businessweek article says that the bid came as a surprise given how
little excitement preceded the large sale. Had the countywide auction found
no bidders, the properties would have then been transferred to the city for
sale.
