Approximately 250 properties foreclosed on by the City of Amsterdam were up for auction on Thursday at the Horace J. Inman Senior Center in Amsterdam. The event was run by NYSAuctions.com and began at 10am and ran into the late afternoon. According to Controller Matt Agresta, bids totaled approximately $1.01 million by the end of the day and he estimated only about 30 properties did not receive bids.
Agresta said the common council will still need to approve the bids, and hoped they will do that at their next meeting on November 1. Buyers, who were required to pay non-refundable deposits in order to secure their bids, then have until November 18 to pay their balances. According to Agresta, the proceeds from the auction will be split between the City of Amsterdam and Montgomery County in the same proportion as the amount of back taxes owed to each municipality on each property.
