All the city-owned properties put up for sale at today’s auction received bids, according to Controller Matt Agresta. Just over 100 foreclosed properties were included in the auction which began at 10am at the Riverfront Center in Amsterdam.
After the auction, Agresta said the preliminary total of all the high bids is $1.4 million and that deposits were received on all but one property.
Under the terms of the auction, winning bidders are required to pay in full for their properties between October 31 and November 9. All sales are contingent on approval by the common council, which has scheduled a special meeting for October 31 at 10am to either deny or approve each sale. After previous auctions, the council has cancelled certain sales due to back taxes owed by the bidder, or the bidder’s reputation.
A total of thirteen foreclosed properties were removed from the auction this month as former owners took advantage of last-chance offers extended by the council to pay all back taxes and fees in full. The total value of those deals, according to the council resolutions, is $241,583. Those properties will be re-conveyed to the former owners.
All the revenue from the properties will be split between the city and Montgomery County, according to the amount of back taxes and fees owed to each on each individual property.