On a cloudy day in March back in ol’ 2009, Toby Barlow’s $100 House article broke via the New York Times. The media went in to an organized frenzy with pinballed pieces appearing left, right, up, down, sideways and everything in between. Kind of crazy. It sort of paved the way for a lot of interesting activity around buying houses and property in Detroit for a variety of reasons.
These days, the County has taken it upon themselves to auction off property starting at $500 a pop for plots and structures with delinquent taxes. What’s resulting is a lot of really incredible houses and spaces being auctioned off relatively cheaply. The first round of the auction has already taken place with 112 properties sold to 71 bidders for a little over $2.8 million. Round two of the auction starts October 22nd and runs through the 28th.
In order to participate in round two of the auction, you must register first. This process begins September 30th. Registration involves sending money to the auction house (last year it was $1,000) to prove you’re capable of bidding on property, which they then hold in an escrow account until bidding ends. If you don’t utilize the full deposit amount it is returned to you in whatever that amounts to.
What’s really great is that what was, for a very long time, a very murky and unclear process (as of last year when I participated) is getting much more visible and easier to circumnavigate– thanks to the good work of Team LOVELAND. Their mapping efforts with whydontweownthis.com has made it much, much easier to identify properties available. In addition to that, they are providing communication portals that allow for constructive bidding to create an auction that results in healthy land use. Plain and simple.
Start the process of being able to participate in round two of the auction by registering first. Take care of that here starting September 30 and until October 14th.