An Interesting Map - take a look at all the deadbeats

[6enny]

Is all this information consolidated somewhere? Anybody know of a wiki where we could stick it?

If a property has 3 liens with AGRE status but a fourth without one (whose value is greater than $2.5k) is it eligible for sale?

Also, total cost would be the $800 deposit, plus 10% of the total real estate tax balance at the time of sale?

[seand]

The 10% is the money required to bid if you are planning to purchase the property. If you just want to get it out of an irresponsible owner's hand (like they are letting it sit vacant and/or become a drug house), you may not need to own it yourself (provided you are sure its in an area where someone else will take a chance on it). The law firms handling the auctions for the city, however, are according to Arctic Splash more willing to push it up to the front of the line if you say "I plan to buy it, here's my money showing my serious intent" because there is a huge back log of properties and they make a commission on houses that actually sell.

As I understand it.

In theory, if you know there is enough of a market for it with reputable house flippers, you could fake the law firm out with an intent to buy that doesn't tie up more than your $800.

[seand]

Not to mention the Use & Occupancy tax that Kenney wants to add.

I thought it was Green that really wanted to jack up Use & Occupancy. Clarke basically cut Green's U&O increase in half. Kenney wanted the "no tax increase more than 3 times what you originally paid for it" provision, though I'm not sure how much it applies to more than a handful of people, as I recall. Kenney may be the one who switches and delays AVI for a year. Though Dubow says if they delay the city will lose a lot of appeals, a lot of revenue, so much that the old assessment system won't make projections. Also if they kick AVI down the road for a year, they say they will likely give us the tax hikes for the schools anyway, just based on the bad old assessments.

We are going to get AVI assessments eventually one way or the other, this year or next, and every option stinks to some extent. I don't see a way that Council comes out of this not wanting to crack down on collections but will it really be able to change dramatically in a year? I suspect its a long slow slog to improvement, though theres no time like the present to start. I'd love to have council open hearings on it, the Inky run an investigative series on sherrif's tax lien sales and collection enforcement..

[6enny]

In theory, if you know there is enough of a market for it with reputable house flippers, you could fake the law firm out with an intent to buy that doesn't tie up more than your $800.

What if you do want to buy it though. Is it 10% of the liens or of the outstanding tax or of the home's assessment? Also, is it an aution where you compete, or do you get first dibs because you put down the $800.

Basically I'm wondering how cheaply I could buy one of these houses. I'm assuming it's not as easy/cheap as it sounds or else everybody would be doing it.

[seand]

What if you do want to buy it though. Is it 10% of the liens or of the outstanding tax or of the home's assessment?

It means you have to have 10% of what you bid in the auction in hand when you bid. And then you have 30 days to come up with the rest.

Also, is it an auction where you compete, or do you get first dibs because you put down the $800.

Its a real auction. The city is trying to get as much of the back debt as they can. Some go over whats owed the city and they are supposed to give that back to the old owner, which they weren't which is why some contractors associated with the old Sherrif are in legal trouble.

Basically I'm wondering how cheaply I could buy one of these houses. I'm assuming it's not as easy/cheap as it sounds or else everybody would be doing it.

Its typically less, like 1/3 or 1/2 what the same house retail even unrehabbed but with a free and clear title could fetch. But there are big risks of hidden liens and you have to have cash up front. And often by the time it goes for sale, its been neglected so long there is a lot of work to make it habitable. Some people do it to get control of a specific lot or house near their own but a lot of people bidding are folks specifically in it as a specialized branch of the house flipper business.