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Properties for sale / Re: Galway-Cavendish and Harvey
« on: August 10, 2009, 09:16:43 PM »
I think the fair market value is a lot less then 200K, but thats just my opinon, if someone was willing to pay 200k for it then thats the FMP. Too much considering the risk/reward ratio, as well as the building cost involved with that property. Watch for this one to show up on MLS for 250K in the next few months.
This sale generated a lot of attention, espically when the local city counciller showed he intended to bid, word travels fast in small towns, my guess is the owner thought the land was junk and was willing to let it go to tax sale until all the buzz got back to him and he thought he could make some good money on it. I will bet anyone here a 6 pack of beer that the property would have fetched more in tax sale process then it will on MLS. This piece of land, if it makes to MLS will just sit there for years with no offers but when its a tax sale then everybody is jumping all over it like its the last piece of land left on the planet.
I always wonder about the lurkers too.
By contacting the owner, you are risking have the tax sale cancelled- 99% of the time that is what happens, I guess some people see it as if I can;t have it then no one else will either.
I know as far a commercial RE is concerned, the best way to raise low interest capital is to defer paying the property tax, the taxpable becomes a de facto low interest loan from the municplaity, companies just make a small payment to defer the case from going to legal and collections. I can;t see that happening at the local RE level though.
In most cases, without knowin the backstory behind these sales it hard to judge but unless the landowner passed away and the estate messed up or the owner is in jail, there is no real good reason not to pay property taxes unless the land is junk.
This sale generated a lot of attention, espically when the local city counciller showed he intended to bid, word travels fast in small towns, my guess is the owner thought the land was junk and was willing to let it go to tax sale until all the buzz got back to him and he thought he could make some good money on it. I will bet anyone here a 6 pack of beer that the property would have fetched more in tax sale process then it will on MLS. This piece of land, if it makes to MLS will just sit there for years with no offers but when its a tax sale then everybody is jumping all over it like its the last piece of land left on the planet.
I always wonder about the lurkers too.
By contacting the owner, you are risking have the tax sale cancelled- 99% of the time that is what happens, I guess some people see it as if I can;t have it then no one else will either.
I know as far a commercial RE is concerned, the best way to raise low interest capital is to defer paying the property tax, the taxpable becomes a de facto low interest loan from the municplaity, companies just make a small payment to defer the case from going to legal and collections. I can;t see that happening at the local RE level though.
In most cases, without knowin the backstory behind these sales it hard to judge but unless the landowner passed away and the estate messed up or the owner is in jail, there is no real good reason not to pay property taxes unless the land is junk.