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We can all learn from Markmark's bad experience: never demolish small house (no matter how bad it is) until you know how you can go forward. Even condemned buildings can be rehabbed, and it cost me about 200k to find that out, and that some municipal empoloyees lie just for their own amusement.It wasn't me.(Quoted from Shaggy)
I am sort of in the same boat. I got stuck with this land from a tax sale 2 years old. I demolished the small house and now left with a narrow land that needs a buyer to develop them. Don't have the money, expertise and time to invest in a building project by myself. It's a long story and valuable learning lesson.Ouch.
http://taxsaleproperty.org/forum/index.php?topic=1163.0
Worldjohn: Those roll numbers, legal description and your info are available for the public through a title search if your potential buyer wants to do some research on his/her own. I don't think it hurts to give out identifical info if they are on your title. You should have a lawyer involved to protect your rights in the final stage.
Well explained,and to add Don't over bid by greed or mistake as it may burn you.1 Karma to you.Wow. Are bids traded often? For example the person who won the Powassan bid for 55,000 could buy [should have bought] the second bid 22,266 for the cost of his deposit and then some for the bother. Is the township OK with these transactions?
The towns get to keep the initial deposit that is forfeit but lose in the year. The towns don't like the potential for hassles as there is a possibility of problems if the second screws the first ( which they should do to teach them a lesson) Additionally the process turns to a joke if you let morons bid super high without having to actually pay ....so towns don't like it.
The big problem is that you are rewarding the overbidder and removing any risk he has..IE if he knows you will whore out your position, why would he not simply make insanely high bids everytime to ensure he wins ..then simply buy the second position .
Sort of like taking a fifty from a rapist afterwards ...now you are just a whore
If you whore yourself out and sell your second position..get used to it as you will always be second . As far as I am concerned make the high bidder pay the price..he/she just outbid you by a large amount..let him lose the money and that will get him out of the taxgame..If you let him keep his money he will use it to beat you on the next piece.
People complain about high prices now. start selling your second positions and we might as well go full retail..
He/she has screwed you out of land by bidding high..make them pay the price..get them out of the tax game..
This is war and you are simply giving back the bullets they used to beat you with so they can reuse them at the next battle
(Im sure Sun Tzu said something about this ..Oh yes here it is..The Art of War Section III rule 21 .Sun Tzu said ..when engaging the enemy..dont be a idiot and give him back his bullets for then you shall be both stupid and a whore and all future battles shall be lost..)
If they winner realizes that they overbid they may walk..as a second in this matter you are in a better position to buy them out of first ...If you think its worth it.offer to buy out their deposit if they walk..so in Powasson . the second could have offered the first 11k to walk and had the land for 33.. Always Remember the wife factor..the winner has a wife screaming that "you just paid more then double what anyone else offered"..thats severe pressure as it never goes away. Even if you sell the land for 100 K the wife will still rag about you only made 45 , not 75
No matter what land I bought..I might be looking for an exit if I more then doubled the next closest bid as I clearly have overpaid and the gun is now pointed at my head . I would be looking to get out for little more then a steak dinner and a beer unless I was a end user or very very sure of its true value.
All that said ..I did GIVE the people my second once. They were adjacent owners and a nice couple..They bid almost market and were not pro-vultures like us . They just wanted a bigger lot for themselves. I had been chatting with them at the opening and after they won ,I approached them and explained how it worked. I GAVE ( yes GAVE) them my bid and it saved them about 30K but cost me nothing.
