05-10-2019, 02:44 PM
(05-10-2019, 09:49 AM)danbrotherston Wrote:(05-10-2019, 08:48 AM)Rainrider22 Wrote: They sold it back to the same owner at something like 30 cents on the dollar....maybe less I cant remember. Just a terrible situation...
Yes, they tried to sell it for more, and were unable too. Then they relisted it for a price they felt it could be purchased for, which is open to the public, and a member of the public, who happens to be the owner bought it.
I'm not happy about the situation, but the fact is the property has no value, the city managed to extract some value from it, that's a win in my books.
It's more complicated than that. They went to re-list it in a bidding process, and set the reserve price. Apparently under tax sale laws the owner of the property can buy at the reserve price before any bidding happens, which is what happened here. I understand why this rule exists for someone's home, but in this case I think the owner only should have been able to buy at fair market value through bidding, rather than automatically at the reserve price.