Sullivan County expects more than $1M from foreclosure auction
Monday, June 24, 2019
Posted by: Carly Cahur
Sullivan County sold close to 190 properties for more than $1 million at its annual real estate tax foreclosure auction earlier this month.
Of the 227 lots up for sale, 187 were sold and 40 did not receive any bids, according to Dan Hust, Sullivan County director of communications.
The lots ranged in condition from vacant land to homes with various code violations, fire damage or in need of other maintenance.
A 50-acre parcel on Anawana Lake Road in the Town of Thompson received the highest bid, $345,000, at the auction, Hust said.
In total, about $1.2 million in taxes were owed on the foreclosed properties, Hust added.
Hust said he can’t give an exact figure of how much money the county made at this time because there are typically some buyers every year who don’t come up with the money to complete their purchases.
The Sullivan County Legislature voted at its meeting in Monticello on Thursday to approve the sale of the properties from the auction and successful bidders have until 5 p.m. on July 12 to pay the balance owed to the county.
Regardless, the county expects to come out of the auction with some profit.
“We anticipate exceeding the delinquencies by a fair margin,” Hust said.
When someone buys a property at the auction, they’re responsible for town and county tax bills for 2019. If it’s purchased from a village, the new owner is responsible for two years of village taxes, too.
Perhaps the most noteworthy property was a small strip mall on Route 52 in Liberty. That property received bids, but Hust said the county is currently in litigation over it and could not provide additional information. It can’t be sold until the litigation is resolved.
The auction was well attended at the Ramada by Wyndham Rock Hill at Sullivan Center on June 12 with more than 400 bidders.
Any properties that did not sell will be put up for auction again next year if the county doesn’t reach any private agreements before then, according to Hust.
While the county doesn’t take pleasure in foreclosing on people’s properties, Hust said it’s good to get them back on the tax rolls.
“It’s important to give this opportunity for folks looking to invest in Sullivan County,” he said.
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