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OlMucky posted at
110 Atkinson:
Hi Abbey, and welcome to Why Don't We Own This! I'm Alex from the LOVELAND team.
What you're looking at on the "2013 Foreclosure Risk" map are all the properties in Wayne County that are at risk of winding up in the annual tax foreclosure auction administered by the Wayne County Treasurer's Office.
When a property doesn't pay property taxes for three years, the county treasurer is required by law to foreclose on the property and auction it off in an attempt to make up the back taxes. This takes place in an online auction managed by Bid4Assets every September & October. The auction is split up into two rounds:
In the 1st round, bidding on foreclosed properties opens at the total amount of back taxes (in the case of the house you're looking at, that would be $6,139).
In the 2nd r...
...round, all back taxes are wiped out, and the opening bid for ALL properties is $500.
Each of the last two years, about 20,000 properties across Wayne County have wound up in the foreclosure auction. About 700 sold in the 1st round, 10,000 sold in the second round, and around 8 - 9,000 go unsold.
Keep an eye on Why Don't We Own This to get more information as the auction approaches.
In the instance of the house you're asking about -- 110 Atkinson -- the property has been "Conditionally Witheld" from the foreclosure auction. This likely means that the occupant reached an agreement with the Wayne County Treasurer's Office to pay their back taxes off a little bit at a time. As long as they pay off a certain amount by the time the auction rolls around, their house will not be foreclosed on, and auctioned off.
Hope this helps! Any further questions, just shout.
-Alex
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