Every year, once a year, Wayne County conducts an online auction selling properties that have not paid taxes. The auction attracts buyers from around the world, as people flock to get a piece of the pie. According to Warren Buffet, “the potential is HUGE. The resources are here to have a great, great city,” he said at a news conference to mark the inclusion of Detroit as the 11th city in Goldman’s 10,000 Small Businesses program.
You can go to www.BuyingDetroit.com to acquire the FULL list of properties that are on the auction block. The list includes the following:
- Property Address / Zip Code
- Parcel ID
- Minimum Bid
- Summer Taxes
To be a potential bidder in the auction will require a $2,500 deposit if you are looking to bid on a single property or $10,000 to bid on multiple properties. You must sign up by September 7th, 2016 on the Wayne County Treasurer Website.
As an example of what to expect in the auction, below is a property that was purchased in a previous auction:
Address: 205 Rosedale Court, Detroit, MI, 48202
Purchase Price: $4,500
Sale Price: $12,000
Whether you are looking to Buy and Hold or Flip, the opportunities are endless, although the name of the game is, “Whoever has the most accurate INFORMATION wins!