Monday, April 14, 2014

Detroit launches website to auction city-owned homes

Posted By on Mon, Apr 14, 2014 at 1:45 PM

(Source: Wikimedia Commons)

"Neighbors wanted."

That's the message on the homepage of a City of Detroit website that launched today to auction off city-owned homes to prospective buyers who pledge to fix them up and move in.

The auction program was the subject of a 2 p.m. press conference today at the Coleman A. Young Municipal Center. Officials said in a press release last night the announcement will include a list of the first homes available for bid, an explanation of the auction process and the first auction date.

The website to facilitate the auctions, buildingdetroit.org, went live this afternoon. As of 1:30 p.m., a dozen properties with starting prices of $1,000 were listed.

Any Michigan resident, company, or organization that can do business in the state can bid, according to the website. Properties will be for sale for only one day, with bidding taking place from 9 a.m. to 5 p.m. Bids must increase by increments of at least $100, the website says. Auction winners must pay a down payment of 10 percent of the final price within three days of the auction closing.

If the final purchase price $20,000 or less, the winning bidder must close on the property and pay the amount in full no later than two months after the auction closes, the website says. If the purchase price is more than $20,000, winners have up to 90 days to pay the full amount.

For more info, head over to the site.

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