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  Wayne County Treasurer announces 2016 listing of auction properties, rules and regulations

DETROIT, MI - The Wayne County Treasurer’s office has released a listing of more than 14,000 properties and rules and regulations for bidders to take part in the September auction of foreclosed properties, it was announced today.

“There is a lengthy process that takes place over several years before a property is foreclosed on in Wayne County,” said Eric Sabree, Wayne County Treasurer. “While we have reduced the foreclosure rate by nearly 50% in the past year, unfortunately there is a substantial number of residential properties that are going up for auction in September and in a secondary auction in October.”

Michigan law requires that properties subject to tax foreclosure be made available to the state, local communities, and the County for purchase prior to public auction. Remaining properties are offered for sale to the public through an online auction in September and October.

“Bidders need to be aware that new state laws will not allow the former owner of a property that has been foreclosed to purchase that property at auction for anything less than the taxes, fees, and interest that were outstanding at the time of foreclosure,” Sabree said
The Wayne County tax foreclosure auction generates interest from property investors locally, nationally and internationally and anyone who wishes to participate must follow the registration rules and make an online deposit in order to be pre-qualified to bid on properties.

To register to bid for a property, you must make a deposit of $2,535 for one property or $10,035 to bid on multiple properties. Unsuccessful bidders will receive a refund of their bid deposits. Registration for the first public auction is from August 18th through September 9th. Bidding for this auction starts on September 7th and will end in batches beginning on September 20th and ending on September 23rd. Registration for the second auction, of remaining properties, takes place from October 11th through October 17th. Bidding opens on October 14th and ends in batches October 25th - 28th. Buyers have 48 hours to pay in full for the properties.

“Wayne County is comprised of 43 municipalities and many institutions that rely on proceeds from the annual foreclosure auctions,” said Sabree. “By law we cannot delay or halt the auction and to do so would prevent money from going to the Detroit Public Schools, the City of Detroit, the DIA, Wayne County Community College, the Wayne County jail, parks and the Detroit Zoo to name a few.”

“As the Treasurer for Wayne County, I am doing everything within my power to help people be successful with making their payments and keeping their homes,” said Treasurer Eric Sabree. “We have community outreach programs, financial counseling and interest rate reduction programs. We also make proactive calls to delinquent homeowners and have implemented a new kiosk technology to make it easier and more convenient for people to make their taxes. Our goal is for all taxpayers enrolled in plans to become current on their taxes and continue to help reduce the foreclosure rates.”

To contact the Wayne County Treasurer’s office about the upcoming auctions, send an email to WCTauction@waynecounty.com, visit us at 400 Monroe, 5th Floor, in Detroit MI, or call 313-224-2864.
 

 

 

 

 
   
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