This post was authored by Amy Swift
3046 Columbus St
With the auction ending last Friday, we've been going through a bit of withdrawal. Luckily, for those addicted to the insanity that is the Wayne County tax foreclosure auction, there is bidding action still on. The madness lives on through eBay as some bidders, both in-state and out-of-state that won a pool of properties, have already started hawking their wares.
According to Why Don't We Own This, apexasset won 25 properties for a total of $21,978, two of which are currently up for sale on eBay through the seller leegee1136.575. Both properties were listed on eBay within hours of their auctions closing on bid4assets, which means (since it takes up to 90 days to receive the quit claim deed from the county treasurer) that these properties are being sold without a clear title. Doesn't sound entirely legal, huh? As this skeevy flip artist is based in Doral, FL (surprise) they include this disclaimer in their item description:
"WE BUY PROPERTIES IN POOLS, SITE UNSEEN... WE DO NOT INSPECT OUR PROPERTIES, VISIT THEM OR DO TITLE SEARCHES. THE ONLY THING WE DO IS HAVE OUR RECORDED DEED ON HAND BEFORE SELLING AND PAY SOMEONE TO TAKE PICTURES FOR US. WE WILL BE CONVEYING THE WINNING BIDDER WITH A QUIT CLAIM DEED. THE PICTURES POSTED ARE WHAT WE RECEIVED. THEREFORE YOU MUST DO YOUR DUE DILIGENCE. PLEASE DO NOT ASK US ABOUT THE PROPERTY CONDITION... ALL INFORMATION REGARDING THE PROPERTY SHOULD BE INDEPENDENTLY VERIFIED BY THE BUYER. THE PROPERTY IS BEING SOLD "AS-IS"WHERE-IS" WITH NO GUARANTEE OR WARRANTEE, EXPRESSED OR IMPLIED. SERIOUS BIDDERS ONLY."
120 Ferris St
The 12-unit "CASH COW!!" at 3046 Columbus St. is currently bidding at $5,049.00. With a purchase price of $1,601.00 just last week that's a quick couple grand in the pocket book. In addition, apexasset (aka leegee1136.575) has an "8 ROOM HOTEL WITH CLERK'S OFFICE!!" at 120 Ferris St. currently bidding at $1,145.00. Bought for merely $600.00 last week, we're starting to understand why these jerks choose to wallow in the dark side of real estate.
1605 Collingwood St
We also caught a sneaky phenomenon where the Florida-based eBay seller stevenm727 bought properties under at least TWO auction memes: stevenm727 and planetcaa. Of the 24 properties that stevenm727 purchased for $15,999 and the
27 properties purchased for $103,319 by planetcaa, only 3 properties have made it to the eBay round. We'll keep this meme monitored to see what else may have been purchased. So far the 19,074sf 30-unit brick apartment building at 1605 Collingwood St purchased for only $2,000.00 is currently fetching a fair amount of eBay attention with 11 bids at $9,976.00. Sick to your stomach yet?
9901 Forest St
Out-of-state flip floppers aren't the only ones turning tricks with this real estate action. We caught whitelakeguy playing the same Monopoly game of roulette. This Michigan-based meme bought 7 properties at $5,387 last week, and currently has two of these commercial listings for sale under eBay seller stevieb4. Neither 9901 Forest nor 20515 Joy Rd have a bite yet on their $2,000.00 and $2,500.00 asks, but there is still another month to go on these auctions. With a purchase price of $500.00 and $1,425.00, even if just the minimum bid is met, this scummy seller can count a profit.
· Cheaper than the Tax Auction? Check out Michigan Land Bank [Curbed Detroit]
· Banks That Don't Pay Taxes: Wells Fargo Lost At Least 191 Properties To The Tax Auction [Curbed Detroit]
· A Roundup of Steals: The First Round of the Fall Tax Auction [Curbed Detroit]