Excuse us. We were under the impression that you had to present money to buy real estate. But when it comes to bargaining with Wayne County to get the foreclosed Packard Plant off of that entity's hands, missed deadlines coupled with promises seem good enough to keep negotiations going. About an hour ago, The Freep informed us that The Hults has yet another extension to make an additional $300,000 down payment. It was originally due Monday. It is now Tuesday. Sure. let's try again Wednesday.
If Hults can make the nonrefundable payment, he would get until Nov. 12 to pay the remaining $1.6 million of his $2 million bid for the former auto plant. He made a nonrefundable $100,000 deposit on Friday. Until Hults delivers the deposit, his bid "is sort of in limbo," said Chief Deputy Treasurer Dave Szymanski.The Hults is supposed to meet with the Wojtowicz (the face of the auctions!) either late today or Wednesday.
· Packard Plant bidder given another day to make down payment [Freep]
· Previous Packard Plant Coverage [Curbed Detroit]