New York Investment Firm Buys Over $400,000 In Hamilton County Property At Back Tax Sale

Tuesday, June 6, 2017

A New York investment firm bought over $400,000 of Hamilton County property at a back tax sale conducted by the trustee's office and the clerk and master's office.

Trustee Bill Hullander said another hunk of the available lots went to a local investment group. Ringgold Road Investors were the winners on $280,000 in purchases.

The sale, that is for property where the 2013 taxes were not paid, took in over $1.4 million.

Trustee Hullander said there were 202 parcels available and 125 sold.

He said last year there were 308 parcels with 133 selling. The smaller number may be attributed to the fact his office now accepts partial payments. 

The sale last year brought in about the same $1.4 million.

A house on Sunnyside brought the most money - $95,000.

A vacant lot went for $441.

Trustee Hullander said it will be the last "live" auction at the County Courthouse.

The plan for next year is to conduct the auction over the Internet.

He said, "That way investment groups and individuals from around the world will be able to bid. Memphis is doing this and they say they are getting more bids and higher prices."

Trustee Hullander said there will be a week to 10 days for placing of bids. Higher bids can be placed up until an announced deadline.

He said where there is a last-minute raise that more time will then be given for counter offers. He said the bidding will not end until there is no further bidding for 10 minutes.

The county is seeking to hire an online auction firm to conduct the auction.

The trustee said computers will be available at the courthouse for individuals to use for bidding - with the aid of county personnel.

The owners of the property have a year to redeem them. Otherwise, they go to the high bidders at the recent auction. 


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