TITLE
Title
ASSIGNMENT OF COUNTY FORECLOSURE LIEN SALE BID TO A THIRD PARTY
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SPONSOR
Sponsor
Robert McNiece
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BACKGROUND
Background
On June 15, 2016, the County's representative, Jerry Weston, held a Tax Lien Foreclosure sale at the Courthouse steps for a property located at 3914 Johnson Street in High Point, NC. The County, being the high bidder at the auction, can take possession of the property or assign the bid for the property prior to taking possession. The City of High Point chose not to take possession and did not refer a potential third-party purchaser.
The 3914 Johnson Street property is a one (1) acre lot that has been abandoned and is in extreme disrepair, resulting from rot and decay on the exterior, and within the interior, of the home. Additionally, the home has been damaged by fallen trees and wildlife that have entered the property.
Another third party has approached the County, signed an agreement, deposited funds and wishes to have the County's bid assigned to them so they may purchase the property for the full bid amount of $19,757. That amount will cover the taxes owed, and the fees and costs accumulated by the County, in full. In addition, the third party plans to demolish the dilapidated structure and build a new residential home.
The tax value for the land is $35,000; however, the property's market value, based upon actual sold comparables, is $24,779.03. The County reviewed three (3) comparable lots sold within a one-mile radius of the Johnson Street property, and found the average price per acre of those sales was $24,779.03. This lot has serious physical limitations, such as its narrow size and location adjacent to power lines, that makes it less desirable than researched comparables.
If the County opts to take possession of the property, it assumes responsibility for demolition, clean-up of the overgrown lot and payment of "mowing costs" to the City of High Point. Additionally, this will include economic...
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