14,000 Properties on the Auction Block in Wayne County

SOUTHFIELD, Mich. (WJBK) - Thousands of homes in Wayne County have been seized for back taxes. Now, the county is holding its largest auction ever.

This year, the auction is being handled entirely online in hopes of streamlining the process. It runs from September 16 - 22, but before you can bid on any of the properties, you need to get registered.

Longtime Wayne County Treasurer Ray Wojtowicz has a record 14,000 properties to auction off because people haven't paid their taxes since 2008. There are 15-percent more tax foreclosures than last year. They have helped 12,000 people stay in their homes this year, but now it's time to auction off the rest.

"The property is sold as is, where is," said Wojtowicz.

Some bids are starting as low as $2,000, and it's all happening online at www.bid4assets.com, but you must be registered by September ninth. The deposit is $1,035 dollars for a single bid, $5,035 for unlimited bids, and if you're not successful, you get a full refund.

The site is a bit of challenge to navigate and you won't find any photos of the properties.

Some of the properties we saw appear to be in great shape. Others are going to need a lot of work, which is why it is so important to go by the house and to try to learn as much as you can about it because you will not be able to get inside before you buy.

Real estate broker Peggy Finnigan let us look at a bank foreclosure in Detroit. The place had hardwood floors and was in good shape. She has seen some great deals and some disasters.

"A lot of times we lose the copper, furnaces. They'll take out tubs, sinks, toilets, kitchens. You may be buying nothing but a shell. So, that is a buyer beware," she said.

Two Canton properties up for auction are still occupied, a point Finnigan said buyers also need to know.

"Once they bid and that is their property, they're responsible then for getting whoever it is in the property out," she explained.

There is a tutorial on the Wayne County Treasurer's website to help guide you through the Bid 4 Assets website, and the process, it could be a great investment.

For the right buyer, we're told the foreclosure market offers some of the best opportunities available in real estate today, but there are three things to keep in mind.

First, secure financing early. It is important for you to be pre-qualified before you even start looking at any of the properties.

Now, if possible, view the property. This is your opportunity to at least go by and try to inspect the home as much as you can to get an idea of the kind of fixer-upper projects you may be working on once you purchase the home.

Finally, research the area. Look at the benefits of the surrounding neighborhoods such as public and private schools, property values, career and recreational opportunities.

All the properties that don't sell in September will be auctioned off again in October. The starting bid for all the properties at that time will be just $500.

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RELATED LINK:

Wayne County Treasurer Tax Foreclosed Property Auction