A total of 122 lots, acreage, camps, homes and commercial properties in Dutchess County head to the auction block on Oct. 5 at 11 a.m.
The properties, a few of which may appeal to second-home hopefuls, are in foreclosure because of owed taxes. In Tivoli, Red Hook, Rhinebeck, Hyde Park and elsewhere throughout the county, many of those properties are undeveloped land or unlikely homes for weekenders.
The auction is to take place at the Poughkeepsie Grand Hotel, 40 Civil Center Plaza. But you don’t have to be there since online proxy and live Webcast bidding is permitted.
Buyers will be charged a 10 percent or 11 percent premium, depending on form of payment. The higher of $250 or 20 percent of the contract price, which includes the buyer premium, is due immediately from winning bidders as a down payment.
The balance is due by Nov. 9.
You’ll find lots of additional details on the auctioneer’s site, including a link to a bidders’ seminar, which I would assume is essential for anyone who has yet to participate in a real estate auction — especially a foreclosures auction.
Foreclosures auctions are fraught because the deal isn’t done until owners have an opportunity to make good on their debts related to the property. Owners of foreclosed properties in Dutchess County have until the day before the next auction to pay up their back taxes, fees and incurred interested in order to reclaim their property.
Successful bids are subject to confirmation by the county, which requires the sums to exceed the funds it is owed and is not “substantially” less than the assessed value of the property.
One more thing: If a house is occupied after the deed is recorded, guess who gets to initiate eviction proceedings: The new owner. Fun!
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022