$1mil+ Building, $40k Back Taxes, Auction In 2 Days
July 26, 2004
Ok, so a $1 mil + building (as is) in NY is about to be auctioned off ($40k taxes)
--no mortgage
--gut rehab is needed
--mixed use prop w/bar on the ground level
The owner is in denial so I literally raced out to the owner’s son’s house Sat night and hand delivered a letter. The son just called. We will speak again tomorrow Tues 7/27 @ 3p. The auction is Wed 7/28 @ 10a.
If the owners do not have the $$ to pay the taxes, how would you structure this deal w/24 hrs to get it done?
We’re ready to cut a check to stop the auction. We own a construction co so the letter basically said, don’t let the building go, we can roll the back taxes/water/sewer into the rehab project. Needless to say I haven’t slept since Sat & won’t sleep until Wed night.
Thanks for your insight.
I'm calm now. My partner & I just came back from dinner. I called my HML & attorney is on call thru 9a Wed. I'm ready to strike this deal (get the deed). Worst case, if they have the $$ for the taxes, we can do the rehab.
If THIS building in NYC gets to auction it will go for over $1mil ez. I was @ the registrars office Fri and THANKFULLY, I met a good guy that happens to be a title searcher (19 yrs in the business). He helped me download the dox for another prop & showed me how to search the public record the old fashioned way (computers went down). So AFTER he left, I searched the record to see what was going on with this prop. I've been watching this prop for months.
I'll post back Wed to let you know what happened. Thanks again!
Auction "postponed with no re-schedule date." We're still in the game. The owner will consider us to do rehab work.
Interesting...why was the auction rescheduled?
Please do keep me informed. GOOD LUCK!