Close to 300 people arrived for a Macomb County Tax Sale in July only to watch all of the homes sold out from under them. Millionaire Bill McMachen purchased 650 foreclosed properties for $4.8 million dollars. Many other individuals and investors were stunned and disappointed that the county chose to sell the properties in a package deal, when selling them individually might have yielded a higher profit; however, according to Macomb Count Treasurer Tim Wahby, only some of the homes sell for more than the back taxes while many of the properties don't sell at all, leaving the county holding the bag. Still several investors, including a Canadian Company that had spent several weeks preparing a higher bid for the properties they intended to buy, stated their frustration that they'd wasted their time.
McMachen, the Millionaire purchaser, is offering to sell some of the homes for near auction prices to individuals who are still interested. He says that this is actually beneficial to many potential buyers because they can view the homes before they purchase them, which one can't do when purchasing through a county auction. Additionally, McMachen intends to donate any of the homes that he is unable to sell to charitable organizations.
Tax foreclosures are only one example of the many deals that people are currently finding in the real estate market. If you live in the East Lansing or Greater Lansing area and would like to learn about homes for sale in your area, including
Michigan foreclosures, please contact me at
MyRealtorRob.
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