The amount taken in would have exceeded the delinquency amount were it not for two problems where the back taxes had escalated significantly.
The former West End Auto Repair property located at 460 Chestnut St., which had a history of environmental problems that delayed its tax sale, sold for just $21,000. The amount of taxes owed owned on that property had soared to $117,230, Bachman said.
A property located at 320 County Highway 48 in Otego that sold for $17,000 Wednesday had a delinquency of $63,982, the acting treasurer said.
Several bidders interviewed by The Daily Star said they were looking for investment properties that they could rent out after fixing them up or to put back on the market at a higher price.
Rhonda Mason and Mark Roe of East Meredith, prior to the sale, examined a two-story, one-family home at 53 Miller St., Oneonta, that carried an assessed value of $80,882. They snapped it up Wednesday for $11,000, plus the buyer’s premium.
“We’ve never done this before,” said Mason.
Roe said the house appears to need a new roof and an assortment of other work. Undaunted by the challenge, Roe said, “I’ve been doing that kind of work all my life.”
They said they plan to find tenants once they complete the repairs.
Dave De Rosa, an industrial equipment dealer from Schenectady who noted he has had experience bidding on delinquent properties, purchased a lot of just over two acres on the Schenevus Creek, off Loft Road in the town of Maryland, for $3,000.
Though he was the backup bidder — the second highest — he still got to purchase it, he said, because the high bidder realized belatedly that he thought he was bidding on a different property. Had it not been for the other bidder’s confusion, De Rosa said, he would have been able to pay less for the property.