| Northwest Indiana Discussion http://northwestindiana.com/discussionforum/ |
|
| Land Bank http://northwestindiana.com/discussionforum/viewtopic.php?f=15&t=11688 |
Page 1 of 1 |
| Author: | Tiger1 [ Tue Jul 01, 2014 11:17 am ] |
| Post subject: | Land Bank |
While I do believe there is a need for a "land bank" for properties that have repeatedly been on the tax sales, and have not sold, there is an opportunity for abuse with a program like this. There should be set rules as to how many times a property goes on tax sale, and not sold, before it goes to a land bank, otherwise, you will have a "LAND GRAB". IMO, 3 times on a tax sale, and THEN it should go to a land bank. If you have ever bought property at a tax sale, as I have, and my daughter has, you know what I am talking about when I say that the first time a property goes to the tax sale, the starting bid is almost ridiculously high in every case. In almost every case, you HAVE to wait for the 2nd listing, for the starting bid to be reasonable. For the lot we bought next door to us, after the house was torn down, we had no choice but to wait for the 2nd listing. The first time it went on tax sale, the starting bid was $15,8000 for a small lot that cannot be built on. The second listing was a low starting bid, and even though we had some competition, we got it for a very good price. My daughters house was the same, a ridiculously high starting bid. She waited for the 2nd listing, and even though she had competition in the bidding process, she was successful also. It is her first home for herself, and her family. They are improving the house bit by bit, and in doing so, are improving the neighborhood. If there is a Land Bank without restrictions, IMO, people "in the know", will be snatching up these places, and restricting access to others who want to invest in their first home. Not everyone can get a mortgage these days, and some do not want a mortgage. There are younger families out there who have saved a few thousand, and would be willing to buy a tax sale house that needs some work, and make it a home for their family. In doing so, they are investing not only for their families, but for the community. This is my opinion on this, based on my experience, and my daughters experience. I would like your thoughts on this. |
|
| Page 1 of 1 | All times are UTC - 6 hours |
| Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group http://www.phpbb.com/ |
|