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Updated 7 months ago, 05/18/2024

User Stats

151
Posts
131
Votes
Kristine Ann
  • Investor
  • WNY/CNY/Adirondacks, New York State
131
Votes |
151
Posts

Will the bank show up to the auction if they stopped paying taxes?

Kristine Ann
  • Investor
  • WNY/CNY/Adirondacks, New York State
Posted

If the bank stopped paying property taxes, how likely are they to skip the foreclosure auction?  

The property has been vacant for two years.  The electric has been off so the sump pump would not be functioning.  The basement's probably been flooded on and off for that entire two years.  You can actually see from the outside that the foundation looks damp all the time.  The mold must be terrible and I expect that the furnace is completely rusted out.

There's about two inches of moss on the roof and the porch.

Considering that they are going to need to pay 5k in property taxes, get a quiet title, pay a REO realtor, and get the place up to code for showings or winterize, is it possible that they won't show up?

I'm partial to the house because I grew up in the neighborhood.  For anyone else, it's an expensive and gross headache of a house.  It's not worth that much fixed up (210k at the most) and I estimate it needs at least 80-100k of work.  

The bank mortgage balance is 150k.

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