SVN Interstate Auction Company to Conduct Sale of USDA-Owned Apartments
Holly, MI (PRWEB) June 15, 2017 -- SVN Interstate Auction Company in conjunction with James VanderVeen, Michigan Broker, will conduct an online auction of the Chateau View Apartments in Holly, Michigan for the U.S. Department of Agriculture. The 24-unit apartment complex will be offered in an online-only auction with bidding starting at 12:00 pm on Tuesday, June 27th. The starting bid is $100,000. The property will be sold “as is” and subject to confirmation by the USDA. The high bidder will be required to make a 10% earnest money deposit and will have until July 31, 2017 to close.
Located at 13470 Dixie Highway in Holly, the Chateau View Apartments are 4 miles from the I-75/Grange Hall Road interchange and adjacent to the Mt. Holly Ski and Snowboard Resort. The apartments were foreclosed in November after the owner defaulted on the loan terms. Prior to the foreclosure, the apartment units were involved in a USDA Rental Assistance program. The rental assistance program ended with the foreclosure. The property is also subject to a Low-Income Housing Tax Credit Agreement with the Michigan State Housing Development Authority which places limits on rents for tenants who resided at the apartments prior to December 29, 2016 for a 3-year period, provided that they have not defaulted on their lease terms. After the auction, the new owner will be able to rehab the property and rent any vacated units for market rates.
John Johnson, Executive Director of SVN Interstate Auction, says, “The apartments are a great value-added investment opportunity for the buyer. The new owner will be able to rehab the property and lease vacated units for market rates.” The apartments are on well water and septic, and the units are separately metered for electricity. “It's an ideal opportunity for an investor to create value by improving the property, which will also benefit the local community,” adds Johnson.
The USDA utilizes auctions to sell foreclosed properties for a variety of beneficial reasons. Offering the property by auction is the fairest way to sell the property since everyone has an equal opportunity to bid. It creates a level playing field where everyone will be bidding to buy the property under the same terms and conditions. The auction process quickly and efficiently identifies the one buyer who is willing to pay the most for the property.
SVN Interstate Auction utilizes the latest technology to make buying real estate in their auctions user-friendly and convenient. Bidders will be able to bid online using SVN’s proprietary bidding platform at SVNauctions.com. SVNauctions also offers a free mobile bidding app on iTunes and Google Play. Bidders no longer have to physically attend an auction. Bids can be placed from a computer or smart phone, and bidders are able to place bids or set bid limits during the auction and let the system bid for them if they have other commitments and obligations.
For more information please contact John L Johnson, CCIM at SVN Interstate Auction: 404-303-1232 ext. 16.
Tom Hunter, SVN Interstate Auction Co, +1 (770) 682-8552, [email protected]
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