WINTON – Foreclosed property typically sells at a lower rate than the assessed value.
However, there’s a big difference between a reasonable price and a true steal.
At their regularly scheduled meeting here Monday morning, the Hertford County Board of Commissioners rejected bids on a foursome of foreclosed properties, to include one that has been in the county���s possession for nearly 15 years.
County Manager Loria Williams advised the commissioners that they had the final say in accepting or rejecting the offers, but said that each bid on the four properties was, “remarkably lower than our costs.”
She added, “We would love to take these off of our list of county owned foreclosed properties and place them back on the tax rolls where they will generate revenue, but the bids we received on these four are very, very low. I’ve never seen bids this low.”
The properties attracting bids were:
PIN #6925-32-5657 – Johnny Cherry property (foreclosed on June 30, 2003);
PIN #5072-90-5383 and PIN #5072-90-5494 – FRB Custom Homes of NE NC, LLC (foreclosed on June 21, 2017);
PIN #5968-35-2618 – Lillie M. Johnson, Est / Roger Myrick property (foreclosed on March 13, 2012); and
PIN #5061-72-4902 – John/Joanne Bell property (foreclosed on Feb. 2, 2005).
Three of the four bids were submitted Jan. 10 by Coast 2 Coast Group, LLC of Winterville.
That firm submitted $50 bids on each the Cherry property and the FRB Custom Homes of NE NC, LLC property.
The Cherry property, located on NC 45 South, is valued at $6,953. Combined with the back taxes owed on the property plus the legal and advertising fees incurred during the foreclosure and offering for sale processes, the county has expended $14,309.60.
The FRB Custom Homes property is located in the Maney’s Neck township (New Hope Estates) and consists of two lots with a combined value of $19,901. The county has invested $4,278.66 in foreclosure and re-sell fees to date. That amount also includes back taxes owed on the property.
Coast 2 Coast submitted a $100 bid on the Myrick property, located on Boyette Street in Murfreesboro. It is valued at $7,100 and the county has invested $7,152.39 in fees (plus back taxes).
USA Land, LLC of Mt. Pleasant, SC offered a $250 bid for the purchase of the Bell property, located on Boone’s Bridge Road. That property carries an assessed value of $11,886 and the county has $4,973.67 tied up in fees and back taxes.
On a motion from Commissioner Ronald Gatling and a second from Commissioner Johnnie Ray Farmer, the board, on a 5-0 vote, rejected all four bids.
“I’m speaking on a past discussion where Commissioner (John) Horton said if we get an offer, we need to consider it and get these properties back to generating tax revenue,” Commission Chairman Curtis Freeman said after the vote was taken.
“But at the same time, and I think Commissioner Horton will agree, we cannot be fools about this; we can’t give these properties away,” Freeman added.
Each property will be re-advertised for sale and any new bids will be brought before the board of commissioners at an upcoming meeting for their approval or rejection.