NMHC credit and mortgage manager Jesse Palacios told Variety yesterday that the housing agency was able to sell the properties in Chinatown, Koblerville and San Vicente in a recent auction.
Palacios said initially there were two buyers trying to outbid each other for the three-bedroom, one-bathroom house at Sugar King Park property initially appraised at $67,900 but was more recently valued at $24,080.10.
He also said it had a sealed bid for $25,000.
Just when the bid was going higher in $1,000 increments, Palacios said, “One stepped in and eventually won with a bid of $51,000.”
For Palacios, it was a lose-win situation for the former owner of the property.
“The owner loses the property but gains cash in the process,” said Palacios explaining that the owner obtained the difference between the final bid of $51,000 and the appraised value.
The 907 sq. m. property in San Vicente next to the church fetched $47,366.74, the bid price.
As for the Koblerville property, Palacios said the owner paid off the delinquent amount and saved his property.
The previously appraised property at $80,500 commanded a $33,640.48 bid during the auction and the owner paid off that same price a day prior to auction.
Although there were four properties with a combined value of a little over $180,000 during the auction, NMHC wasn’t able to sell the 1,486 sq. m. property in San Jose, Tinian.
Palacios said that Tinian property was previously appraised at $92,800 but subsequently declined to $72,955.75 which was the opening bid at the auction.
Since no one took interest in the property, Palacios said NMHC bought it and it went back to the housing agency’s inventory of properties.
The four properties auctioned off were part of the 32 properties worth $1.18 million that the housing agency bought back from the U.S. Department of Agriculture Rural Development program.
Of the 32 properties, 23 were auctioned off last Oct. 4 where the pension agency bought 13 properties.
For more information on properties for sale and housing loans, call the housing agency at 234-6866/9447/7670/7689.
