8 City of Poughkeepsie Owned Properties For Sale, Should You Buy?
Have you ever thought about buying a piece of property from a tax foreclosure sale (auction) or maybe directly from a city? If you are thinking about it. The City of Poughkeepsie currently has 8 properties listed on their website as "City-Owned Lots For Sale."
The listings include the property maps and a few details about each listing. When I say few details, scarce to few could potentially be more accurate.
Things to do when purchasing a property at auction:
- Do your due diligence. Check, check, check. What do you need to be able to bid on the property?
- What do you want to eventually do to and with that property? You might want to have a conversation with people on the zoning board to find out what can be done in that area. Think about it. If the property was going to be fairly easy to re-zone, someone might have gone ahead and done it already.
- What are the taxes for the property? Are they 'too much' compared to what you can use the property for?
- Is there a structure on the property? How much will it cost you to remove the existing structure before you can use that property? Should you call in a scrap company to see if the materials can be sold off or recycle?
- Make sure to know what fees will be incurred with the purchase, buyer's premium, property transfer taxes, etc.
Is it a good idea to purchase land or property this way? If you ask the questions that you need to in advance and have the answers that you can work with, yes. However, asking the questions will let you know if it's a good thing or if you need to walk away.