LogikAndReazon
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- Feb 21, 2012
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For around $4.7 million, you might be able to snag one gleaming, top-of-the-line luxury home in a top market. In Michigan's Macomb County, though, it bought one man 627 homes.
Bill McMachen, who owns a yacht dealership in Harrison Township, Mich., bagged that bulging real estate portfolio after accepting an enticing offer by Macomb County's treasurer: One buyer could acquire all of the county's foreclosed properties if they just paid the amount equal to all of the taxes owed on them -- $4.72 million.
To the chagrin of hundreds of other investors lined up at the tax sale to bid on distressed properties, McMachen offered that sum at the county's annual foreclosure auction on Tuesday, snapping up the county's inventory at what some might consider a nearly absurd discount. Other investors said that they had planned on buying the properties in bundles but, evidently weren't positioned to place a bid on all 627 at once.
One investor told Detroit TV station WJBK that he was ready to bid three to four times higher on some of the properties that McMachen bought -- homes for which McMachen paid an average of about $7,500 apiece...........
Bill McMachen of Michigan Buys Hundreds of Foreclosed Properties, Dirt Cheap | AOL Real Estate
Bill McMachen, who owns a yacht dealership in Harrison Township, Mich., bagged that bulging real estate portfolio after accepting an enticing offer by Macomb County's treasurer: One buyer could acquire all of the county's foreclosed properties if they just paid the amount equal to all of the taxes owed on them -- $4.72 million.
To the chagrin of hundreds of other investors lined up at the tax sale to bid on distressed properties, McMachen offered that sum at the county's annual foreclosure auction on Tuesday, snapping up the county's inventory at what some might consider a nearly absurd discount. Other investors said that they had planned on buying the properties in bundles but, evidently weren't positioned to place a bid on all 627 at once.
One investor told Detroit TV station WJBK that he was ready to bid three to four times higher on some of the properties that McMachen bought -- homes for which McMachen paid an average of about $7,500 apiece...........
Bill McMachen of Michigan Buys Hundreds of Foreclosed Properties, Dirt Cheap | AOL Real Estate