50 Maple Street Up for Auction
After paying $708,000 for the 3,172-square-foot house back in 2003, the owner of 50 Maple Street appears to have run into some trouble in recent months. The beautiful house came up for foreclosure auction back in April but evidently dodged the bullet; now it’s scheduled again for 3 p.m. this Thursday at 360 Adams Street….
After paying $708,000 for the 3,172-square-foot house back in 2003, the owner of 50 Maple Street appears to have run into some trouble in recent months. The beautiful house came up for foreclosure auction back in April but evidently dodged the bullet; now it’s scheduled again for 3 p.m. this Thursday at 360 Adams Street. The lien is $286,056, a relatively modest figure given what a stately home this is. Any neighborhood scuttle on this one? GMAP P*Shark
it was not sold on the auction in Aug. why?
I’ve never ever seen patients coming and going from that house, LivingModern and I walk by it 4 times a day every day. Don’t think it’s an office.
quick note; the house is owned by a doctor so the space being used is most likely for his/her own practice.
Many homes are never presented at the auction,even if listed, no excuse is given but usually the owner has negotiated with the bank or got some kind of stay, you won’t know about it until the auction has already begun. I have been to these auctions and I can tell you from experience.The auctions at 360
Adams can get rough especially with the regulars bidding, some are flipped right in the hall after the auction. Be prepared to bid much higher than the asking price.
Good deals can be had if you are willing bid high especially on this home…. the numbers will be high.
new on brownstoner, but I’ve been following these comments. from what i can tell, this auction is over the first mortgage. a lis pendens was filed on the second one as well, 6 months after the first. so, the other lien for 321,000 will come up on the property in approx 6 months. In order to fulfill both of those, I would subtract that from whatever I were going to bid, since that will likely land on new owner’s shoulders. It’s about $601k of debt from the mortgages alone.
In response to some of the comments above, you do not get to “structure” the type of deed that passes to you at a foreclosure auction. You are getting a quit claim deed, case closed.
DCB, question: how does one do a title search privately?
DCB, that’s good insight cause wouldn’t be surprised a lot of ppties at auction would have multiple liens as the recent “House = ATM” trend would imply
There is no getting out. You win this at auction, you give them 10% certified check, 30 days later you pay the remainder in cash. It’s yours, bricks mortar and remaining debt. That is the deal.
Paying for a title search prior to bidding is the way to do due diligence. That should turn up everything.
If I was able to go to the auction, I would bring a check and have already done a title search.
In the past, I bought two properties in NY (but not in NYC) at auction, and that is what I am basing this on. I did go to one auction in Brooklyn at Adams St with the intention of bidding on a brownstone, but the home didn’t come up for auction. As per SOP, no explanation offered.