Committee reiterates private-bid rules after multiple auction failures
The chair said properties that fail to close at auction are now eligible for private bids submitted to the Real Estate Committee with certified proof of funds; loan preapprovals will not be accepted and abutting owners may be offered first opportunity.
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The Real Estate Committee restated the city’s process for handling properties that fail to close at auction: such parcels are eligible for private bids submitted to the Committee through the Secretary with certified proof of funds or a loan approval, and loan preapprovals will not be accepted. Dr. Darren Morton, the Committee Chair, explained the rule while summarizing recent auction follow-through failures.
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