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Wayne council approves sale of foreclosed house with owner-occupancy restriction
Summary
Council approved sale of city-owned property at 4225 Grace St. to FPGA Investments for $12,358.86 with a deed restriction requiring the property remain owner-occupied.
The Wayne City Council on Aug. 4 approved the sale of a foreclosed city-owned property at 4225 Grace Street (tax ID noted in packet, corrected during the meeting) to FPGA Investments for $12,358.86. The buyer will also pay a $300 administrative fee.
City staff and the buyer said the sale proceeds equal the amount paid by the city when it purchased the house from the Wayne County tax foreclosure program; city policy requires resale at the purchase price. The sale includes a deed restriction that the property must remain owner-occupied and cannot be used as a rental.
Buyer representative said renovations and resale typically take about four months once the city transfers possession; if an occupant needs to be removed, the buyer estimated a worst-case 60-day eviction process. During council discussion a staff member corrected the tax parcel number in the motion record.
Council approved the sale by unanimous voice vote.
Why it matters: The sale recycles a foreclosed property into the private housing stock with a deed restriction intended to preserve owner-occupancy; staff said foreclosures handled this year were lower in number compared with prior years.
Additional details: The buyer, who identified himself as Jim, said he has worked with the city for years on rehabilitation projects. Staff clarified the city is limited to selling the property for the amount paid to the county and confirmed the $300 administrative fee is required.
