LETTER TO THE EDITOR / DUBIOUS AUCTION
It is most unfortunate that our courthouse should be involved with such shenanigans as the so-called auctions for foreclosed properties. The ad in the Citizen indicated that an auction, with a starting bid of $100 would be conducted on the front steps of the courthouse. What the disclosure did not reveal, however, is that the auction was also attended by a representative of the bank that owns the property. What’s more, this bank representative is entitled to bid at the same auction. In this case, she disclosed at the outset that she was authorized by the bank to bid up to $500,000 for the property.
Given the property in its current rundown condition isn’t worth nearly the $371,000 owed to the bank, the auction was clearly a procedural farce, a fishing expedition to see how high it could jack up the price. Banks of course expect property prices to rise by 4% next year and are not inclined to let go of their precious investment. All that is well and good but why go through the pretense of holding an dubious auction when such let’s pretend sales appear to only be held so as to satisfy legal obligations to do so.
When the courthouse, however, appears to legitimize such a farcical exercise in futility and frustration to the public, it’s role also becomes suspect.
For my part, I simply walked off with sheer disgust at the games being played at the public’s expense. There is no doubt that another ‘bubble’ is being created by the bank and the bottom likely is going to fall off just like the time before. It’s only a matter of time..
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