Maplewood To Auction off Hundreds of Municipal Properties

[Charles Thomas]

An auction will be held on Wednesday, Oct. 9 for non-payment of taxes and other municipal liens.

Maplewood Municipal Hall.

The Township of Maplewood will be auctioning off hundreds of municipal properties at a public auction on Oct. 9 for non-payment of taxes and other municipal liens.

The auction will begin at 10 a.m. on Wednesday, Oct. 9 at the Municipal Building Main Meeting Room, located at 574 Valley Street in Maplewood.

A public notice was issued as follows:

PUBLIC NOTICE IS HEREBY GIVEN THAT, I, Peter N. Fresulone, Tax Collector of the Township of Maplewood, County of Essex, New Jersey, in accordance with N.J.S.A. 54:5-1, et seq., will sell at public auction on October 9, 2013 at the Municipal Building, in the Main Meeting Room, 574 Valley Street, Maplewood, New Jersey, at 10 AM, the lands herinafter described.

Take further notice that the herinafter described lands will be sold for the amount of the municipal liens chargeable against each parcel of said land assessed as one parcel, together with interest and costs to the date of the sale. Said lands will be sold at the lowest rate of interest bid, not to exceed 18%. Payment for said parcels shall be made prior to the conclusion of the sale in the form of cash, certified check or money order, or parcels will be resold.

Any parcel of real property for which there shall be no other purchases will be struck off to the municipality in fee for the redemption at 18% and the municipality shall have the same remedies and rights as other purchasers, including the right to bar or foreclose the right of redemption.

The sale is made pursuant to Chapter 5, Title 54 of the Revised Statutes of the State of New Jersey, as amended, industrial Properties may be subject to the Spill Compensation and Control Act (N.J.S.A. 58:12-23.11 et seq), the Water Pollution Control Act (N.J.S.A. 58:10A-1 et seq) and the Industrial Site Recover Act (N.J.S.A. 13:1K-6 et seq).

In addition, the municipality is precluded from issuing a tax sale certificate to any prospective purchaser who is or may be in any way connected to the prior owner or operator of the site. At any time before the sale, the undersigned will receive payment of the amount due on any property, with the interest and costs incurred up to the time of payment.

Click here for a full list of properties.

http://www.twp.maplewood.nj.us/DocumentCenter/View/1405 list of Maplewood properties for tax sale. Note that many of them are just unpaid sewage bills.

The deals are CRAZY check out the comps on Zillow!!!

[Wayne Brooks]

Charles, you're not "buying the property" at this auction, you are buying a "tax certificate", which is the same as loaning money to the township. This is why you are bidding an interest rate, not a dollar amount. What the redemption procedures are in NJ, I have no idea. Others here will chime in, but you can read the state statutes.