February 9, 2010
- Eugene, Oregon
County auctions off tax-foreclosed lands
By Addison Taylor KVAL NewsEUGENE, Ore. -- If you are looking to buy land, Lane County has some deals for you. In its annual auction, Lane County sold off homes acquired through tax foreclosure.
A property goes into tax foreclosure when the owner fails to pay property tax. In Oregon, the county becomes the owner of the land, and then it’s up to the county to sell it.
About once a year the county holds an auction for the properties it has acquired.
Just like with bank foreclosed homes, these properties are hot deals for those wanting to buy land.
“All these people want a bargain,” said Jeff Turk, property manager.
The opening bid was on a piece of property valued at $49,000 was just $500.
A bidding war ensued over a small piece of waterfront property on Fall Creek. With the bidding starting at just $1,000, the property final sold Beverly Stewart for a little over $3,000 dollars.
“It was fun, the bidding war," Steward said. "I plan on using the land for camping and having picnics.”
Gary Burnett was one of the high bidders.
“I guess I reached my max when I quit bidding, but I have kind of been kicking myself ever since.” Burnett said. “I know she got a great deal on that piece of land.”
If you are wondering if the current economic climate has increased the number of homes going into tax foreclosure, Turk said it takes about six years for a property to be acquired by the county and then up for auction. The auctions won’t see homes forced into tax foreclosure by the economy for several more years.
You can see the complete list of homes that were up for auction Monday on the county's Web site.
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