Sullivan & Sullivan Auctioneers, LLC has completed the sale of five properties at the town ordered public auction conducted for the town. The town sold the properties for a total that more than doubled total taxes owed, placing the properties back onto the tax rolls.
Greenfield represents the 5th successful municipal tax lien auction conducted by Sullivan & Sullivan since diversifying their services in December 2013.
Sullivan & Sullivan has developed a team dedicated to municipal lien auctions. While residential foreclosures have slowed Sullivan & Sullivan continues to schedule more than 175 auctions in MA, RI and NH monthly.
Standing room only, the meeting room overflowed with bidders spilling into the hallway of the town hall. Bidder interest varied with the range of properties offered. Properties included single-family homes in various locations and conditions to a downtown, multi-unit apartment building.
Competition between bidders vying for the multi-unit apartment building on Fort Sq. generated a constant stream of minimal advances fielded by Marianne Sullivan until the winning bid was reached producing a gain of five times the amount of taxes owed.
Four single family properties, all in need of repair, saw fluctuations in bidder interest but were responsible for half of the total amount of the day's sales. Of these four, 22 Pickett Lane was most profitable redeeming triple the amount of taxes owed on that particular property.
"We are so pleased with the outcome of the auction. Sullivan & Sullivan made the process so easy and our profits are greater than expected," said Kelly Varner, Town Treasurer-Collector regarding the gain of more than 50% from the sale of the five properties.
Sullivan & Sullivan, based in Sandwich, MA has been selling properties at auction in MA, RI, and NH since the company's inception in 2007. Sullivan & Sullivan's third party sales for 2013 reached $25,548,936.
"Municipal Tax Lien Auctions have been a positive experience for buyers and the towns alike," said Marianne Sullivan, president. "Buyers take advantage of low minimum bidding while the town recoups losses and place properties back into the hands of tax paying individuals."