Quoted Text

SCHENECTADY
City foreclosure shouldn’t be hard to sell
BY KATHLEEN MOORE Gazette Reporter

    In what may be a hopeful sign for the city’s new plan to quickly sell buildings it forecloses upon, there are already multiple buyers lined up for the city’s next foreclosure.
    The city is seizing 601 Union St., a building in bad shape. Among other problems, the roof has fallen in and the taxes haven’t been paid in years. Both issues are typical for blighted buildings in the city.
    But it’s in a good area, so it’s exactly the sort of property that city officials hope they can sell.
    “You have a property in a good area, you have a lot more opportunities,” Zoning Officer Steve Strichman said.
    In a new strategy, Strichman got help from those involved in the property: an attorney working on the deceased owner’s estate. The attorney had already been contacted by one possible purchaser and was willing to help Strichman fi nd other buyers so he could sell the property as soon as possible.
    “The estate is trying very hard to get rid of it,” Strichman said.
    That help, along with the new method of lining up potential buyers before seizing the property, may help the city sell property quickly. Strichman wants to make sure the city doesn’t wind up stuck with blighted property for years, along with the associated costs and the criticism from neighbors who want the place fixed up or knocked down.
    He’s confident that he’s got enough interested buyers to sell 601 Union St. Now he’s taking that strategy to the next properties on the city’s list: abandoned auto repair sites.
    “There’s demand for auto repair because it’s only allowed in certain places,” he said.
    And those properties rarely are put up for sale, so buyers might be eager to jump at what the city can offer, he added.
    In the next year, he wants to sell about 80 properties this way. Many of them are residences.
    It’s going to be tricky. ...................>>>>.....................>>>>...........................http://www.dailygazette.net/De.....r02004&AppName=1

Union St isn't Hamilton Hill. Funny how "one possible buyer" morphs into multiple buyers for the Gazetto fictional headline writer. Show them the tax bill and see how fast they run. If there's so much interest why doesn't someone show up at the foreclosure auction? It's the DEM taxes stupid.

Quoted from benny salami

Union St isn't Hamilton Hill. Funny how "one possible buyer" morphs into multiple buyers for the Gazetto fictional headline writer. Show them the tax bill and see how fast they run. If there's so much interest why doesn't someone show up at the foreclosure auction? It's the DEM taxes stupid.

Gillen will show up. Buy the property for $1, take it off the tax rolls and give an investor $1 million in a rehab grant.

It will be very very interesting to see exactly who these anxious buyers are. Have they all been sitting waiting with bated breath for these properties to go up for sale???? It will be interesting also to see how much these properties are sold for and what tax break the anxious buyers will receive.

Quoted from rachel72

Gillen will show up. Buy the property for $1, take it off the tax rolls and give an investor $1 million in a rehab grant.

EXACTLY! And yell progress and demand a higher salary for his planning expertise. Bugs Bunny, The 3 Stooges and the DEM sock puppets here have also expressed great interest. Because of the horrid DEM working together taxes, joke assessments, elected morons, you can't give away City property. If there was so much interest there won't be 800 abandoned properties, the idiotic Land Bank nor this article. Buyers would be mobbing foreclosure auctions. Just the opposite is happening. So Fat Morris and Death Ray soak up more unwanted property with our money. Keep the implosion and disinformation campaign going-Joseph Goebbels would be so proud.

How did their 'rent for free' plan turn out?
They couldn't give that away either!!

So when they call it the new plan, do they really mean the old plan like before they sold the properties for at 10cents on the dollar to American Tax Funding?  Another great spin.  The new plan is to go back to the old plan.  Right.  

Something also tells me that the reason they may have went back to the "Old Plan" was that the relationship with Ameerican Tax Funding was probably strained.  The issue with the Foster Avenue parcel that they didnt have title to, the Churches that recently were tax foreclosed on for failure to fill out the Non Profit forms and I am sure the return on the anticipated investment was lower for American Tax than they thought it would be.  

Might be wrong, just a hunch.  

Yeah, let's see how this works out.

Mortgage rates at historic lows, I saw it reported at 3.94%.

Houses in the city so utterly cheap with the DRASITC PLUMMETING of property values  (and Smokin still has not provided any numbers DIRECT from the GCAR websoite itself to contradict what I posted).

Naturally, if houses are cheap, well, let's say it in a nicer way....    Naturally if houses are inexpensive AND mortgage rates are at historic lows, than this would be the time to buy a house in the city.   And DV's alleged personal friend---that DV posts on here that he visits McC at city hall---doing this thing to get the bank to give out more money than the appraised value of the house. well isn't it interesting that DV isn't buying a house in the city.   You'd think with all his ranting that Schenectady is in this renaissance that he would buy now.    But obviously, he knows that what we say is the truth---that Schenectady is no where near improving; and the other is that he coiuldn't get approved for a mortgage anyway--no job, not renting an apartment which would establish a credit history combined with paying Nat Grid bills, etc.

Quoted from mikechristine1

Yeah, let's see how this works out.

Mortgage rates at historic lows, I saw it reported at 3.94%.

Houses in the city so utterly cheap with the DRASITC PLUMMETING of property values  (and Smokin still has not provided any numbers DIRECT from the GCAR websoite itself to contradict what I posted).

Naturally, if houses are cheap, well, let's say it in a nicer way....    Naturally if houses are inexpensive AND mortgage rates are at historic lows, than this would be the time to buy a house in the city.   And DV's alleged personal friend---that DV posts on here that he visits McC at city hall---doing this thing to get the bank to give out more money than the appraised value of the house. well isn't it interesting that DV isn't buying a house in the city.   You'd think with all his ranting that Schenectady is in this renaissance that he would buy now.    But obviously, he knows that what we say is the truth---that Schenectady is no where near improving; and the other is that he coiuldn't get approved for a mortgage anyway--no job, not renting an apartment which would establish a credit history combined with paying Nat Grid bills, etc.

I would also bet that some banks have Schenectady City and/or County redflagged as places that they do not want to do business.  If schenectady has 2000 foreclosed properties, they are probably another 2000 that arent foreclosed on yet but the bank has to pay the taxes to keep a hold of it.  Just becuase a mortgage and escrow isnt paid.  These banks are basically just as hostage to this fiscal mess as the city citizens are.  Banks will also just charge higher rates to certain counties to control risk.  

Whens the next auction.  Cant wait to see the firesales and no takers.    

Well, one property was sold, friend of ours called and told us, that Polish church on Eastern Ave has been sold.   Unkown who or what purpose or amount.   Of course, we will all be privy to that shortly

I believe that the church was St Mary's.

Quoted from bumblethru

How did their 'rent for free' plan turn out? They couldn't give that away either!!

They couldn't give the firehouses on Brandywine or Mt Pleasant away RENT FREE. The DEMS lied about several renters lined up. Glad to hear about St Mary's on the Eastern Hill. Beautiful church with an empty school and rectory. Used to be a solid Polish neighborhood with drug stores, carpet store, several tappies. All gone in the phony "renaissance". Let's see which nonprofit snapped it up at rock prices. BTW, MC a DEM leader said the same thing to me-the interest rates are low! But the DEM tax rates and fees are high and gone higher. No new to belt tighten the taxpayers can suck it up.

Quoted from benny salami

They couldn't give the firehouses on Brandywine or Mt Pleasant away RENT FREE. The DEMS lied about several renters lined up. Glad to hear about St Mary's on the Eastern Hill. Beautiful church with an empty school and rectory. Used to be a solid Polish neighborhood with drug stores, carpet store, several tappies. All gone in the phony "renaissance". Let's see which nonprofit snapped it up at rock prices. BTW, MC a DEM leader said the same thing to me-the interest rates are low! But the DEM tax rates and fees are high and gone higher. No new to belt tighten the taxpayers can suck it up.

Yeah, I forgot about that being a Polish neighborhood.   Perfect place for DV to buy a house.   Bet the houses there are more than affordable.    

But we ALL know..... DV is all talk, no action.     He babbles on and on about how great the city is, but he REFUSES to act, he REFUSES to buy a house in the city (even with low prices, with historic low morrgage rates, and with tens of thousands of dollars over and above the purpose price via McC's "propgram" w/ Key Bank) and STILL DV REFUSES to buy a house in the city.    

Yep, DV is all talk, no action.   He babbles on and on, claims he goes to city hall to sdee the (former) mayor when that mayor wasn't even there.   Claims he visits McC at city hall but no one at city hall has seen him.   etc etc.    

Yep, DV is all talk, no action.   He babbles on and on how wonderful the city is, but he won't even step foot in the city to help the people, no volunteering for Thanksgiving.   He puts a foot in the church door for the hour or so and speeds out of the city after whatever Mass he attends.

The City can sell A foreclosure! WOW! ONE out of 800 is a cause for celebration by the DEM morons and their running dogs in the press. And it hasn't sold yet! Always alleged "great interest" by the DEM liars. DVR loves to start the clock 6 years ago-the DEM coup was 37 years ago in the City. Talked to a couple who lived on Congress St. until fleeing to town last year. They couldn't be happier to be out of that crime filled, pit bull filled, gang filled slum. Their kids love Mohon schools. They mentioned The Mad Bomber who no one knew at Mt Pleasant Middle School. Land Bank, ALCO condos, 8 Barrett luxury apartments are all nothing. Nothing will improve until spending is slashed, people feel safe and taxes are cut.

No one who knows Schenectady in any way will buy any of these houses. My taxes and escrow have grown 50% on all my properties.  Only 40% is P&I.   I wish my statement weren't true.  Years ago I would have loved this situation, but since then the taxes and fees have grown.  The city has projected higher fines (Parking and Codes) in order to fill the holes in budget.  

They raised the code violation fines, fees and added manditory surcharges.  Everyone knows that every house has code violations.  New, old, apartment or single family.  It doesnt matter.

They then instituted a rental certificate certificate law under the false pretense of protecting the tenants.  It is just a real reason to enter  your house and assess it for potential code violations and to generate more permits.

This caused some people to just decide to leave the unit vacant.  Perhaps becuase they didnt have the money to upgrade or bring the unit up to the citys lofty standards or becuase the rental business just wasnt worth it.

So the city decides to close that option of just paying taxes so they institute a additional, yearly escalating fee for having a property vacant, regardless as to whether it is up to code or not.  

All these chnages were done slick willy as usual and the average public doesnt even know about the changes until they violate.  It might just be some peeling paint $500 fine per day with mandatory surcharge or it might be a set of the neighbors garbage cans that they left out on your property.   The proposed changes are never on the city website or Council Meeting agenda, just a vague summary of the chnage they are voting on and a unanomous consent vote.  The code is then buried in the 1,000 page code and then made available for 25 cents per page.

The only people who will buy these properties are the imbeciles and out of towners who failed to do their homework about the way the city handles business raping and screwing the taxpayers.  

The cost of doing business in Schenectady has reached its breaking point.  Already put it on my important dates list:  Foreclosure auction.  Cant wait to see them go for nothing.   You see folks, I care for my properties becuase I paid good money for them.  When you pay $1000 to $10,000 for a 4,000 sqft property in an auction you wont have much heart in it because it doesnt matter.  There is no skin in the game.  The city makes and attracts absentee landlords.  The absentee landlords dont make the city.  Let's build some more condos......... Dumb azzes.