Clinton Foreclosure Auction Results | News

PLATTSBURG — A total of 79 parcels were sold at the Clinton County Foreclosure Auction Wednesday morning.

The auction generated an expected $1,093,477.61 in revenue for the county, according to county treasurer Kimberly Davis.

“I say expected because this is a bid. The buyer has 30 days to complete the transaction and there is no guarantee it will,” she said.

close to prediction

Projected total revenue is $68,477.61 higher than the county’s projected revenue for 2020, 2021 (the two years in which no auctions were held) and 2022.

“Actually, we’re only $68,000 above our three-year forecast,” says Davis.

“Dividing that number by 3 gives you a very close approximation of what you would actually expect based on your experience.”

Congressional approval

Davis said 16 of the 79 properties were sold for less than the unpaid taxes.

Any property that will not be sold beyond the amount of unpaid taxes will require approval from the Clinton County Legislature and will be discussed at the regular legislative session on Wednesday, June 22nd.

Bidders close within 30 days of the auction date, so many details, such as the amount of the property sold and to whom it was sold, are not available until the sale is officially closed.

Davis said there could be situations where the highest bidder is unable to close the deal. In that case, the county will communicate with the reserve bidders.

“You always have that uncertainty,” she said.

If the property doesn’t close, the county could hold a special online auction for the property later this year or hold off until next year’s auction, Davis said.

high voter turnout

This year’s auction was well attended, with over 300 bidders participating in person and online.

Davis says 100 to 150 people attend in a typical year.

“Obviously the property market is very hot right now and people are looking for bargains. I think so,” she said.

“The only thing you should always keep in mind is that if there is a power outage or connection, the auction will not stop, so online bidding is risky. You may miss the property you are looking for.”

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