Strategic Auction Alliance to market titles and conduct auction
The City of Pittsfield has again selected Strategic Auction Alliance to conduct a Municipal Tax Title Assignment Auction on Thursday, October 11th, beginning at 1 p.m. at Pittsfield City Hall, 70 Allen Street. More than 250 tax title assignments are expected to be up for auction.
The assignment of Tax Title assets is not the purchase of the real estate, rather it is the sale of the municipality's receivable position. These type assets are commonly known as tax lien auctions in other areas of the country.
The auction will highlight tax title assignments secured by residential homes, commercial property and vacant land. Interested individuals can bid in person at the auction location or via Internet, or absentee bid.
This will be the second time the City of Pittsfield has conducted an auction to recoup back taxes; in 2015, Strategic Auction Alliance conducted the first auction, a process that brought in nearly $2 million in uncollected revenue.
Strategic Auction Alliance is now preparing for the upcoming October 11th auction, which will be conducted by company principals Tom Weitbrecht and Stephen Paulin.
“This format of auction is beneficial for the municipality and also for the investor,” said Weitbrecht, noting that interested parties will have the opportunity to purchasetax titles during the auction.
He continued, “Municipal Tax titles are widely recognized as solid investments. Tax title buyers will acquire the town’s position as first position debt holders and are entitled to collect interest at a rate of 16% from property owners who redeem their properties. Tax title buyers may elect to initiate tax foreclosure proceedings to gain ownership of the property or to compel property owners who wish to retain ownership of their property to pay the outstanding balance due. We strongly suggest interested parties conduct research as they deem appropriate to completely understand the process and the specific details of each individual property or tax title.”
For complete details, deposit requirements and terms of the sale, please visit www.strategicauctionalliance.