Man Purchases 627 Foreclosures at Once

Discussion in 'Current Events' started by LogikAndReazon, Aug 8, 2012.

  1. LogikAndReazon
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    LogikAndReazon Gold Member

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    For around $4.7 million, you might be able to snag one gleaming, top-of-the-line luxury home in a top market. In Michigan's Macomb County, though, it bought one man 627 homes.

    Bill McMachen, who owns a yacht dealership in Harrison Township, Mich., bagged that bulging real estate portfolio after accepting an enticing offer by Macomb County's treasurer: One buyer could acquire all of the county's foreclosed properties if they just paid the amount equal to all of the taxes owed on them -- $4.72 million.

    To the chagrin of hundreds of other investors lined up at the tax sale to bid on distressed properties, McMachen offered that sum at the county's annual foreclosure auction on Tuesday, snapping up the county's inventory at what some might consider a nearly absurd discount. Other investors said that they had planned on buying the properties in bundles but, evidently weren't positioned to place a bid on all 627 at once.

    One investor told Detroit TV station WJBK that he was ready to bid three to four times higher on some of the properties that McMachen bought -- homes for which McMachen paid an average of about $7,500 apiece...........

    Bill McMachen of Michigan Buys Hundreds of Foreclosed Properties, Dirt Cheap | AOL Real Estate
     
  2. LogikAndReazon
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    LogikAndReazon Gold Member

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    Where's the "fairness" and social "justice" in this ???? LOL
     
  3. blastoff
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    blastoff Undocumented Reg. User

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    Good move on the part of Mr. McMachen. He'll probably make a fortune off the investment.
     
  4. Zander
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    Zander Platinum Member

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    He'll make a good profit and he saved the taxpayers of Macomb County a shitload of money in administrative costs...win/win
     
  5. Truthmatters
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    Truthmatters BANNED

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    I hope hes telling the truth about helping his fellow citizens
     
  6. CrusaderFrank
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    CrusaderFrank Diamond Member

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    What a huge mistake the county made! Wow! That's just unfuckingreal
     
  7. CrusaderFrank
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    CrusaderFrank Diamond Member

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    let me take a wild guess here, Macomb county is run by Democrats
     
  8. Politico
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    Politico Gold Member

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    Awesome. What a score.
     
  9. Truthmatters
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    the county has the right to do it.

    the guy proves hes got the money right up front and it saves them from alot of mess.
     
  10. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    If the law is anything like it is in my state, the original owners will have the opportunity to buy it back from him for the price he paid + his expenses within a certain number of years ( I think its 3 where I live).
     

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