The Houston Housing Authority announced that 171 homes and three development lots across the Houston metropolitan area will be sold to the highest bidders on an Absolute basis at a one-day auction event on Saturday, November 12, 2011. The properties were originally intended for poor and low-income families, but almost half had been left unsold or in serious disrepair due to problems with the housing program, according to the Houston Chronicle.
“I am excited to put these scattered-site properties into the hands of local families, non-profits and investors who have the time and resources to restore these homes and return them to the city’s housing stock,” said Houston Housing Authority President and CEO, Tory Gunsolley.
The auction, to be held at the Marriott Westchase Hotel on 2900 Briarpark Dr., will be structured in three different time frames. A public auction of 45 properties will commence the day’s events at 10:00 a.m.; followed by a special non-profit auction at 1:00 p.m., and an Absolute auction open to the public at 2:00 p.m. will offer all remaining properties to the highest bidders.
“This represents an opportunity for home buyers, non-profit organizations and investors to purchase one or multiple properties, fix them up and provide housing opportunities for both owner occupants and renters,” said Paul A. Lynn, CCIM, principal of Paul A. Lynn & Associates, LLC, and Texas Real Estate Broker and Auctioneer. Lynn adds, “Savvy home buyers and investors will get to establish their own purchase price through the competitive bidding process for this diverse portfolio of properties.”
The homes up for auction are in neighborhoods that range in assessed values of $50,000 – $150,000 and average in size of about 1,500 square-feet with 3 bedrooms and 2 baths. The properties are being sold on an “AS-IS, WHERE-IS” basis; they will not be sold with any type of contingencies attached and must close within a 30 day period after the auction.
All interested buyers may attend a “How to Buy” seminar on Wednesday, October 26th at 7:00 p.m. at the National Resource Center. All of the properties up for auction will be open for inspection on October 29th and 30th and November 5th and 6th between 11:00 – 1:00 p.m. and 2:00 – 4:00 p.m. For more information about specific days, times, property locations, or about the auction itself, please visit www.natresauctions.com/HHA.