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Albany County Selling 200 Foreclosures
ALBANY – Albany county has put nearly 200 foreclosed properties up for sale in an online auction. Interested buyers can visit a new website to see pictures, tax information and assessments on the properties that are for sale. Bidders will be pre-screened before submitting a bid and familiarity with the neighborhood and financial ability to complete any work necessary on the property will be taken into consideration when the bids are reviewed.
For too long, there has been a cycle when it comes to foreclosures in Albany County according to County Executive Dan McCoy, “what has happened is a lot of people come up from the New York City area, they'll buy the property and then they don't fix it or they borrow the money to fix it and then it still just sits there and then the banks end up foreclosing and it’s another 4-year process to get the house back,” he tells CBS6. Although a majority of the properties and homes are in the City of Albany, it’s county taxpayers who end up footing the bill. “When the county is paying the school taxes, the city taxes, the water bill, paying for snow removal, the lawn to be mowed, there really hasn't been a rush on the City's behalf to really get something going because they've got the money coming in,” McCoy says. So, that’s why he is looking to step-up the sale of some of the properties.
The current sale can be found here: http://www.albanycounty.com/departments/finance/auction/. It closes on July 31st at which time the bids will be reviewed by the county. The winning bids will have to be approved by the county legislature before the sale is made final.