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Comments for Condemned Hotel Sold to Debt Holder
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I get the feeling that the previous owners may have gotten behind on bills, taxes, etc., so I am under the impression that for $50,000, someone bought the responsibility and accountability for at least several times that much in debt and liens on the property. However, due to the decent geographical location, I am sure that whoever bought it will be able to flip it to someone who will be more than willing to take care of all those things in order to possibly see some sort of profit eventually in the long run.
Staunton will undoubtely have a beautiful new apartment/commercial building. To heck with the poor people who occupied it. They were in the way of a corporation making money and Staunton looking nice. Better to evict them and get rich than to help them improve their lives by cleaning up the building.
That is sketchy. $50,000 and only three bids? Heck, you could have bought it for that, paid $100,000 to tear it down, and sold that real estate for a $500,000. Seriously? $50k? Some investigative reporting needs to be done to get to the bottom of this. Explain WHY the price was so low, WHY there were only three bids, the appraised value... etc...
Just $50,000? If I had known it would sell for that low, I should have bid...but then again, it might just be a huge Money Pit, but not as entertaining like the one with Tom Hanks...