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Wow, big surprise....NOT....

http://www.detroitnews.com/article/20131030/METRO01/310300066/-6M-winning-bid-Packard-Plant-canceled?odyssey=tab%7Ctopnews%7Ctext%7CFRONTPAGE

No surprise here either but I am curious about something. In most auctions if you bid and then fail to perform you are out on a limb and could be in deep doo doo. Is this not the case with this type auction as well.

crap.

The auctioning of foreclosed property may work different depending on the state law;

Typically a winning bidder is required to deposit a percentage of the sale price at the fall of the gavel. Generally they have something like 48 hours to tender up the remainder of the full sale price. If they fail to meet the deadline then the deposit is forfeited.

This is how it works for houses in AZ.

Jim

Here is how the story was told down here,

http://www.nbcdfw.com/news/local/Ennis-Doctors-Bid-for-Detroit-Plant-Canceled-230025731.html?_osource=SocialFlowFB_DFWBrand

wonder if he made the 4pm deadline today?

Wayne County is giving the Chicago developer until 3:00 PM Friday to put down a non-refundable $100,000 deposit AND prove he has the $2.0 million to and will pay it by 3:00 PM next Monday.

http://www.detroitnews.com/article/20131031/METRO01/310310103/Developer-gets-more-time-complete-Packard-Plant-purchase?odyssey=tab|topnews|text|FRONTPAGE

This same guy could not cough up $1.0 million several weeks ago to buy the property. So it is anybody's guess as to how he will find double that amount in the next several days.

Meanwhile, if he does not come through, the County will go to the 3rd highest bidder ($2.0 million) a guy from Peru.
http://www.freep.com/article/20131031/BUSINESS06/310310112/Packard-plant-deal-Peru-Chicago-bid

The more I read about the EGB plant the more I am convinced we need to save the Packard Proving Grounds in Utica.

It seems all of these outside buyers have some sort of agenda that does not place either the rehabilitation of the property (a longshot, not likely to happen) or demolition and re-use of the property in a priority. We have had enough of absentee owners of Detroit properties using the city's building stock as a tax shelter.
The plant has become such a poster child for the state of the city, and vast stretches of the city are not nearly as bad as that god-forsaken part of town. Anyone who is entertaining any pollyanna-ish vision of the plant all refurbished and making pleasure domes need only look at this drone cam video:

http://www.youtube.com/watch?v=hvTwY6tPf4k

i really wish this foreign dude would have the chance to buy it. dude sounds pretty dang serious and he has a good track record at this type of thing.

Mr. PB - Thanks for the link to to drone video. Those are some amazing scenes, really shows the condition of the plant. Such a shame.

(o{}o)