Event Horizon: Black Hole in Rockaway

Jim Alex reports: "Bank of America is the proud new owner of the Horizons building. After the bankruptcy was tossed out, the bank took the property back for $1,543,307.47. Lots of people lost money on this deal. Five more loans just got wiped out when the first loan foreclosed. On a happier note, it looks like the UPS store is coming to the Clock Tower Building in Rockaway." (Document below indicates Horizon property reverts to Bank of America.)

Sale Date/Time:         04/22/2010 12:30 pm         Property Address:         Vacant Land, 270 Rockaway Beach Ave.

Pacifica, CA 94044-
Sale Status:         Reverted                 
Opening Bid:         $1,543,307.47                 
Final Sale Amount:         $1,543,307.47                 
Postponement Reason:         Bankruptcy                 
TS Number:         53410         Sale Location:         At the Marshall Street entrance to the Hall of Justice and Records, 400 County Center, Redwood City, CA
APN:         022-024-230-9 and 022-024-240-8                 
RSVP Number:         178340

Comments

[jim alex]

Normally, the back taxes are paid when the property is resold. Some banks do pay the tax bill every six months, but most just let it ride, knowing they can just pay it when the property transfers.

[todd bray]

When a bank repossesses a property, does it pay property taxes on it or are the taxes suspended until the property is sold?