The online auction sells tax foreclosed properties to bidders from all over the nation
By Andrew Harris
The frenzied online bidding is now over and as one keen Allegany County real estate student put it, “Some properties went for more than they should…”
One property that was of keen interest was the “Las Brasas” Mexican Restaurant(formerly the “Dill Pickle,”) on Route 417 in Wellsville. The restaurant recently re-opened after a long break but was still on the auction block. The bidding closed at $48,300 after 171 bids and the buyer will have to pay the back tax bill of $5589.59. The property was assessed at $100,000 in 2022 and has a full market value of $137,000. The buyer, only known at this time as “terrorAL,” was able to buy the property for only half of the value. That parking lot sure could use the special touch of Lynch Paving and Contracting!!! Read the full details and bidding history. https://www.auctionsinternational.com/auction/32019/item/3202-andover-rd-wellsville-198220
173 E State St, in the village of Wellsville, went for a real bargain. This 6 bedroom, 2 bath home was assessed for $78,000 in 2022 and has full market value of $106,800. The bidder, “jzlomek,” was able to scoop up this home for $26,100 and will have to pay the back taxes of $5560.32 after 142 bids. In this case, the bidder has purchased the property for about one-third the full market value. Read more about the property and the bidding:
Not everyone got a great deal, in this case the bidder, “TandB,” purchased a 9.80 acre lot on the Lampe Road in the town of Willing for almost double the assessed value. After 142 bids, the lot, assessed at $15,400 in 2022, sold for $28,100 at auction. The buyer will also owe $671.23 in back taxes to close the sale. Most remarkable about this sale is that the buyer effectively paid about $2900 per acre for this view.
The link is below to see all the results from the auction which is now closed.