EAST ROCKAWAY (CBS 2) – No one wants abandoned houses next to their property. But now some Long Island eyesores are being converted to nice homes, and auctioned to deserving families.
They’re called “negotiated” auctions, CBS 2’s Carolyn Gusoff reported exclusively on Tuesday.
A renovated seven-room home on quiet street in a good school district will likely sell this weekend at a bargain price.
So what’s the catch? The sale of 86 2nd Ave in East Rockaway is part of a new concept in auctions. It’s being put on the auction block by a not-for-profit agency that’s turning foreclosed eyesores into affordable homes.
“We’re looking to put houses into hands of community families,” said Deborah Post of Community Housing Innovations.
Community Housing Innovations bought the home from the bank at a discount and then had it renovated. It will sell it this Sunday at auction. Bidders must earns less than $140,000. In other words, they must be middle income for this area.
Bidding will start at $299,000, a good $100,000 below market value.
“You get the fairness and speed of a regular auction but you also get the protections of a regular negotiated sale,” Post said.
“It’s a fantastic opportunity to get a home that renovated at a fantastic price,” said Lynn Doughty of Century 21 Adams.
Neighbors, some having trouble paying their own mortgage, hope a lucky family gets a real steal. They said anything is than the boarded-up house that had been on the property.
“Some of these foreclosed homes, you can’t sometimes blame the people for dumping them like that, but they just left in the dark of night,” neighbor Dennis Cronin said.
“It would be nice to have a family there and taking care if it. We don’t want foreclosed houses on our block. It’s never a good thing,” Dawn Cronin added.
With foreclosures rates on Long Island on the rise, the rehabbed home is expected to be the first of many to soon be offered at auction. The bidding starts Sunday at 4 p.m.
You can see the house in East Rockaway before it’s put on the auction block — at open houses on both Saturday and Sunday.
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