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County has to re-auction properties

David Cole | Hagadone News Network | UPDATED 12 years, 1 month AGO
by David Cole
| November 2, 2013 9:00 PM

COEUR d'ALENE - Of the four properties auctioned by Kootenai County on Sept. 16 for delinquent tax purposes, three appeared to have been sold to high bidders.

However, the successful bidders failed to complete the purchases.

That has triggered another auction for 9 a.m. Nov. 13 at the county's administrative building in Coeur d'Alene.

It also has prompted the county commissioners to require more money down for successful bidders.

The policy had been for the successful bidder to pay $100, which is non-refundable and made in cash or with a cashier's check.

The change will require the successful bidder to pay a non-refundable deposit that's equal to the advertised minimum bid amount once that property is sold. Winning bidders still pay in cash or with a cashier's check.

At the Nov. 13 auction, the minimum bids on the four properties will be $569, $5,222, $9,597 and $11,863.

"We think that $100 is too little skin in the game," said County Commissioner Dan Green. "It's not fair to the bidders who think the property is gone."

The commissioners scheduled another auction in this case to ensure that those who might still be interested in the parcels have a fair shot at them.

In these auctions, the county gets the taxes it is due, while the rest of the money goes back to whoever is losing the property, Green said.

"The county doesn't get to keep any of the excess proceeds," he said.

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