Seized properties put up for auction fail to attract any bids
In a sign of how distressed the Islands housing market is, two seized homes failed to attract a single offer at auction.
Auctioneer Leonard Gibbons said yesterday it was now up to the debtors as to what they want to do with the two homes, however, the courts have ordered that they must be sold at public auction.
One of the properties, an apartment property at 13 Long Ridge Pass in Devonshire, was up for auction on the weekend.
Mr Gibbons said nobody came to view or bid for the home, seized by the Provost Marshal under Supreme Court writ.
No offers were made at all, Mr Gibbons said, adding he was not surprised given todays marketplace ... its a tough market.
He said in years gone by he had held similar auctions and many bidders had come forward.
Another property, a two-bedroom condo at Convict Bay in St Georges, also went up for auction recently, and similarly, there were no offers either.
People did come to view, but Mr Gibbons said, I think they were mostly neighbours.
The two properties are held by the debtors, who are owed money from non-payment of mortgage or other major debts.
There was a minimum price set on the two properties, though Mr Gibbons said he could not disclose it. He said the minimum is required to satisfy the debts.
Realtors have said they are listing more properties that are in or facing foreclosure as an unprecedented number of Bermudians fall behind on their mortgage payments.
One realtor said theyve seen more people having trouble paying their mortgages in the past two to three years than we have seen in our history of real estate.
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