Mass Companies is listing 23 bank-owned Michigan properties that total $9.7 million for auction next week on its website.
The Rochester, Minn.-based auction firm said the assets include several commercial and industrial assets, new inland-lake condominiums and single-family homes, ski resort condos in Northern Michigan, open land for residential or commercial development, multiple housing developments and single-unit investment properties.
The REO properties are located throughout the state, including cities like Harbor Springs, Grand Rapids, Muskegon, Lansing and Detroit.
“Some of the residential properties have spectacular lake views in northern and western Michigan’s resort and ski areas,” said Tyler Maas, sales and marketing director at Maas Companies. “And the commercial development properties offer wonderful opportunities for investors to complete projects and enhance communities.”
Prospective buyers will be able to place a bid on 12 land properties, nine commercial buildings and two residential/resort through the online auction.
According to the auction firm, some properties will sell absolute with the highest bidder winning and no minimum reserve. Other sales will be subject to owner confirmation.
“With real estate values back on the rise, lenders who foreclosed on properties in the last few years are finally ready to divest at today’s stabilizing values,” Maas added. “And although the supply of bank-owned properties continues to decrease, in many cases investors can still purchase these properties at below market rates.”
Maas Companies will begin auctioning off the 23 lender-owned properties on its website on Monday, June 11 through the end of East Coast business hours of 5 p.m. on June 14.
