Cabarrus approves discount schedule for foreclosured property

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Posted: Thursday, July 18, 2013 3:45 pm

CONCORD, N.C. -- The list price on property seized by Cabarrus County after their owners failed to pay property taxes will be lowered after the lots have sat vacant for too long, according to a change Cabarrus County commissioners recently approved.

Cabarrus County seizes properties from owners who fail to pay taxes and have no outstanding mortgage loans. The county then attempts to sell the property at auction, pricing the lots and buildings to recoup the unpaid taxes. But lately that has been difficult and some properties aren’t moving very quickly.

Commissioners voted this week to lower the asking price by 25 percent on properties after they sit for six months without selling. It will be lowered again to 50 percent of the original asking price after not selling for one year, they said. Commissioners approved the change in a 5-0 vote.

Cabarrus County currently has foreclosed on 21 properties for unpaid taxes. Only two of them – one at 86 Brown St. in Concord and the other at 915 Rochelle St. in Kannapolis – include structures. Those two are single-family homes. The other 19 properties are vacant lots.

The county has three properties in Kannapolis that it has been trying to sell since 2005. The county maintains the vacant lots, which are located at 204, 216 and 240 Basin Avenue in Kannapolis so they are costing the county money.

Commissioner Chris Measmer said, “I know we have some folks interested in buying the properties now. I think we’ve created an awareness and I think that’s going to help.”

Deputy County Manager Jonathan Marshall said the county has been looking into ways to make it easier for potential buyers to find out what’s available on the county website.

Contact reporter Karen Cimino Wilson: 704-789-9141.

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