In an effort to breathe new life back into city-owned properties and get them back on the tax rolls, a foreclosure auction featuring 194 city properties is scheduled for December 17 at the Atlantic City Convention Center with no minimum bid on any properties.
With the slogan "It's a great day in Atlantic City," Max Spann Real Estate and Auction Company, of Hunterdon County, will be hosting their fifth auction for the city at 11 a.m.
During an information session run by Bob Dann, Executive Vice President and Chief Operating Officer of Max Spann, dozens of people were taught "How to Buy" at an auction, many of whom were recurring auction buyers.
The properties listed consist of commercial lots, multi-family homes and single family houses located all across the city, with multiple water-front properties.
All intending buyers must bring a bank-approved check for $5,000 per package they plan to bid on.
Buyers will be contractually obligated to follow a reversionary clause, disclosed to them beforehand, requiring them to put a minimum amount of work into fixing up particular properties.
In 2018 New Jersey held the record for highest foreclosure rates in the country with 1.61 percent of properties having a foreclosure filing. The rate as of October is 1 in every 1316 being in foreclosure. Atlantic City had a rate of a whopping 2.72 percent in 2017.
A complete list and interactive map of available properties can be found at maxspann.com.