HARTFORD, Conn. (WTNH) — Bidders came out by the dozens in Hartford for the city’s tax deed sale at Dunkin Donuts Park Thursday.
A veteran real estate investor with over 40 properties under her belt, Irene Billingslea, is now looking to acquire a rental property in Hartford. She said she’s been traveling all over the country, investing properties for tax deets. She’s seeking out tax delinquent properties, as their discounts are the main appeal.
“Why I’m doing this is because of the problem we are having in the real estate market,” Billingslea said. “The properties now are so inflated in the prices, and there will be a windfall with prices in the next six to nine months, right now this is the place to be.”
In Hartford, there’s currently 10 properties up for bidding at Dunkin Donuts Park. One of them, at 72 Coolidge Street, has a “for sale” sign out front. The city recommended buyers do some investigating before purchasing, going through available listing information and public records before placing their bid.
“We drove around to the various areas and I go back I do my research, I do my vetting process, you know, the due diligence,” Billingslea said.
Although winning bidders are awarded the property, there is a six-month waiting period for the current owner to pay off their taxes.
Hartford Mayor Luke Bronin spoke with us about the benefits of redeveloping these delinquent properties.
“The goal though is to make sure we have properties deteriorating derelict and make sure they are fixed up, filled up, and lift up the neighborhood,” Hartford Mayor Luke Bronin told News 8.
The homes are always sold as is, and bidders are required to put a $5,000 deposit down.
This was the first tax deed sale auction in Hartford in nearly two years.