Historical building auction delayed - WNEM TV 5

Historical building auction delayed

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SAGINAW, MI (WNEM) -

An empty table was where a big auction was set to take place this morning. While several people showed up for the auction of the Bearinger Building in the Saginaw County Courthouse, it didn't happen. 

It was canceled.  The reason? A Saginaw County Sheriff's lieutenant said a lawyer in charge of filing the proper paperwork for the auction didn't do so.

Frank Janca is a past president of the Bay County Board of Realtors. He said it's not unusual for a legal hitch to delay an auction.

"It happens occasionally because, what happens is, a lot of legal papers have to be filed in order for it to get to a foreclosure and a lot of times things don't get signed or dotted," Janca said.

The minimum bid for the building has been set at $102,000, and whoever wins the bid also will have to pay back property taxes to the tune of more than $3,000.

Janca said if you're interested in bidding, do your homework.

"A lot of people go there without even inspecting the building because the price to them seems to be so low," Janca said. "But normally when they get it and they have to go through the title process it's costly to run the title, to insure it if they're going to re-sell it to someone else."

Not to mention how much it could cost to flip the inside of the building.  One prospective bidder today estimated it could cost $2 million to fix up the Bearinger.

If everything goes according to schedule, the big, old historical building will be auctioned off at 10 a.m. next Friday Oct. 9 in the Saginaw County Courthouse. 

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