City officials in Burton, Mich., who took out more than $2 million in bonds to build streets and sewers to serve three new subdivisions decided to take matters into their own hands when developers failed to complete the projects and stopped paying their property taxes.
The city bought the subdivisions — 219 lots in total — at a sheriff’s sale, and has entered into a one-year listing agreement with Re/Max Grand to sell them. The listing agreement provides for a 6 percent commission on the lots, which will be bundled rather than sold individually. The city expects the lots will bring in $1.67 million — which would equate to $100,000 in commissions for the Grand Blanc-based brokerage, before any split with a cooperating broker. Source: mihomepaper.com.
