The Commonwealth Development Authority is set to auction off seven foreclosed properties estimated at $365,000 on Feb. 22, Friday, at 2pm at the CDA conference room.
Loan manager Oscar Camacho said two of the properties are located on Saipan, four are on Tinian, and one is on Rota.
The Saipan properties involve a parcel of land in Chalan I Rueda in Garapan, which measures 21,851 square meters with an appraised value of $240,000, while the second property found in As Lito measures 1,100 sq. m. and valued at $8,000.
The Tinian properties consist of a parcel of land located along a paved road across Kammer Beach in San Jose measuring 720 sq. m. and valued at $7,000; a 10,000 sq. m. land in Carolinas and appraised at $30,000; a 500 sq. m. land in San Jose valued at $32,000; and another San Jose property measuring 1,048 sq. m. and appraised at $43,000.
Meanwhile, the Rota property is located in Mananana and measures 29,092 sq. m. with a market value of $35,000.
Camacho said all seven properties are judgments entered in 2012. He noted that the appraised values for these properties are based on the most current appraisal conducted by CDA.
Friday's auction will not require a minimum bid, according to Camacho.
“But we will try to target at least the appraisal amounts. If the bidder does not meet the appraised value, then we will try to figure out if their offer is close enough,” he told Saipan Tribune.
Camacho said that the auction will also feature other foreclosed properties now owned by CDA.
“We're going to put out all our foreclosed properties on Saipan, Tinian, and Rota to allow interested individuals to look at them and see if they want to own any of these properties through different arrangements available such as lease with purchase option,” he explained.
The successful bidder for each property, Camacho added, will have to make a deposit of 10 percent of the purchase price on the day of the auction.