Related Article: Property Tax Sale Bidders Seek Low Prices, High Interest Rates

Excerpt taken from the Island Packet.

“For the bankers wearing pressed suits and willing to bid six figures at Beaufort County’s annual delinquent-tax sale, the primary goal was earning interest at rates available in few other places in today’s economy. For Mamdouh Sabry, who wore a red and brown plaid shirt to Monday’s sale, the goal was finding a place to build his future retirement home.

Sabry learned about the sale last week and drove from his home near Columbus, Ohio, to find a lot he could afford. He knows odds are good that the property he bought Monday will be reclaimed by its owner before it can become his next year, but he won’t be satisfied with a reimbursement plus as much as 12 percent interest on the money he put down…”

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