15 lots auctioned off, judgments are paid
Posted on Wednesday, March 19, 2008
URL: http://www.nwanews.com/bvwv/News/5991/
A judicial lot sale on March 7 in Bentonville paid off for the Bella Vista Property Owners Association. Approximately $ 27, 200 worth of judgments were collected by the association after the Benton County Circuit Clerk’s office auctioned off 15 properties in the city for a total of $ 40, 786. 57.
The starting bid on each of the properties were based on what was owed to the association through unpaid property assessments, and legal and filing fees, according to Ashley Gilbert, administrative assistant in the POA legal department.
There were 39 Bella Vista properties originally intended to be sold at the auction, but 22 were removed from the list prior to the event because the owner paid the $ 25, 283. 92 needed to satisfy judgments on the properties, Gilbert said.
All of the lots auctioned found successful bidders, and bids ranged from around $ 2, 000 up to $ 4, 150, with $ 2, 500 being the most common sale price, Gilbert said. There were 22 bidders competing for the land parcels, she added.
“ It went pretty good. There were some people actually wanting some lots. ”
The POA only receives the amount owed to them through legal judgments, the excess revenue generated by the sale will be returned to the original lot owners, Gilbert noted.