48 Main St foreclosure auction

[fatlazyless]

Located at 48 Main St, Meredith, right between the Meredith Town Hall and the U. S. Post Office, the building that's home to the Village Perk and a couple other commercial tenants is up for auction by the mortgage holder on this coming Thursday. It sits on a 1/16 acre lot and is something like a 100 year old, two or three story pitched roof, olde New Hampshire, yellow & white clapboard, all-wood structure, originally designed as a large single family residence, and long ago redone inside into commercial spaces.

Anyone know what's the dollar amount of the foreclosed mortgage, because it's not unusual for a bank lender to refuse to sell for any less than what it loaned out in an effort to recoup all the money it lent out to buy the property. If the bank's reserve amount is not met, and it choses to hang on for one more year before going the auction route again.....who knows.....it could be worth even less than today? As usual, I have absolutely no clue , but it could be an interesting auction to watch just because of it's prominent and prime (?) Main St location. Would Dunkin Donuts be interested in using it for a Main St Dunkin Donuts? Most likely, no-way!

Assessed by the town for something like $550,000. And, drum roll here....in today's market it is probably worth __________ (dunno, whatcha thinkum ?)....fill in the blank ?

[jmen24]

As times get a little tighter, the banks may start letting things go.
An auction that took place directly accross the street from my office a few weeks ago had a very surprising outcome. It was an auction for a business, the equipment, etal, as well as the building it resided in with 6 or 7 apartments and retail rental spaces. Between two banks the total note was 1.3 million and change. It sold at auction for $465,000 (very close to its appraised value on the tax card) and will reopen at some point. You may have read about it in the papers as it was in more than one at the time of the auction as well as at the time the business closed.

[Lucky1]

Originally Posted by fatlazyless

Located at 48 Main St, Meredith, right between the Meredith Town Hall and the U. S. Post Office, the building that's home to the Village Perk and a couple other commercial tenants is up for auction by the mortgage holder on this coming Thursday. It sits on a 1/16 acre lot and is something like a 100 year old, two or three story pitched roof, olde New Hampshire, white clapboard, all-wood structure, originally designed as a large single family residence, and long ago redone inside into commercial spaces.

Anyone know what's the dollar amount of the foreclosed mortgage, because it's not unusual for a bank lender to refuse to sell for any less than what it loaned out in an effort to recoup all the money it lent out to buy the property. If the bank's reserve amount is not met, and it choses to hang on for one more year before going the auction route again.....who knows.....it could be worth even less than today? As usual, I have absolutely no clue , but it could be an interesting auction to watch just because of it's prominent and prime (?) Main St location. Would Dunkin Donuts be interested in using it for a Main St Dunkin Donuts? Most likely, no-way!

Assessed by the town for something like $550,000. And, drum roll here....in today's market it is probably worth __________ (dunno, whatcha thinkum ?)....fill in the blank ?

That's a tough place for a business as it lacks visibility.

[fatlazyless]

Heard that yesterday's scheduled auction was cancelled and rescheduled for November 17.

www.paulmcinnis.com ...photo of yellow & white building and property description at page bottom