Houses For Sale By Auction

Half of Docktown Marina in Redwood City sells at auction for $500000

A half interest in the 8.24-acre Docktown Marina in Redwood City was sold at an auction Wednesday to the highest bidder -- for $500,000.

Taroub Rusnak bought the property from Janice Salaman, the woman she sued and through a court judgment forced into the sale. Her attorney said she now will try to sell the land at a higher price.

And a representative of Docktown's other owners said they too intend to sell their share of the marina.

All of which leaves residents of the marina's floating houses and live-in boats wondering what the future holds for them.

"We've always been a little apprehensive about what might come down the pike," said Lee Callister, who has lived at Docktown the past three years in a 43-foot-long houseboat. "There's a number of ways this could play out."

Just a few weeks ago, some residents were hoping Redwood City would buy the waterfront property. They figured the city would be less likely to kick them out than a developer seeking to make a big profit.

But after flirting with the idea of buying the whole marina for roughly $10 million, the city backed away.

Members of the same family have long split ownership of Docktown Marina, which was originally purchased by two brothers, the late Jay Franklin Salaman and Joseph Waldo Salaman.

In 2009, a court ordered Janice Salaman, the widow of Jay Franklin Salaman, to pay Rusnak $2.6 million in connection with a loan that triggered the lawsuit.

Salaman had hoped to come up with the sum by selling her Docktown interest at the auction, conducted on the first floor of the San Mateo County Hall of Justice in Redwood City by the Sheriff's Office.

But only three bidders participated: Jodie Salaman, the daughter of Joseph Waldo Salaman; JoAnn McDonnell and Bob Heflin, a couple who live in Docktown; and attorney Michael Brown, representing Taroub Rusnak

During the seven-minute auction, Jodie Salaman stopped bidding at $495,000 after McDonnell and Heflin pulled out with a $180,000 offer.

In selling her interest in the Docktown property for $500,000, Janice Salaman essentially reduced her debt to Rusnak to $2.1 million.

After the sale, Brown said Rusnak bought the property to sell it later for more money.

Bruce Paris, the real estate broker representing the other Salaman siblings, said they are interested in selling their share as well. Paris said he and Brown expect to talk today about working together to shop the whole property.

In Case A Sheriff Sale Is Carried Out But ... - Ft Myers Houses

In the end of the foreclosure procedure, when all of the notices have been sent and published along with the lawsuit has ended, a public auction is held to get rid of the property. This generally referred to as a sheriff sale or trustee sale, and will be the event throughout foreclosure where borrowers’ ownership interest is transferred to the buyer at auction. But sheriff sales do not usually go smoothly, and homeowners may possibly want to learn if their home was sold or not.

For instance, if the lender known as off the scheduled sale without any reason, homeowners may believe that their property was sold out from under them when they are, the truth is, still the owners. Banks cancel auctions for any number of factors, from not having an inspection carried out, to waiting for an appraisal, to a response by a request for much more time from the borrowers themselves.

An additional factor that may cause a sheriff sale to be scheduled but not confirmed is if a third party bids on the house, wins the auction, but can not pay the purchase price. If this will be the case, the property could need to be put up for auction again, in the hope of discovering a more ready buyer. If this occurs, though, homeowners may possibly not even know the very first auction didn’t count, as they assume the home was sold and paid for.

For this reason, soon after a sheriff sale , it is essential for homeowners to make positive that their house was actually sold and correctly confirmed by the county. If the property was not sold, the borrowers may well have the ability to keep living in their residence until a valid auction is carried out. This could take an extra two or 3 months to schedule, conduct, and confirm, and all of this time can be used by the homeowners to save up much more money.

You’ll find a number of methods to find out if a property has been sold or if an auction has been confirmed. Most likely the simplest way is for homeowners to call the county recorder’s office or the clerk’s office and ask them to give the info as to who currently owns the property, as well as any liens on the property right now. If the bank purchased it, there will most likely be no liens, but if a third party took out a loan to purchase it, there may possibly be a brand new mortgage affecting the deed.

This would be the easiest way to figure out the status of the sheriff sale, because the county in which the property is situated keeps all of the records affecting the property. If the foreclosure went through but there was a difficulty using the sale, they are going to have the ability to give the homeowners that info, even though the court might be able to tell them if a new auction has been scheduled yet.

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