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South Bend Redevelopment Commission <br />Regular Meeting –January 15, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />D. Airport Economic Development Area <br /> <br />(5) continued… <br /> <br /> whole on their mortgage. <br /> <br />Mr. Varner noted that the Commission’s <br />price sets precedent for the next purchase we <br />make. <br /> <br />Ms. Jones said that the amounts don’t bother <br />her as much as the inconsistency. <br /> <br />Ms. King said that these homes aren’t going <br />to sell at all if we don’t buy them, implying <br />that the value is very low. <br /> <br />Ms. Spivey asked if there isn’t a standard <br />rubric that appraisers use. The variation <br />should not be so great. Mr. Inks agreed the <br />variation should not be so great, but the <br />discrepancy is caused by which comparable <br />sales are selected for comparison. <br /> <br />Ms. King asked about the process: our <br />appraisers come up with their values; we <br />make an offer based on those; Mr. Relos <br />added that staff pays for title work to <br />determine what liens are outstanding on the <br />property; the owner provides the mortgage <br />balance. Sellers don’t want to sell and still <br />have a mortgage to pay off. <br /> <br />Ms. King asked if the owner said he wouldn’t <br />sell unless we paid off his mortgage. Do we <br />negotiate? Mr. Relos responded that we do <br />negotiate to get the best deal we can. <br /> <br />Mr. Downes asked if we can’t counter the <br />owner’s counter. Mr. Relos said that we did. <br /> 32 <br /> <br />