DC Habitat for Humanity to Sell 3 DC Properties Through TRAC Auctions

TRAC Auctions, a Mid-Atlantic auction firm specializing in real estate auctions, has been selected to conduct DC Habitat for Humanity’s first round of property auctions on Thursday, September 24th. According to Dennis Smyth, Land Acquisition Coordinator for DC Habitat, the sale of these properties (all located in SE DC) “is a win-win proposal for auction buyers and DC residents as the proceeds of these auctions will help fund DC Habitat for Humanity in its mission of expanding affordable housing in the District.”

Paul Sobwick, TRAC’s lead auctioneer, agrees: “Dennis is absolutely right. This is a winner for both buyer and seller. The auction buyers will be acquiring these vacant properties at a price they are comfortable with and then improving them and the surrounding areas. Meanwhile, DC Habitat can reinvest the proceeds from the sale of these non-performing assets into its ongoing projects in the District. The speed and certainty of the auction process will help DC Habitat fund its honorable mission.”

The properties, which include land, homes and apartment buildings, are being sold “Absolute,” which means they will be sold to the high bidder regardless of price. Absolute auctions generate the highest level of interest and attendance because there are no price restrictions and prospective buyers know the property will be sold. Property information and auction terms and conditions can be found on TRAC’s website, http://TRACauctions.com.

TRAC has seen an increase in DC property auctions in the past year. Tom Gimer, one of TRAC’s owners, believes it is due at least in part to the 10% annual tax imposed by DC on vacant properties. “Most people can’t afford to hold properties in the District anymore. For those who understand the time value of money, auction is clearly the best route.”

For more information, contact: Tom Gimer, Principal/Counsel TRAC Auctions 7601 Lewinsville Rd, McLean, VA 22102 888.704.8722 ext 111 [email protected]

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