A six-unit foreclosed property in Wilmington, Delaware will be offered for public sale outside the Louis L. Redding City/County Building (on the Freedom Plaza Stage) located at 800 N. French Street in Wilmington. The sale will be held on July 11, 2023, at 1 p.m. The property’s open house will be on June 8, from 11 a.m. to 2 p.m.
West Street Commons is in The Quaker Hill City Historic District in Wilmington, Delaware and is subject to a Historic Preservation Deed Covenant. Wilmington is located 30 minutes south of Philadelphia, is a mid-point between New York and Washington DC, and rests along the Delaware River. It is also home to local favorites such as the home to the Blue Rocks minor league baseball team, Frawley Stadium, Brandywine Creek State Park, and Bellevue State Park.
Purchaser may determine future use. Minimum bid is currently unstated. Bidders are encouraged to thoroughly review previous participation certification requirements, terms, conditions, and necessary forms to submit a complete, responsive bid prior to participating in property sale. Additional Property Information
- 6 units
- 5,520 Total rentable square feet
- Built in 1899
- City water, sewage, and garbage
- Community Space
- Located in Historic District
Potential bidders assume the responsibility to thoroughly research the property to reach their own conclusions as to physical condition, number and occupancy of revenue producing units, estimates of operating costs, repair costs (where applicable) and any other factors bearing on the valuation of the property. Sale details are available online at hud.gov/program_offices/housing/mfh/pd/mfplist. For more information, contact Alex Degler at [email protected].
Why does HUD have properties for sale?
HUD's Federal Housing Administration (FHA) has programs which insure mortgages or provide direct loans on multifamily properties. When a mortgagor defaults on a loan insured by FHA, the mortgagee can assign the mortgage to HUD and receive the benefits of the FHA mortgage insurance. The mortgage then becomes a HUD-held mortgage and if the mortgage cannot be reinstated, HUD Multifamily Property Disposition forecloses on the property. For more information about HUD and its available programs, visit www.hud.gov.
NOTE: HUD considers group homes as multifamily properties, therefore, this property is being sold without any restrictions and the high bidder will determine future use.