Happens all the time

A handful of bidders, neighbors, and interested parties showed up at the advertised foreclosure auction of the Salt Box property on Main Street at 2 p.m. this afternoon. The auction did not happen. The auction company announced a tentative reschedule date of November 10, 2010 at 11 a.m. No reason was given for the delay or the late notice, although there were a number of speculations from those milling about. One of the hopeful bidders said: “Not surprised at all. This kind of thing happens all the time.”

Shortly after 2 p.m., two tenants emerged from the building to find out what the auction results were and seemed disappointed to learn that there was no progress toward resolution.

In the meantime, indications are that the negotiations between Bolton Crossing, LLC and the owners of the Smith property have hit a few bumps. A closing was scheduled to occur in late July, having been extended from an earlier date in May. That did not happen either. Word is that an extension through to November may or may not have been agreed to by the parties and that negotiations are on again, off again. Asked for comment, another veteran of real estate deals said: “Not surprised at all. This kind of thing happens all the time.”  Right.

-Roland

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