At PHA auction, woman buys childhood home [The Philadelphia Inquirer]
| By Jennifer Lin, The Philadelphia Inquirer | |
| McClatchy-Tribune Information Services |
Simms, of
Her 92-year-old mother raised four of her 11 children there and moved out seven years ago.
Simms, 50, who works for an insurance company in
She drove up Sunday to inspect it, registered for the auction, and beat out two other bidders to buy the house for
"This has sentimental value," Simms said. "Hopefully, it's not in too bad condition."
She plans to renovate the house and rent it to a family. After signing a contract with PHA, she called her mother to tell her the news. "I can't wait to get her back there," Simms said.
More than 400 people attended the PHA auction, the third in two years. PHA wants to reduce its vast inventory of unused scattered properties and sees the auctions as a swift way to do it.
This time, PHA sold 191 vacant houses and lots. Some went for a few thousand dollars; at least one got more than
Many of the bidders were investors hoping to find bargains among the PHA castoffs.
"It's a much, much cleaner way of doing it," Young said.
"Being poor, I only have so much money," Melendez said.
But the house, near the overheated
One of the successful bidders was
Meyers tried to get the authority to take the property off the market and turn it over to her.
Jeremiah, however, was unmoved by her appeal. "Squatters offend my sensibility," he said. "They haven't paid rent or water bills or taxes. It's private property."
Meyers launched an online crowd-sourcing campaign and raised
With only one other bidder, Meyers got the house, signed a purchase agreement with PHA, and says she plans to upgrade the interior.
Up until now, she has had an open-door policy at the house, inviting friends and "travelers" who were just passing through to crash there.
That will change now that she's a property owner. "I'm still going to allow people to stay," Meyers said, "but there will have to be money involved."
___
(c)2013 The Philadelphia Inquirer
Visit The Philadelphia Inquirer at www.philly.com
Distributed by MCT Information Services
| Wordcount: | 631 |



Advisor News
- IRS CEO FRANK J. BISIGNANO VISITS OHIO TO TOUT WORKING FAMILIES TAX CUTS PROVISIONS ON NO TAX ON CAR LOAN INTEREST, NO TAX ON OVERTIME, ENHANCED DEDUCTION FOR SENIOR CITIZENS
- The hidden flaw in insurance AI adoption for advisors and carriers
- Rising healthcare costs impact 401(k) accounts
- What advisors think about pooled employer plans, alternative investments
- AI, stablecoins and private market expansion may reshape financial services by 2030
More Advisor NewsAnnuity News
- MetLife Inc. (NYSE: MET) Climbs to New 52-Week High
- The Standard and Pacific Guardian Life Announce Entry into Agreement to Transition Individual Annuities Business
- AuguStar Retirement launches StarStream Variable Annuity
- Prismic Life Announces Completion of Oversubscribed Capital Raise
- Guaranteed income streams help preserve assets later in retirement
More Annuity NewsHealth/Employee Benefits News
- Reed: Can these assets be saved?
- PacificSource to end Montana operations
- PacificSource to end Montana insurance operations
- Reduced health insurance payments for hospital births had a bigger impact on sterilization rates than correcting an injustice
- Ashley Mann:
More Health/Employee Benefits NewsLife Insurance News
- Kansas official running for governor received $300K in donations before key decision
- Investigators say C.R. man's life insurance claims for 3 children were fraudulent
- Shocking death of Kyle Busch renews debate over IUL plan
- WoodmenLife launches final expense life insurance offering
- The Standard and Pacific Guardian Life Announce Entry into Agreement to Transition Individual Annuities Business
More Life Insurance News