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Bid4Assets to Host Online Tax-Defaulted Property Auction for Los Angeles County Treasurer’s Office

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The online sale will open October 21 with over 900 properties starting as low as $1,664

LOS ANGELES, Oct. 12, 2023 — The Los Angeles County, California Treasurer’s office will conduct its latest tax sale with a leading online auction platform for distressed real estate sales, Bid4Assets, the leading online auction platform for distressed real estate sales. The sale will feature a mix of vacant land of various sizes and acreage. All auctions will have no reserve price, meaning the highest bid at or above the minimum will win the auction.

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By conducting the sale online, Los Angeles County is exposing the sale to Bid4Assets’ national buyer base in order to return a greater amount of distressed properties to the tax rolls. Funds generated from the sale support essential county services, which can face shortfalls when taxes go unpaid.

Los Angeles County previously hosted a virtual tax delinquent property sale in April 2023 on Bid4Assets. This sale resulted in 335 properties being sold at auction, with 202 properties being withdrawn from the auction and $13,051,137 generated in sales proceeds. Bid4Assets has been conducting online auctions for Los Angeles County since 2014.

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“We’re honored to serve Los Angeles County and help bring greater levels of efficiency to their tax foreclosure sale process,” says Bid4Assets President Jesse Loomis, “Our format is proven to boost local participation, increase auction sales and free-up staff to dedicate more time towards assisting property owners seeking to redeem their property.”

Auctions will open October 21 beginning at 3:00 PM PT and begin closing at staggered times between 8:00 AM PT and 3:00 PM PT on October 24. A free Bid4Assets account is required to participate in the sale. Bidders must submit a $5,000 deposit to qualify for bidding. Deposits are due by October 17. To view a list of available properties, visit www.bid4assets.com/lasale.

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Johnston County, OK Sheriff’s Office to Conduct Online Auction for Seized Marijuana Farm with Bid4Assets.com

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Online auction scheduled for September 11 to September 13 with 19.24 acres and numerous structures with opening bid of $755,006

Bid4Assets, a leading online marketplace for distressed real estate auctions, has been selected by the Johnston County, Oklahoma sheriff’s office to conduct a special forfeiture sale for a marijuana farm seized two years ago as part of an investigation into black market drug trafficking.

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“We’re looking to find buyers who will take ownership of this property and use it responsibly, which was certainly not happening under the previous owners,” said Johnston County Sheriff Gary Dodd. “Let it be known throughout the county that if you use your farm to grow illegally, we will seize it and we will sell it.”

The sale will take place from September 11 to September 13 starting at $755,006. Potential bidders must register a free Bid4Assets account and fund a $25,000 refundable bid deposit in order to participate. Deposits are due by September 6.

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Bid4Assets collaborated with sheriffs and foreclosure attorneys to pass Senate Bill 976, which was signed into law by Governor Kevin Stitt on May 25, 2022. The bill gave Oklahoma sheriffs the option, but not the mandate, to conduct foreclosure auctions online. Several other sheriffs’ offices are preparing to move their foreclosure sales online following the bill’s passage.

“With online public sales now legal throughout the state of Oklahoma, it is great to see Sheriff Dodd and his team taking advantage and enlisting our services for this auction,” said Bid4Assets President Jesse Loomis. “Virtual sales are more efficient, will scale with rising foreclosures and come at no cost to counties. We have several other pending contracts in Oklahoma and expect virtual sales to quickly become the new normal.”

For more information about Bid4Assets go to bid4assets.com.

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City of Reading, PA Redevelopment Authority Sets Date for First Online Auctions with Bid4Assets.com

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Four Absolute Auctions Opening Online June 15

READING, Pa., May 26, 2023 — Bid4Assets, a leading online marketplace for distressed real estate auctions, has been selected by the City of Reading, Pennsylvania’s Redevelopment Authority to host a special sale for four properties in need of revitalization.

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“The goal with any sale of this type is to find buyers interested in taking ownership of these properties and restoring them to productive use for the community,” said Jamal Abodalo, executive director of the Redevelopment Authority. “Bid4Assets has a great track record with Berks County in selling foreclosure and tax foreclosures with a local buyer focus. That’s why we’ve chosen to work with them on this group of properties.”

The sale will open to bidders on June 15 from 10:00 AM ET to 2:00 PM ET. All four available properties will start at a $1 minimum bid with no reserve price, meaning that the property will sell to the highest bidder regardless of price. Interested bidders will be required to register a free Bid4Assets account and fund a $500 refundable bid deposit in order to participate. Deposits are due by June 8th. To view the City of Reading’s auction terms and a list of the available properties visit www.bid4assets.com/reading.

Buyers must secure necessary building permits within 90 days of settlement. A residential certificate of occupancy must be obtained within 365 days after securing the building permits. If buyers don’t meet the required terms, ownership will revert back to the Redevelopment Authority. Full terms are available on the Bid4Assets website.

Bid4Assets pioneered online foreclosure auctions in Pennsylvania by conducting the first-ever virtual sheriff’s sale in the state’s history for Montgomery County in 2020. Today Bid4Assets conducts tax foreclosure auctions and sheriff’s sales for counties throughout the state, including Berks County, and across the country.

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“It is a great honor to work with the City of Reading, Pennsylvania’s Redevelopment Authority to find socially responsible buyers for these properties,” said Bid4Assets President Jesse Loomis, “Our focus is to find homebuyers who look at a blighted home and see the potential for what it could be after renovations. I am confident in our ability to provide a sale for the City of Reading that is more efficient, has more qualified bidders and best of all, comes at no cost to the city.”

For more information about Bid4Assets go to bid4assets.com.

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Osage County, OK Sheriff’s Office to Conduct State’s First-Ever Online Foreclosure Auctions with Bid4Assets.com

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In a Move to Increase Proceeds and Accessibility, Osage County Moves to Virtual Foreclosure Auctions

Bid4Assets, a leading online marketplace for distressed real estate auctions, has been selected by the Osage County, OK sheriff’s office to conduct the state’s first-ever online mortgage foreclosure sale. The sheriff’s office has cited maximizing excess proceeds for defendants and eliminating long travel times for auction bidders as the reasons they chose to transition from in-person to online auctions.

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“Osage is the largest county in the state, which creates a challenge when it comes to our foreclosure auctions. Some bidders have to travel an hour to the courthouse if they want to participate,” said Osage County Sheriff Eddie Virden.

“With our move to a virtual auction format, all citizens can now place their bids from anywhere, on any computer or mobile device. We want bidders to feel confident in this process, so we selected a veteran of the industry with over 20 years of experience. We recommend bidders use the links we provide on our sheriff’s website to ensure you’re on the correct platform.”

Bid4Assets collaborated with sheriffs and foreclosure attorneys to pass Senate Bill 976, which was signed into law by Governor Kevin Stitt on May 25, 2022. The bill gave Oklahoma sheriffs the option, but not the mandate, to conduct foreclosure auctions online. Several other sheriffs’ offices are preparing to move their foreclosure sales online following the bill’s passage.
“Online auctions increase participation and sale proceeds by opening the process to more bidders,” said Bid4Assets President Jesse Loomis.

“Virtual sales are more efficient, will scale with rising foreclosures and come at no cost to counties. We have several other pending contracts in Oklahoma and expect virtual sales to quickly become the new normal.”

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When sheriff’s sales have strong bidding, excess sales proceeds are used to pay off the entire debts associated with a property and the defendant can claim those excess proceeds. In other states like Pennsylvania, sheriffs who have transitioned online with Bid4Assets have expressed a significant increase in excess proceeds to the benefit of their communities.

Bid4Assets began the process with Osage County working alongside Captain William “Willy” Hargraves, who was involved in a fatal car accident before the project could be completed. Those wishing to donate to Captain Hargraves’ family can do so via a GoFundMe.

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Bid4Assets to Host Tax-Defaulted Property Sale for Riverside County, California with 267 Online Auction Listings

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Sale Offers a Mix of Property Types with Minimum Bids as Low as $100.00

The Riverside County, California Treasurer-Tax Collector’s Office will host its newest online tax-defaulted property sale in collaboration with its long-time auction partner Bid4Assets, the leading online marketplace for the sale of distressed government real estate. Online bidding for more than 267 properties will begin April 27, 2023, at 8:00 AM PT (11:00 AM ET) and end May 2, 2023, at staggered times.

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“Last year’s Riverside County tax sale on Bid4Assets brought in 878 total registrants and produced over $15 million in sale proceeds,” said Bid4Assets President Jesse Loomis. “This tax sale is consistently one of the landmark events of the year for Bid4Assets’ registered buyer network. We’re honored to work with Riverside County and look forward to conducting another successful series of auctions.”

Hosting the sale in an online format ensures it remains secure against external factors while exposing available properties to a large statewide pool of buyers. Funds raised from the sale support essential county services.

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Bidders must register for a free Bid4Assets account and fund a $2,500 deposit plus a $35 processing fee before being eligible to participate in the sale. Deposits are due no later than Monday, April 24, 2023. To view more details about this auction, including a full list of available properties, visit Bid4Assets.com/Riversidecounty.

Contrasting asset values are illustrated by the large spread between minimum bids which start as low as $100 for one residential property and go as high as $1,331,087 for a 13.42-acre undeveloped parcel in Temecula assessed at over $3.6 million. All auctions are no reserve, meaning the highest bid at or above the minimum will win the property.

Riverside County has hosted its tax-defaulted property sales online through Bid4Assets since 2006. For more information about this or other auctions, visit bid4assets.com.

Learn live and in real-time with Realty411. Be sure to register for our next virtual and in-person events. For all the details, please visit Realty411Expo.com or our Eventbrite landing page, CLICK HERE.