Over $1.3 million raised in May sale, minimum bids slashed on some remaining properties
FOR IMMEDIATE RELEASE / PRURGENT
Seattle, WA, June 29 2018— The King County Real Estate Services Section is hosting an online tax title re-offer through online auction website Bid4Assets.com. Bid4Assets previously hosted a successful sale for the county at the end of May which raised $1,310,801 for essential county services and returned 45 properties to the tax rolls. By holding their sales online, King County is exposing distressed properties to a wider range of buyers.
“The goal of these sales is to return as many properties to the tax rolls as possible,” said Jim Loveless, Supervisor of the King County Real Estate Services Section, “We had great success using Bid4Assets’ platform in May. The parcels that are left have a better chance at getting bids online than they do in the local market.”
Bidding in the initial sale took place from May 28th to May 30th. Of the 63 properties that were listed, 41 were sold via the online auction and 4 were redeemed by their original owners. Winning bids ranged from $2,000 to $109,500. Twenty remaining properties will be available in the re-offer. Many of the minimum bids have been reduced and all properties will have no reserve meaning the highest bid at or above the minimum will win the auction. Several minimum bids have been reduced as low as $500.
“It is great to see continually strong sales results for King County,” said Jesse Loomis, CEO of Bid4Assets. “The May auction had 96 participants, primarily in WA, OR & CA, but also from Texas, Florida, Arizona and Missouri. This was a perfect example of what Bid4Assets does; we cut costs, simplified the process and brought a nationwide audience to the county’s local sale. We are confident their re-offer will be similarly successful.
Re-offer auctions will open July 9th at 11:00 AM ET and close at staggered times between 1:00 PM ET and 1:30 PM ET on July 10th. Bidders must submit a $1,535 deposit before they are able to participate in the sale. Deposits are due by July 3rd. A Bid4Assets account is also required to participate. Registration is free. You can view a full list of properties available in the sale at Bid4Assets.com/KingRES
Bid4Assets (http://www.bid4assets.com) is an online auction site based in Silver Spring, Md. The privately held company auctions distressed real estate for the federal government, county tax-collectors, financial institutions and real estate funds. Bid4Assets conducts online tax sales for a growing number of counties in Washington, including Benton, Clark, Cowlitz, Island, King, Kitsap, Pierce, Spokane, Thurston, and Yakima. Since its inception in 1999, the company has sold more than 100,000 properties nationwide and grossed over a billion dollars in auction sales.
Bid4Assets Marketing Manager