Bid4Assets to Hold First-Ever Online Auction for Tax-Defaulted Properties for Franklin County, Wa.
Thursday, November 29, 2018
Posted by: Carly Cahur
For the first time ever, Bid4Assets.com will host an online auction for tax-defaulted properties on behalf of the Franklin County, Washington Treasurer's Office. By moving online, the county is exposing this sale to a wider range of buyers, in order to return more distressed properties to the tax rolls — funds generated from the sale support essential county services, which can face shortfalls when taxes go unpaid.
“Taking the auction online makes good sense for Franklin County,” said Josie Koelzer, Franklin County Treasurer, “The goal of the sale is to eliminate shortfalls from unpaid taxes and return these properties to taxpaying status for the county. An internet-based auction utilizing Bid4Assets’ platform has proven to be an ideal way to achieve this based on past results with other counties in the area.”
Bidding opens online on December 7 at 8 A.M. PT with up to 9 parcels available. Auctions will close at staggering times that same day beginning at 2 P.M. PT. Minimum bids range from $1,960 for a parcel of land along W Lewis Street in Pasco to $50,000 for a commercial building in an industrial area on W Columbia Street. All auctions have no reserve, meaning that the highest bid over the minimum purchases the property.
“We’re excited that Franklin County has made the decision to take their tax foreclosure process online,” said Jesse Loomis, CEO of Bid4Assets. “Our platform brings a tremendous number of bidders from across the country to a group of properties that were previously only available to local bidders at a live auction. Bid4Assets has over 700,000 registered bidders, so we are a great vehicle for a county with less than 100,000 residents to dramatically expand the buyer pool for their auction.”
Bidders must register a free Bid4Assets account and fund a $1,035 deposit before they’re able to participate in the sale and deposits are due by December 3. You can view the auction, including a list of the properties, at Bid4Assets.com/Franklin.
Read more here.