Properties with Liens Up For Auction
RIVERSIDE (CNS) – Registration opened Monday for an electronic auction scheduled next month of nearly 1,000 tax-defaulted properties throughout Riverside County, some of them with starting bids as low as $100.
“Our office is committed to delivering a tax sale process that is transparent, secure and efficient,” county Treasurer-Tax Collector Matthew Jennings said. “The online auction format modernizes the experience, increases participation and makes bidding more accessible than ever.”
The sales are set for April 23-28. Details regarding how to establish an account to place bids, where to find properties and general rules for participation can be found at https://countytreasurer.org/tc-223, or Bid4Assets.com.
In January, the Board of Supervisors unanimously approved the internet- based auction, which Jennings said involves a total 826 properties.
However, if tax liens are satisfied by the owners ahead of time, those properties will be removed from the list.
“Parcels offered vary in location, size and potential use,” according to a statement by the Office of the Treasurer-Tax Collector. “To encourage participation, 25 fee parcels will have a minimum bid of $100, and four fee parcels a minimum bid of $500.”
The $100 minimum bids for real estate in arrears apply to properties in various locations, including Lake Elsinore and Wildomar, with the highest minimum ask listed as $1.16 million for a residential property in Desert Hot Springs, documents showed.
The minimum bid amounts set by the county represent tax and sales costs. Officials said that minimum prices will be reduced on some properties that do not generate interest in the first round of bidding.
The current total estimated aggregate value of the properties in default is $28 million.
This will mark the 14th year that the county has turned to internet- based auctioning for its entire portfolio of assets with liens.
Under state law, before a property under lien can be sold off, it must be held in abeyance for at least five years.
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