Tax-Defaulted Properties
RIVERSIDE (CNS) – Nearly 200 tax-defaulted properties throughout Riverside County will be available for purchase, open for electronic bidding, via an online auction next month.
The Office of the Treasurer-Tax Collector is again partnering with hosting site Bid4Assets.com to conduct the exclusively online auction on houses and vacant parcels seized as a result of unpaid property taxes.
The auction is scheduled to run April 25 to April 30. A total of 152 properties are currently on the selling block.
“This is an annual process that our office facilitates with the utmost transparency,” Treasurer-Tax Collector Matthew Jennings said. “Through an online format, we are able to increase the volume of potential bidders and overall access to those interested in participating.”
Bids for county-owned real estate will start as low as $100 and could go into the hundreds of thousands of dollars before the auction closes, officials said.
“Although subject to change, approximately 106 structures or homes and 46 vacant parcels will be available in this sale, and all property is sold as is,” according to an agency statement.
The total estimated aggregate value of the properties in default is $4.55 million.
This will mark the 12th year that the county has turned to internet- based auctioning for its entire portfolio of assets with tax liens.
Prospective buyers must register online and make a $2,500 deposit in order to participate.
“Bid deposits must be in the form of a wire transfer, certified or cashier’s check,” according to the Office of the Treasurer-Tax Collector.
The minimum bid amounts set by the county represent tax and sales costs. According to officials, minimum prices will be reduced on some properties that do not generate interest in the first round of bidding.
Under state law, before a property under lien can be sold off, it must be held in abeyance for at least five years.
Prospective bidders can view assets and register at https://www.bid4assets.com/storefront/RiversideCountyApr24, or request offline bid forms by contacting Bid4Assets at 877-427-7387.
Parties concerned whether one of their properties might be on the list of sellable assets can visit the tax collector’s site to find out: countytreasurer.org/tc220.
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