Deadline coming up for property auction in this Bay Area county, with bids as low as $455
Large homes are visible along the Oakland Hills near Chabot Regional Park in the East Bay region of the San Francisco Bay Area, Oakland, California, October 5, 2017. (Photo by Smith Collection/Gado/Getty Images)
OAKLAND, Calif. - A key deadline is fast approaching for an auction to sell off 256 tax-defaulted properties in Alameda County, with bids starting as low as $455.
To take part in the event, participants must put down a refundable $5,000 deposit, along with a non-refundable $35 processing fee.
The deadline to pay the $5,035 is Tuesday, March 17, at 1 p.m.
"The deposit would be applied to the final payment of any auctions won, or refunded if the participant wins no auctions," marketing manager Sean McLaughlin for online auction marketplace Bid4Assets explained to KTVU in an email correspondence.
The auction company works with local, state, and federal government entities across the country to help sell distressed real estate, including tax-defaulted properties.
Local perspective:
Alameda County has been hosting auctions on tax-defaulted properties in partnership with Bid4Assets since at least 2009, according to the auction marketplace, which was founded in 1999.
256 properties to be auctioned
Available parcels range from vacant land to residential properties.
They have all been in tax-defaulted status for years, according McLaughlin.
He also noted that often, the properties are being offered for the amount still owed, instead of their actual assessed value.
That could lead to bidders winning properties at a significantly lower price than market value.
McLaughlin noted that the program can serve as a win-win for not only participants who end up owning property at significantly below-market prices, but also for government agencies that are trying to recover costs from forfeited real estate.
"This leads to benefits like reduced costs, increased local participation, and ultimately higher rates of sales generating recouped revenue for the offices we work with and their constituents," he explained.
While the minimum offer starts at $455, the bids range all the way up to $1.5 million, according to McLaughlin.
Auction details
Dig deeper:
In addition to the deposit, prospective bidders must first create a free Bid4Assets account on the website. Participants are also required to fill out their vesting information prior to accessing the deposit instructions, the auction site’s website noted.
"Please make your deposit well in advance of the auction in order to ensure your eligibility to bid," the site advised.
The auction begins on March 20 at 8:30 a.m., and it closes on March 25, with closing times varying based on the property.
For those who win with their bid, the deposit would be applied to the final payment of the property.
Non-winning bidders will get a refund on the deposit, with the money being returned through an electronic check within 10 business days after the close of the auction.
Once the auction closes, all winning bidders will be emailed detailed next-step instructions on settlement procedures as well as information on how to provide the county with the necessary deed transfer information.
"Alameda County requires that the winning bidder submit the deed transfer information to Bid4Assets within 24 hours of the close of auction," the auction marketplace noted on its website.
And winning bidders must make the full payment on the property no later than 1:00 p.m. on March 25, two days after the auction closes.
"No exceptions will be made. If the payment policy is not adhered to the winning bidder will forfeit their deposit to Alameda County and may be banned from future sales," according to the Bid4Assets website.
After setting up an account, the website said users can access the property spreadsheet here.
Prospective bidders can also go on Bid4Asset's Alameda County-specific site and click the "Auction Folders" section.
KTVU has received feedback from people who have tried to use the site and reported problems with signing up. We have reached out to Bid4Assets multiple times for tips and information on making it a user-friendly experience. We have not heard back, but will update this story if we get more information from the auction company.
Important dates and times
- Deposit deadline: March 17 at 1 p.m.
- Auction start: March 20 at 8:30 a.m.
- Auction end: March 23, with closing times varying. Participants should check individual auctions for times.
- Settlement deadline: March 25 at 1:00 p.m.
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