Hundreds of properties in this Bay Area county to be auctioned with bids as low as $455
More than 250 tax defaulted properties in Alameda County are set to be auctioned this month.
OAKLAND, Calif. - More than 250 properties in Alameda County are set to go on the auction block later this month, with minimum bids hitting as low as $455.
The county is part of a program led by Bid4Assets, an online auction marketplace that works with local, state, and federal government entities across the country to help sell distressed real estate, including tax-defaulted properties.
Bid4Assets Marketing Manager Sean McLaughlin told KTVU the firm operates with a "mission to create a better method of conducting government foreclosure sale."
In an email correspondence with KTVU, 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," McLaughlin explained.
Properties auctioned
In all, 256 properties are being offered in the Alameda County tax default auction.
Available parcels range from vacant land to residential properties.
They have all been in a tax-defaulted status for years, according to McLaughlin, who also noted that often, the properties are being offered for the amount still owed, instead of their actual assessed value.
While the minimum bid starts at $455, the bids range all the way up to $1.5 million.
How to participate
To take advantage of the program, prospective participants must first create a free Bid4Assets account on the website.
They must then make a single refundable deposit of $5,000 plus a non-refundable $35 processing fee.
The deadline to make the deposit for this auction has been set for March 17.
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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.
For those who win with their bid, the deposit would be applied to the final payment of the property.
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.
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.
The final sale prices are subject to additional fees, including a county recording fee of $17 per parcel, a California documentary transfer tax calculated at the rate of $.55 for each $500, and any additional city transfer tax associated with the property.
Dig deeper:
The Alameda County tax default auction is one of 15 in California and the only one in the Bay Area scheduled for this month through June.
Bid4Assets was founded in 1999.
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.
Other California counties with scheduled auctions in the coming months include Stanislaus, Yolo, San Joaquin, Monterey, and Santa Cruz.
The Alameda County auction will be held March 20–March 23.
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.
For a list of the Alameda County properties, click here and look for the "Auction Folders" section.
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