$2 million in tax-defaulted property auctioned off in El Dorado County

Mountain Democrat Report

Seventy-three El Dorado County tax-defaulted properties were sold in an online auction Nov. 1. The sales generated a total of $2,018,010.14, according to a news release from auction host Bid4Assets.

An additional 75 properties were redeemed by their original owners and returned to county tax rolls. 

“This set of auctions produced numerous benefits for El Dorado County,” states El Dorado County Treasurer-Tax Collector K.E. Coleman in the news release. “With Bid4Assets’ service, participants were able to bid remotely, which streamlined the process for bidders, especially those who have full-time jobs and would have difficulty in attending a live auction. What’s more, not having to arrange and manage the logistics of a live auction gave our staff more time to work with property owners looking to redeem their properties out of the auction. Helping property owners get their property out of the auction is our office’s top priority.”

A total of 321 bidder deposits were collected from registrants of the sale. Bid4Assets reports that bidding was largely local, with more than 91% of bidders residing in the state of California. 

Bid4Assets has hosted online tax sales for nearly every county in California after pioneering the nation’s first-ever online tax sale in the state in 2000. Bid4Assets’ services come at no cost to the seller.

“It’s great to see such positive results from El Dorado County’s return to online tax sales,” said Bid4Assets President Jesse Loomis. “A tax sale like this would seldom bring in 300 bidders at a live auction. The virtual sale increased participation and proceeds and decreased workload for the county staff.”

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