SOUTH BEND, Wash., Aug. 31, 2023 (GLOBE NEWSWIRE) -- The Pacific County, WA Treasurer’s office conducted the county’s first-ever virtual tax foreclosure sale with Bid4Assets, a leading online auction marketplace for distressed real estate sales. The sale ran from July 6 to July 7 and resulted in 26 of the 27 properties listed selling at auction, producing a total of $519,260 in sale proceeds.
“Our office had not held a surplus property sale in many years, and we didn’t really know what to expect,” said Shelly Flemetis, chief treasury/investment officer for Pacific County. “In the end, all the properties received bids and quite a few went for more than the minimum. Overall, the county is very pleased with the results and the prices we received for these properties.”
Over 600 bids were placed over the course of the sale from a pool of 56 registrants. The sale consisted primarily of vacant land property, with minimum bids ranging from as low as $2,000 up to $70,000.
“We are thrilled to see such strong results for Pacific County’s first-ever virtual tax sale,” said Bid4Assets President Jesse Loomis. “Bid4Assets pioneered online tax foreclosure auctions in Washington over a decade ago. Today, we’ve built an audience of over 35,000 registered real estate bidders residing in Washington, which helps us maximize proceeds on every auction, all at no cost to the county.”
Bid4Assets has conducted online tax sales for county treasurers across the country, including more than half of the treasurers in Washington, and has generated over a billion dollars in proceeds for counties. Following the success of its first sale, Pacific County has confirmed plans to conduct another online auction with Bid4Assets in 2024.
“We are already looking forward to a sale next year,” said Flemetis, “I believe we learned a few things that we will incorporate for next year to help our internal processes, but we have nothing but compliments for Bid4Assets and their staff.”
Bid4Assets is one of the world's leading online marketplaces for the sale of distressed real estate property sold by governments, county tax-collectors, financial institutions, and real estate funds. It conducts online tax and foreclosure sales for counties across the United States and has sold more than 100,000 properties grossing more than $1 billion in completed government transactions. Bid4Assets is a wholly owned subsidiary of Liquidity Services.
About Liquidity Services
Liquidity Services (NASDAQ: LQDT) operates the world's largest B2B e-commerce marketplace platform for surplus assets with over $10 billion in completed transactions to more than five million qualified buyers and 15,000 corporate and government sellers worldwide. The company supports its clients' sustainability efforts by helping them extend the life of assets, prevent unnecessary waste and carbon emissions, and reduce the number of products headed to landfills.
Contact: Sean McLaughlin