Registration was open Tuesday for an internet-based auction scheduled to begin Thursday of nearly 1,000 tax-defaulted properties throughout Riverside County, some with starting bids as low as $100.
The sales are set to run from Thursday to next Tuesday. Details on how to establish an account to place bids, where to find properties and general rules for participation can be found at countytreasurer.org/tc-223, or Bid4Assets.com.
In January, the Riverside County Board of Supervisors approved the online auction, which Treasurer-Tax Collector Matthew Jennings said involves a total of 826 properties.
“Our office is committed to delivering a tax sale process that is transparent, secure and efficient,” Jennings said in March. “The online auction format modernizes the experience, increases participation and makes bidding more accessible than ever.”
The $100 minimum bids for real estate in arrears apply to properties in various locations, including Lake Elsinore and Wildomar, with the highest minimum ask listed as $1.16 million for a residential property in Desert Hot Springs, documents showed.
“Parcels offered vary in location, size and potential use,” according to a statement by the Office of the Treasurer-Tax Collector.
The minimum bid amounts set by the county represent tax and sales costs. Officials said minimum prices will be reduced on some properties that do not generate interest in the first round of bidding.
The current total estimated aggregate value of the properties in default is $28 million.
This will mark the 14th year that the county has utilized internet-based auctions for its entire portfolio of assets with liens. Under state law, before a property under lien can be sold off, it must be held in abeyance for at least five years.