If you're looking to buy real estate in Los Angeles without going broke, Bid4Assets.com's Tax Defaulted Property Auctions can allow you to buy a home for a fraction of the market price. The Los Angeles County auction will begin on April 22nd and run through April 25th, and in nearby Riverside County from April 27th-May 2nd. Read on to learn more about Bid4Assets tax defaulted property auctions and how you can take advantage of this opportunity to find an affordable hidden gem.
What are Tax Defaulted Properties?
When property owners fail to pay their property taxes for a certain period of time, the property becomes tax defaulted. In order to recoup the delinquent taxes, the county holds auctions where these properties are sold to the highest bidder, often at significantly discounted prices. But don't worry, "discounted" doesn't always translate to "dilapidated." If you're not looking to commit to a huge fixer-upper project, you can often find properties that aren't in dire condition and only require minor renovations before they're move-in ready.
How to Bid on Tax Defaulted Properties in Los Angeles County
Bid4Assets.com is a secure online auction platform that has been authorized by the counties to conduct tax defaulted auctions, and people from all over have the opportunity to bid on these California properties.
If you're interested in bidding, you can browse through the available inventory in Los Angeles County and Riverside County on their website. They provide property information, including property descriptions, tax information, and any liens or encumbrances, but be sure to conduct your own due diligence by researching the property's market value, condition, and potential for appreciation.
To participate, prior to the auction you'll have to make a deposit that will be refunded to all non-winning bidders within a few business days after the auction closes. The Los Angeles County deposit deadline is the Friday the 21st is sent via money wire. There will be a follow-up auction May 20th-23rd, with a deposit deadline on Tuesday, May 16th at 1:00 P.M. PST.
You still have time to submit a $2,5000 deposit for the Riverside County auction, where bids will start as low as $200. The deposit plus a $35 processing fee is due by 1:00 P.M. PST on April 24th.
If you want to participate in this year's auction or learn about other property auctions in Los Angeles, email us or give us a call at (323) 412-9060 and together we can find a valuable home that's worth your bid!
Key Info:
- $5k deposit + $35 processing fee required in order to bid
- Accepted payment methods: wire, cashiers check, bank issued money order
- Deadline for April deposits is 4/18, but wired deposits will be accepted if they are received and the deposit is released by 4/21
- Vesting completed after auction
- Minimum price not less than total amount necessary to redeem, plus costs of the sale (this number is posted prior to auction)
- INVESTIGATE BEFORE YOU BID
- Go to the Bid4Assets Resource Center page to see a video with tips on due diligence property research
- All Sales are Final
- Click here for a pdf of the LA County Auction Property List
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