GETTYSBURG, Pa., June 3, 2021 /PRNewswire/ — Adams County, Pennsylvania, hosted its first-ever online sheriff sale on May 21 with online auction site Bid4Assets.com. By moving the sale online, the sheriff’s office increased participation by about 50% when compared to previous live auctions. More importantly, Adams County’s sheriff’s sales have traditionally sold about 30% of its property to third-party bidders, but sold 70% in their first online sale. In total, the online sale generated over $1.1 million in third-party sales while streamlining the process for bidders and county staff and eliminating COVID-19 concerns that arise from live auctions.
«The increased audience and competitive bidding in our sheriff’s sale contributed to higher excess proceeds for the defendants and fewer bank-owned properties, which was a wonderful benefit to see as part of this transition,» said James W. Muller, Adams County Sheriff.
Sheriff’s sales are public auctions resulting from a lender filing a foreclosure action, often as a result of a default on a mortgage from a bank. If the property sells to a third-party buyer for over the debt amount, the former owner will see their debt eliminated and can even claim excess proceeds. If the bidding does not go high enough, the lender will typically take the property and it becomes REO, or bank-owned property. Six counties in the commonwealth have taken their sheriff’s sales online since COVID-19 hit, and all have reported increased sales.
Winning bids in this sale ranged for $31,200 for a single-family residence in East Berlin to $277,834 for a Gettysburg townhome on Baltimore Street. The Baltimore Street property sold for over $96,000 more than the debt balance, so the previous owner may claim those funds. Over 40% of the properties that sold third-party had a surplus that the prior owners can claim.
«We’re very pleased to see that Adams County’s first online sheriff’s sale was such a success,» said Bid4Assets CEO Jesse Loomis. «Other sheriffs in the commonwealth and throughout the U.S. are following Adams County’s example and are in the process of transitioning online. With the numerous benefits and the fact our services come at no cost to counties, we are confident this format will become the new normal well beyond COVID-19.»
Adams County’s next sheriff’s sale is scheduled for Wednesday, July 16 on Bid4Assets. A free Bid4Assets account is required to participate in all auctions hosted on the website. Users can visit the Bid4Assets website and register an account by going to www.bid4assets.com/registration.
Bid4Assets (http://www.bid4assets.com) is an online auction site based in Silver Spring, Maryland. The privately held company auctions distressed real estate for the federal government, sheriff’s offices, county tax collectors, financial institutions and real estate funds. Since its inception in 1999, the company has sold more than 125,000 properties nationwide and grossed over a billion dollars in auction sales.
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SOURCE Bid4Assets Inc.