Online auction generates $4M

Wayne County Treasurer Raymond Wojtowicz has announced that bidding for the September auction of tax-foreclosed properties concluded with outstanding properties still remaining on the auction block.
Starting Oct. 22, bidding for the remaining properties will begin at just $500 per parcel, he said.
The online preview of the properties is available on www.bid4assets.com/wayne.
Online bidding takes place Oct. 22-28 for those individuals who register with Bid4Assets.com and submit a bid deposit by Oct. 15.
Due to the record number of tax foreclosed properties being auctioned to the public, the Office of the Wayne County Treasurer conducted its first Internet auction through Bid4Assets.com, a provider of online real estate auctions.
The September online auction generated more than $4.1 million in tax revenue for the county, Wojtowicz said, an increase of more than 600 percent from last year’s revenue from the live on-site auction.
The decision to use the online auction service was a result of the sheer number of properties to be auctioned this year, the demands placed on the Treasurer’s Office staff during this time, the need to provide other essential services to the public and the opportunity to maximize revenue from the sales that will be dispersed to the county’s taxing municipalities, he said.
“We are very pleased with the results of our first Internet auction. Bid4Assets.com’s technology, experienced team and ultimately, the results far surpassed our expectations,” he said.
“Approximately 300 people participated in the Wayne County tax sale,” said Matt Baker, CEO, Bid4Assets, Inc. “Although the majority of the buyers came from Michigan, we were able to attract participants from all over the world including Hong Kong and Canada.”
To participate in the October Auction, all bidders must register with Bid4Assets.com and submit a $1,000 deposit and $25 processing fee, a total of $1,025, in the form of a cashier’s check or bank wire in U.S. funds, to Bid4Assets, Inc. by Oct. 15.
Potential auction bidders without a computer should contact Bid4Assets at 1-877-4-ASSETS for more information on how to register and bid.
Special procedures are in place to accommodate these bidders and will require completion of an Offline Bid Form. No auction activities will take place at the office of the Wayne County Treasurer.
For additional information on the auction and to view the properties, visit: www.bid4assets.com/wayne.
The Term and Conditions of Sale and a list of the properties offered are available online at the Wayne County Treasurer’s website: www.treasurer.waynecounty.com.

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