The Wadena County Auditor-Treasurer’s Office will host its first-ever online tax-defaulted properties sale with auction site Bid4Assets.com. Transitioning the sale online allows the county to remove COVID-19 associated concerns by allowing participants to bid from their laptops, cell phones and desktops, according to a Bid4Assets.com new release.
As of Tuesday, Sept. 14, there were 41 listed properties up for auction.
“We decided to try a new approach for our tax sale this year,” said Wadena County Auditor-Treasurer Heather Olson. “Our hope is that the impending auction will encourage delinquent property owners to pay off their outstanding taxes so that we can remove their property from the sale. For the properties where that doesn’t happen, Bid4Assets brings a large database of real estate bidders to help sell those properties and return them to the tax rolls.”
Online bidding will take place beginning at 10 a.m. Central Time, Monday, Oct. 4 Auctions will close October 6 at staggered times starting at noon Central Time. All auctions will have no reserve price meaning the highest bid at or above the minimum will win the property. Minimum bids will vary greatly ranging from $300 to $34,825.
“We are honored to work with Wadena County to conduct their first virtual tax sale,” said Bid4Assets CEO Jesse Loomis, “This new format will be more convenient for bidders and will benefit the county both by reducing costs associated with conducting the sale and increasing revenues generated from the sale.”
Bidders must register a free Bid4Assets account and fund a refundable deposit of $100 in order to participate in the sale, plus a non-refundable $35 processing fee. Bids are irrevocable offers to purchase the asset, according to the terms of the sale. Deposits are due by September 28. To view a list of available properties and additional sale details visit www.bid4assets.com/wadenasales.