Dispelling the Myth of Unsellable Properties
Over the course of 20+ years conducting online foreclosure sales for government agencies, Bid4Assets has proven time after time that there’s a buyer for every property.
In July 2023, that theory was tested once again as Bid4Assets conducted our latest virtual foreclosure sale for the Franklin County, Pennsylvania sheriff’s office. Included in the sale was residential property in Chambersburg. The property had a debt amount of $44,552.16.
Prior to auctions in this sale opening for bidding and minimum bids being set, the Franklin County Sheriff’s office contacted Bid4Assets. They informed us that the attorney’s office responsible for the property felt it was impossible for bidding to reach anywhere near the debt amount.
Bid4Assets’ extensive experience managing, marketing, and auctioning distressed real estate gave us a very different impression of the property’s chances for success. We encouraged the county to work with the attorney’s office and proceed with the auction.
When auction day came, the plaintiff advised the attorney to set a minimum bid of $6,500 for the property. In the end, it sold for $76,000, exceeding the debt balance by tens of thousands of dollars. The auction received 33 bids from seven participants, ultimately selling to a local buyer in Chambersburg.