In a Move to Increase Revenue and Excess Proceeds, Lyon County Moves to Virtual Tax Foreclosure Auctions
YERINGTON, Nev., May 19, 2023 (GLOBE NEWSWIRE) — Bid4Assets, a leading online marketplace for distressed real estate auctions, has been selected by the Lyon County, Nevada treasurer’s office to conduct the county’s first-ever online tax-defaulted properties sale. The treasurer’s office has cited increased revenues for the county, increased excess proceeds for tax delinquent properties, and the opportunity to streamline the county’s outdated auction process as motivating factors for the transition from in-person to virtual auctions.
“As a trustee for First American title company for 15 years handling residential and commercial sales, I have the knowledge and background to see what is needed to make Lyon County’s foreclosure sales more effective at returning properties to the tax rolls,” said Lyon County Treasurer Staci Lindberg. “Moving the process online will allow us to offer our auctions to a much wider pool of bidders, leading to more successful auctions and ultimately more funds for the community.”
Bidding in Lyon’s first-ever virtual tax sale will open May 25 and will close May 30. Potential bidders must submit a $500 refundable deposit, including a non-refundable $35 processing fee, to participate. A list of available properties, terms of sale, and settlement details can be found at www.bid4assets.com/lyon.
Lindberg, a lifetime third-generation resident of Lyon County serving her first year in office, ran on a platform of using her background in escrow to innovate on old procedures in order to ensure taxpayers receive the most efficient representation possible. She views the county’s shift to virtual foreclosure auctions as a step towards fulfilling that promise.
Bid4Assets has conducted virtual tax sales for numerous counties in Nevada including Clark County, Nye County and Elko County. Bid4Assets services will come at no cost to Lyon County.
“Bid4Assets is honored to be working alongside Lyon County and Treasurer Lindberg to create a better process for conducting their tax foreclosure sales as we’ve been doing throughout the state,” said Bid4Assets President Jesse Loomis. “Our auction model has proven to increase participation rates, boost sales, free-up staff time to assist homeowners on auction day and reduce county costs surrounding their public sales.”
Bid4Assets is one of the world’s leading online marketplaces for the sale of distressed real estate property sold by governments, county tax-collectors, financial institutions, and real estate funds. It conducts online tax and foreclosure sales for counties across the United States and has sold more than 100,000 properties grossing more than $1 billion in completed government transactions. Bid4Assets is a wholly owned subsidiary of Liquidity Services.
About Liquidity Services
Liquidity Services (NASDAQ: LQDT) operates the world’s largest B2B e-commerce marketplace platform for surplus assets with over $10 billion in completed transactions to more than five million qualified buyers and 15,000 corporate and government sellers worldwide. The company supports its clients’ sustainability efforts by helping them extend the life of assets, prevent unnecessary waste and carbon emissions, and reduce the number of products headed to landfills.