Riverside County Tax Auction Set With $100 Floor for Bids

Southern California deal-seekers have the chance to snap up a house on the cheap.

Riverside County opened registration for auctions on tax-defaulted homes, the California Post reported. Nearly 1,000 homes will be available in the public online auction via Bid4Assets.com this April, with at least 24 having opening bids of $100.

Up for bids are 946 properties stretching from Palm Springs to Menifee with lots consisting of houses or vacant parcels that were seized as a result of unpaid property taxes.

The price range for the nearly 1,000 properties spans up to a minimum bid of $4.5 million for a large commercial building. The properties with $100 minimum bids are in Lake Elsinore and Wildomar.

The highest minimum ask on a residential property is nearly $1.2 million for a home in Desert Hot Springs, according to My News L.A. Minimum bid amounts include both sales and tax costs, and some amounts might be reduced if certain properties don’t attract interest in the first round of bidding.

The estimated value of all the properties combined is more than $28.9 million.

The auctions could generate as much money in revenue to offset unpaid taxes and get parcels back to “revenue-generating status,” Riverside County officials told KTVU.

If bidders are interested in a property, they should do their due diligence and investigate zoning restrictions or physical limitations at parcels before committing to buying, officials said.

Bidders must register by April 20 and provide a $5,000 refundable deposit to participate. The auction will run from April 23 to April 28.

Meanwhile, San Diego County is gearing up for similar tax-default auctions next month. The San Diego County Treasurer-Tax Collector’s Office said 686 parcels will be offered during the annual online sale, scheduled for March 13 through March 18, Fox 5 San Diego reported. Of the properties, at least 80 will have a minimum bid of $100.

— Chris Malone Méndez