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City of Reading, PA Redevelopment Authority Sets Date for First Online Auctions with Bid4Assets.com
Globe Newswire 26-May-2023 5:02 PM
READING, Pa., May 26, 2023 (GLOBE NEWSWIRE) -- Bid4Assets, a leading online marketplace for distressed real estate auctions, has been selected by the City of Reading, Pennsylvania's Redevelopment Authority to host a special sale for four properties in need of revitalization.
"The goal with any sale of this type is to find buyers interested in taking ownership of these properties and restoring them to productive use for the community," said Jamal Abodalo, executive director of the Redevelopment Authority. "Bid4Assets has a great track record with Berks County in selling foreclosure and tax foreclosures with a local buyer focus. That's why we've chosen to work with them on this group of properties."
The sale will open to bidders on June 15 from 10:00 AM ET to 2:00 PM ET. All four available properties will start at a $1 minimum bid with no reserve price, meaning that the property will sell to the highest bidder regardless of price. Interested bidders will be required to register a free Bid4Assets account and fund a $500 refundable bid deposit in order to participate. Deposits are due by June 8th. To view the City of Reading's auction terms and a list of the available properties visit www.bid4assets.com/reading.
Buyers must secure necessary building permits within 90 days of settlement. A residential certificate of occupancy must be obtained within 365 days after securing the building permits. If buyers don't meet the required terms, ownership will revert back to the Redevelopment Authority. Full terms are available on the Bid4Assets website.
Bid4Assets pioneered online foreclosure auctions in Pennsylvania by conducting the first-ever virtual sheriff's sale in the state's history for Montgomery County in 2020. Today Bid4Assets conducts tax foreclosure auctions and sheriff's sales for counties throughout the state, including Berks County, and across the country.
"It is a great honor to work with the City of Reading, Pennsylvania's Redevelopment Authority to find socially responsible buyers for these properties," said Bid4Assets President Jesse Loomis, "Our focus is to find homebuyers who look at a blighted home and see the potential for what it could be after renovations. I am confident in our ability to provide a sale for the City of Reading that is more efficient, has more qualified bidders and best of all, comes at no cost to the city."
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.
Contact: Sean McLaughlin
Marketing Manager
sean@bid4assets.com
(301) 562-3427
