WEST CHESTER – Chester County, Pa. To Shift Sheriff’s Real Estate Sales to Online Format Using Auction Platform Bid4Assets.com. The online format allows for remote bidding for all participants while expanding the sale to a wider audience of buyers, thus increasing the likelihood of third party sales and more competitive auctions. As part of the online transition, the Chester County Sheriff’s Office is now able to conduct sales at no cost.
âOver the past year or so we have seen neighboring counties like Montgomery and Berks reap the benefits of Virtual Sheriff sales and the time has come for our office to lead this innovative process,â said the Chester County Sheriff. , Fredda L. Maddox. âWe are always looking for ways to use technology to better serve our residents. These virtual sales are another step our office has taken to combat the spread of COVID while generating more revenue for the county, lenders and, most importantly, parties that lose their properties. “
Surplus funds remaining after payment of all debts from the proceeds of the sale of a property to a third party can be claimed by the defendant who lost that property. Other Commonwealth counties have reported significant increases in excess revenue after the transition to virtual sheriff sales.
Bidders must create a free Bid4Assets account and fund a deposit of $ 5,000 to participate in the auction. A full list of available properties can be viewed at any time prior to the sale on www.bid4assets.com/ChesterPA.
âWe are honored that the County of Chester has selected Bid4Assets to drive their transition to virtual sheriff sales,â said Bid4Assets President Jesse Loomis, âAcross the Commonwealth, online sheriff sales have been shown to increase involving bidders in the community and streamlining the sheriff’s workload â. civil procedure teams, all at no cost to the county. Considering the high transmissibility of the Omicron variant, we expect many more sheriffs to test this virtual format in 2022. “
Bid4Assets was founded in 1999 and has conducted online public auctions for counties across the country, generating over $ 1 billion in revenue for the counties.
Bid4Assets is one of the world’s leading markets for the sale of distressed real estate sold by governments, county tax collectors, financial institutions and real estate funds. It conducts online tax sales for counties across the country and has grossed over $ 1 billion in auctions. Bid4Assets is a wholly owned subsidiary of Liquidity Services.