Several months after the most successful tax sale in Nye County’s history, Bid4Assets will host a second round of online auctions for the treasurer’s office.
Unlike the previous sale, this auction will primarily consist of “zombie parcels,” or properties that failed to sell at previous live tax sales and were therefore not offered again in subsequent years. In the past, these properties would have incurred additional costs and produced delays if brought to auction, concerns which Bid4Assests has eliminated. As a result, many of the properties available in this sale are coming to auction for the first time in years.
“The economies of scale provided through the online auction format allows us to offer more of the zombie parcels for sale and to conduct a second auction this year, without an increase in cost,” Nye County Treasurer John Prudhont said. “By casting the net nationwide for buyers, the online auction format attracts buyers who might find it prohibitive to attend a live auction in Pahrump or Tonopah and increases the prospect for more parcels to sell in general, potentially for a higher price.
“This also increases the likelihood that a past owner who wasn’t able to pay for their parcel taxes could end up benefiting from the excess proceeds from the sale.”
Bidders must register a free account and fund a $500 deposit plus a $35 processing fee to participate in this sale. Bidding will take place from Oct. 30 to Nov. 2. To view a list of available properties and additional sale details, visit Bid4Assets.com/Nye. The online nature of Bid4Assets’ platform will eliminate all COVID-19 concerns surrounding the sale, allowing auction participants to bid using cell phones, laptops and computers directly from home.
“There is only so much land that can be purchased by buyers in the local market,” Bid4Assets CEO Jesse Loomis said. “Bid4Assets has over 15 times more registered real estate bidders than Nye County has residents. The nationwide database of buyers Bid4Assets is able to bring to this auction will ensure many of these properties will be returning to Nye County’s tax rolls for the first time in years.
“Best of all, our services will come at no cost to the Nye County government and the constituents they serve.”
Based in Silver Spring, Maryland, Bid4Assets is a privately held company which auctions distressed real estate for the federal government, county treasurers and tax-collectors, sheriffs, financial institutions and real estate funds. Bid4Assets has conducted online tax sales for more than 100 counties and cities since its inception in 1999, grossing more than a billion dollars in sales.