NORRISTOWN, Pa., Sept. 15, 2020 /PRNewswire/ -- The Montgomery County Sheriff's Office will be making history on October 28 when they conduct the Commonwealth of Pennsylvania's first online sheriff sale. The online auction company contracted, Bid4Assets, has a long history of working with county tax collectors to conduct online tax foreclosure auctions, commonly known as tax sales, and is expanding into sheriff sales. The online nature of Bid4Assets' platform will eliminate COVID-19 concerns surrounding these sales, allowing auction participants to bid using cell phones, laptops and computers from the safety of their home.
Sheriff sales are auctions conducted by the Sheriff's Office and are a result of mortgage foreclosures and money judgments. Montgomery County sheriff sales occur on the last Wednesday of the month and the first online sale will be held on Oct. 28. The first sale was scheduled to occur on Aug. 26, but was postponed due to a moratorium enacted by Governor Wolf through Aug. 31. The sale will include properties from Norristown, Pottstown, King of Prussia, Lansdale and Willow Grove, to name a few. There is no cost for bidders to register on Bid4Assets and view properties, though a $10,000 deposit will be required in order to bid on the auctions. Auctions can be viewed at any time at www.bid4assets.com/MontcoPASheriff
"We weighed the pros and cons of moving our sheriff sales online and found that there are numerous benefits with little downside for Montgomery County," said Sean Kilkenny, Montgomery County Sheriff. "COVID-19 was clearly the precipitating factor and an online auction is a safer way to go in the current health crisis. Online auctions also attract a wider pool of real estate investors who will buy and renovate foreclosed properties and reduce blight. Bid4Assets' services come at no cost to Montgomery County and the taxpayers we serve."
Data for the sheriff sales will be provided by civil process software SoftCode, which is powered by Tyler Technologies.
"We're honored to work with the Montgomery County Sheriff's Office to conduct their sheriff sales online," said Jesse Loomis, Bid4Assets' CEO. "Bid4Assets has one of the largest databases of real estate investors, approximately 16,000 of which reside in the Commonwealth of Pennsylvania. The current health risks associated with gathering at the courthouse has led many sheriffs to reconsider online auctions. We plan to expand our services to other sheriffs in the Commonwealth and all around the U.S."
Bid4Assets (http://www.bid4assets.com) is an online auction site based in Silver Spring, Md. The privately held company auctions distressed real estate for the federal government, sheriff's offices, county tax-collectors, financial institutions and real estate funds. Since its inception in 1999, the company has sold more than 125,000 properties nationwide and grossed over a billion dollars in auction sales.
Montgomery County Sheriff's Seal
Montgomery County sheriff sales occur on the last Wednesday of the month and the first online sale will be held on October 28.
SOURCE Bid4Assets Inc.