Chelan County, Washington Sheriff’s Office successfully held its inaugural virtual third-party sale through a leading online marketplace for distressed real estate, Bid4Assets. This marked one of the first virtual foreclosure auctions in Washington and the first to sell to a third party rather than being purchased by the lender.
In October, a residential property in Wenatchee was sold after receiving 24 bids from six bidders. The winning bid of $152,000 came from a resident of King County. Chelan County incurred no costs for utilizing Bid4Assets’ services.
Sheriff Mike Morrison expressed his satisfaction with this successful sale and noted that it would not have been possible under traditional auction methods. This achievement was made possible by legislation passed by the 2021 Legislature authorizing sheriff offices in Washington to conduct online foreclosure auctions.
The article “WA Hosts Its First Virtual Third-Party Sale for Distressed Assets” originally appeared on Connect CRE.
