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WA Hosts Its First Virtual Third-Party Sale for Distressed Assets


The Chelan County Sheriff’s Office in Washington recently successfully conducted its first virtual third-party sale conducted through a leading online marketplace for distressed real estate, Bid4Assets, a liquidity services marketplace. This was one of Washington’s first virtual foreclosure auctions and the first to sell third-party rather than being purchased by the lender.

The sale of the residential property in Wenatchee took place in October. The property received a total of 24 bids from six bidders, ultimately selling to a King County resident for $152,000. Bid4Assets’ services came at no cost to Chelan County.

“It is great to see our virtual auctions produce a sale that likely would not have happened in the old format,” said Chelan County Sheriff Mike Morrison. Sheriff’s offices in Washington were authorized to hold online foreclosure auctions under a bill passed by the 2021 Legislature.

The post WA Hosts Its First Virtual Third-Party Sale for Distressed Assets appeared first on Connect CRE.



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