Monday, November 26, 2012

Over 12,000 Properties Sold with $51.8M in Revenue for Wayne County, MI

I am proud to announce the completion of the most successful tax sale in Bid4Assets history!

The Wayne County, Michigan tax foreclosure sale, hosted on Bid4Assets this past October, grossed $51,814,456 in revenue for the Wayne County Treasurer’s Office.

With a 53.5% sell-through rate and 12,049 properties sold, this year’s tax sale has become the biggest online real estate auction in history!

To date, Bid4Assets has helped over 50 U.S. counties recoup over $433 million in revenue from unpaid back taxes.

I’d like to thank all of our participants for helping to make this such a successful sale. I wish you the best of luck with your investments!

Matt Baker, CEO

Tuesday, September 25, 2012

Why Invest in Detroit Metro Real Estate?

The Wayne County Tax Sale Re-offer  is rapidly approaching with thousands of residential, commercial and vacant land properties on the auction block and minimum bids at a fraction of the county assessed values.

Whether you’re an experienced investor or a real estate rookie, see why the media and analysts are raving about Detroit real estate. Check out the October tax sale re-offer on Bid4Assets and buy now while prices are at historic lows!

The Michigan economy is growing rapidly

  • The Michigan Economic Activity Index rose 2.0 points in June, to a 10-year high of 105.9 according to economists at Comerica Bank (CBS News)
  • Consumer sentiment increased unexpectedly in September to 79.2, up from 74.3 in August (Bloomberg)
  • Helped by the auto industry recovery, Detroit unemployment rates have dropped by 2.4 % over 12 months (CNN Money)
Home prices are on the rise and inventory is decreasing

  • The number of single family homes sold in July 2012 increased by 14 percent compared to July 2011, according to the Michigan Association of Realtors (CBS News)
  • Between the first quarter of 2011 and the first quarter of 2012, the median price went up by 8.6%, one of the largest increases in the country (24/7 Wall St.)
Rental rates have exploded in the metro area

  •  Average rental prices in the Detroit market have shot up 5% over past year, according to Rent Jungle (CNN Money)
  • Rents are projected to climb to $720/month and vacancies will decrease to 4.5%, which is on par with the national average for metropolitan areas (Wall Street Journal)

Still not convinced? Read why Forbes is calling Detroit the “Comeback Kid”

5 Wall Street Journal: Even Detroit Looks Good for Rentals

Friday, July 20, 2012

Researching Quitclaim Deeds

How to Check the Status of a Property's Title

Real estate transactions involving quitclaim deeds have become popular in the sale of bank-owned properties and especially with low-value homes in depressed markets. When a property changes ownership with the issuance a quitclaim deed, the seller is transferring the parcel with no warranty as to the status of the title.

When a property is up for auction on an online venue and will be conveyed via quitclaim deed, interested buyers must understand that the parcel may carry delinquent taxes, liens and encumbrances, which will be assumed by the winner bidder after the sale. Homes issued on quitclaim deeds are often found listed in the $1 No Reserve category on Bid4Assets.

Here are some free and easy tips on researching property titles:

  • Contact the County Treasurer/Tax Collector's Office
    • Verify the amount of back taxes
    • Learn what payment options are offered and in what timeframe
    • Contact information can usually be found online
    • Some county websites allow you to search by property to obtain instant tax information
  • Contact the County Recorder's Office
    • Request information on any notices or violations that were recorded in association with the property in question
  • Contact the County's Code Compliance Division
    • Confirm whether any notices have been issued against the property
    • Citations may include debris or weed abatement, demolition liens, a notice of condemnation, etc.


Ordering a title search from a reputable provider is the safest way to check the status of a property's title, and will give you peace of mind when you are bidding on a property at auction.

Here are some well known title search companies:

*Bid4Assets has no affiliation with the listed companies and does not recommend or endorse any particular title company

Be sure to find a title company branch in the same market as the property you are researching, and to confirm how long it will take to perform a title search, to ensure that you'll receive the information in time to place your bid.

While it takes time and sometimes money to research properties effectively, in the words of Benjamin Franklin, "The only thing more expensive than education is ignorance."

Friday, April 13, 2012

Bid4Assets Customer Service: Top 10 FAQs

    ·         How do I register on Bid4Assets?

o    In order to participate in any Bid4Assets auctions, you must first sign up on our site. You only need to register one time on Bid4Assets
o    Check your email inbox for the Bid4Assets Registration Confirmation message and click “activate your account” or paste the link into your browser. This will direct you to the Bid4Assets homepage
o    Finally, sign in to your account to begin bidding on property

o    Still having trouble with registration? Check out our video tutorial on How to Register on Bid4Assets

·         How do I place a bid on an auction?

o    Once you’ve registered, login to your account and navigate to an auction page
o    Enter your desired bid amount in the yellow box titled Place Your Bid and click “Bid on this item”
o    Confirm that you have reviewed the asset details and agree to our Terms of Service and non-performing bidder policy
o    Finally, enter your credit card information, your Bid4Assets password and click “Bid Now” to submit your bid
o    County Tax Sales and Department of the Treasury auctions may require a deposit to be submitted prior to bidding

·         How do I submit a deposit to bid on a Government Auction?

o    Login to your account, navigate to the auction page, and click on “Click Here for Deposit Instructions”
o    Follow the step by step instructions which include choosing your preferred deposit method (Certified Check/Money Order or Wire Transfer), reading the County Tax Sale Terms of Service document, and entering your social security number
o    Next, continue to the deposit page to display wire transfer or certified check/money order mailing instructions
o    Follow these steps, submit your deposit through your financial institution and refer to My Bid Deposits in your Bid4Assets "My Account" page for updates

o    For a video demonstration, check out How to Place a Deposit on the Wayne County Tax Sale

·         How can I become a seller on Bid4Assets?

o    To list an auction on Bid4Assets, you must be a registered user (See FAQ #1 for registration instructions)
o    Login to your Bid4Assets account and click “Sell” in the top navigation bar
o    First time sellers must complete the prompted identity verification process. You may also complete and return this form to
o    To create an auction, choose the “E-Z Lister” tool and fill in the relevant fields to complete your listing
o    Prior to releasing your auction, you may be required to submit proof of ownership documents to our Customer Service team
§  In order to expedite the process, you may fax a copy of your proof to (301) 650-9194. Please include a cover letter referencing the auction ID(s)

·         Does Bid4Assets offer insurance to protect buyers’ payment?

o    We do not offer any type of buyers insurance, but encourage users to perform property research and due diligence prior to bidding
o    All Bid4Assets sellers have passed an identity verification test, and may be required to provide proof of ownership documents prior to listing

·         When will my bid deposit be refunded?

o    Refund processing begins automatically at the close of the auction
o    In accordance with our Terms of Service, refund checks will be mailed within 10 business days of the auction close
o    You will receive a notification email when your refund check has been mailed

·         Can I really buy a house for $1 on Bid4Assets?

o    Auctions listed in our $1 No Reserve Homes category may have a final bid price of $1, but could carry additional buyer fees which are stated by the seller and vary by auction
o    Pay close attention to the seller's terms, closing costs and Buyer's Premium included in each auction to determine a final auction purchase price
o    Please be advised that some of these properties may carry liens, encumbrances or back taxes. Perform adequate due diligence prior to bidding

·         How long has Bid4Assets been in business and where is the company located?

o    Bid4Assets has been a trusted online auction venue for 13 years. The company was founded in 1999
o    Our offices are located in Silver Spring, MD, a suburb of Washington, D.C.

·         Can I bid on Bid4Assets without using a credit card?

o    In order to place a bid on non-government auctions, buyers must have a credit card on file. This minimizes non-performing bidders
o    Credit cards will only be charged if a bidder does not perform after winning an auction ($250 NPB fee)
o    Government auctions require bid deposits to be submitted prior to bidding, but do not require users to provide credit card information

·         Can Bid4Assets place a bid for me?

o    Bid4Assets is unable to manually place bids for customers over the phone or by email
o    Registered users who do not have access to the Bid4Assets website but are interested in participating in a County Tax Sale auction may use the offline bidding form found online or request one by sending an email to Please note that this service is only available for County Tax Sale auctions

Thursday, February 23, 2012

Buyer Due Diligence – Verifying Property Condition

Bid4Assets hosts online real estate auctions nationwide which allows buyers across the globe to bid on properties hundreds, even thousands of miles away from their location. Many prospective investments are too far away to personally inspect in a short timeframe, but this does not mean thorough due diligence can’t be performed to verify a current property’s condition…

Although sellers attempt to describe their properties as accurately as possible, it is important to note that an asset condition may change over time. Auction photos may be dated and the state of a property could be different than depicted. For this reason, we strongly recommend contacting the seller prior to placing a bid:

·         To verify the condition of a property, click “Ask Seller a Question”  –
o   “When were the photos taken?  Do you know whether the photos are up to date on the current condition?”
o   “Is the property secured, and if so, is there a lockbox available?”

Employing a photographer is a smart investment and a worthwhile way to ensure you’re clear on the current condition of the property. It’s often cheaper and easier than you might think. Here are a few ways to find a local contract photographer:

·         Craigslist
o   Post a free “help needed” or “photographer needed” ad under “gigs” to connect with local people interested in odd jobs
o   A nationwide network of photographers who can visit a property and send photos
·         Real Estate Agents –
o   Contact a local agent who may offer insight about the neighborhood and can perform a property report

Performing due diligence on a property will reduce future unexpected surprises. Isn’t it worth spending $40 - $50 to verify the condition of a property before you bid thousands of dollars?

On Bid4Assets, the educated buyer always has the advantage. Remember, a bid is a legally binding contract so it’s important to thoroughly research a property before you bid.

Friday, February 17, 2012

Bid on our Blog

Thanks for visiting the brand new Bid4Assets blog!

Tap in to this resource for company news, updates from our senior management team and tips about the B4A auction process. Here you'll find insider info and learn the most effective ways to buy and sell real estate using Bid4Assets.

We post on a variety of topics including performing effective due diligence, determining the market value of a property, sellers tips on creating successful auctions and other auction "how to" posts.

Whether you are an experienced investor or a real estate rookie, we, the B4A bloggers, are committed to providing engaging posts relating to real estate, online auctions and other relevant subject matter. Feel free to post comments anytime.