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Riverside County to hold first-ever online auction of land and homes

By Tom Tucker, CBS Local 2 Morning Anchor, thomas.tucker@cbslocal2.com
Published On: Jan 11 2013 08:24:11 AM CST

RIVERSIDE, Calif. -

The Riverside County Treasurer-Tax Collector's Office is going digital to auction tax-defaulted homes and land, it was announced  today.
      Treasurer Don Kent said the agency's annual online auction of timeshares  seized as a result of past-due property tax bills will, for the first time,  include 187 residential home and vacant land parcels.
      Such physical assets are usually put on the auction block every March at  the Riverside Convention Center, where people or their representatives must  show up in person to place bids. Last summer, the convention center was largely  demolished in a major renovation and the new structure won't be completed until  later this year.
      "With the convention center unavailable, this offers an opportunity to  determine whether an online-only auction is an effective way to sell all types  of properties," Kent said. "The Internet is a great tool to reach a wider  audience of buyers and place more properties back into current status on the  tax roll."
      The all-property auction is set for Jan. 31 and will conclude on Feb. 4.  Prospective bidders can view assets and enter bids at  http://www.Bid4Assets.com/Riverside.
      Nearly 200 vacation timeshares will also be available.
      A $1,500 deposit is required to participate in the property auction, and  a separate $1,500 deposit to participate in the timeshare unit auction,  according to Kent.
      He said bidding will start at $1,520 for all timeshares and $1,822 for  all parcels and homes.
      Those without Internet access can request off-line bid forms by  contacting Bid4Assets at (877) 427-7389.