California county auction lets buyers bid on properties for as little as $100

"The parcels, all in default due to unpaid property taxes, constitute a collection of real estate, including vacant land, in Riverside County, part of the state's booming Inland Empire. The highest minimum bid starts at $4.5 million on a large commercial property, while at least 24 sites in Lake Elsinore and Wildomar have minimum bids of $100. Many of the properties listed at $100 or $500 didn't have significant interest or an accepted bid in previous auctions,"

"The county's Board of Supervisors voted Jan. 13 to approve the use of online auction site Bid4Assets.com to facilitate off-loading the properties. The county has made use of the site for several years to sell properties of this type, generating revenue to offset unpaid taxes. Many California counties conduct tax-defaulted property sales to collect on unpaid taxes or to return it to a "revenue-generating status" by selling it to a new owner."

Riverside County will auction 946 tax-defaulted properties April 23–28 through Bid4Assets.com, including vacant land and commercial parcels across the Inland Empire. Minimum bids range from $100 to $4.5 million, with at least 24 sites in Lake Elsinore and Wildomar listed at $100 after prior auctions produced little interest. If all properties sell at minimums, the county would collect $28,928,041. Properties must be in default for at least five years to be eligible, and owners can redeem by fulfilling tax obligations before the auction. Officials may lower prices below minimums if properties fail to attract bids.

Read at SFGATE