Large NorCal Community Bank Launches Online Auction to Sell REO Properties

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Auction of bank-owned real estate presents private and institutional buyers with great deals on California development land.

Auction of bnak-owned CA property

OREO asset in auction of northern California development land

This auction represents a seller that is serious about bringing investment properties to the market and allowing buyers to dictate the prices in an online bidding format,” said Devin.

North Valley Bank has launched an online auction featuring a portfolio of OREO assets on the Freedom Realty Exchange(FRE.com), a leading online real estate auction platform. Operated and managed by the auction marketing professionals at the LFC Group of Companies, the online auction presents builders, developers and real estate investors with an incredible opportunity to conveniently purchase REO property through a transparent, fair and open bidding platform. The properties, which include residential land parcels, finished lots and retail/office condos, located in various parts of northern California, have a combined suggested value of nearly $13 million.

“As more and more inventory hits the market, financial institutions are not only turning to auctions as a marketing solution, but are searching for an auction marketing company that can truly deliver a sales solution to sell their properties in the quickest timeframe and at fair market value,” said LFC’s Director of Operations Ryan Devin. “Nowadays, it takes a different approach to attract market attention and motivate buyers who are overwhelmed by investment opportunities.”

The auction offers a wide variety of land and commercial properties, most to be sold as a bulk sale, are located across several northern counties of California, including:

  •     Auberge Du Soleil, eight (8) single family development lots totaling ±1 acre in Santa Rosa with a minimum bid of just $150,000; reduced 50% from previous asking price.
  •     ±19 acres of prime residential development land on Stony Point Road in Santa Rosa in Sonoma County, previously priced at $3.2MM , now offered with a minimum bid of $1.9MM
  •     A multi-family development parcel of ±5acres in Santa Rosa with the minimum bid set at less than 50% of the original list price.
  •     ±12 acre parcel along Francisco Road in Santa Rosa, zoned PD (8 homes per acre) has a minimum bid set at nearly half of the suggested value.
  •     Lahalah Estates subdivision – twelve (12) finished residential lots, ranging from 1 to 2 acres, located in the town of Cottonwood in Tehama County has a minimum bid of just $249,000.
  •     Long Acres subdivision in Healdsburg has two (2) residential parcels totaling nearly 8.5 acres with a low minimum bid of $299,000.
  •     ±9 acre parcel with a tentative map for forty-nine (49) single family homes in Grass Valley in Nevada County.
  •     Vacant land parcel with a tentative tract map for thirty-two (32) attached residential units in Santa Rosa was once valued at $1.2MM, now has a minimum bid of $499,000.
  •     ±10 acre land parcel in the City of Shasta Lake, with utilities on-site and a tentative tract map for 18 units, has a very low minimum bid of $125,000.
  •     Two (2) commercial lots and 5 (five) residential lots in the town of McCloud in Siskiyou County with views of Mt. Shasta and a low minimum bid.
  •     Over 4 acres of land with some existing structures in Lakeport, the west side of Clear Lake for the low minimum bid of $199,000.
  •     Town Green Village in Windsor, Sonoma County has two (2) retail/office condos totaling ±1,580SF for a minimum bid of only $149,000.
  •     ±3,237 retail condominium with high visibility on Windsor Road in Windsor has a minimum bid of $175,000.
  •     Over 1.5 acres of land with a tentative map for 10 units on Old Redwood Highway in Santa Rosa in Sonoma County was once listed at $400,000, now has a minimum bid of $229,000.

“This auction represents a seller that is serious about bringing investment properties to the market and allowing buyers to dictate the prices in an online bidding format,” said Devin.

As with all of auctions on the Freedom Realty Exchange website, the research, due diligence and even bidding are conducted completely online, removing the need to spend hours in a crowded ballroom with all the unwanted pressure and intimidation that comes with a traditional outcry auction. Interested buyers can view property documents and auction details by visiting FRE.com/106R2. Bids must be submitted by August 11, 2011.

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KELLY LOVEGROVE
LFC
(949) 706-6113
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