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Press Release: Bid4Assets, Inc.
May 13, 2003
SILVER SPRING, MD -- Bid4Assets, Inc., a leading online auction site for high-end assets from government, non-profits
and private industry, yesterday announced that San Bernardino County has awarded the company a three-year contract
to auction tax-defaulted properties on the Bid4Assets Web site. San Bernardino County will kick off the contract
with an auction of approximately 5,500 tax-defaulted properties to include parcels and timeshares. The online auctions
are now open for bidding and will have staggered close times from May 12 -- 23 on the Bid4Assets Web site, http://www.bid4assets.com .
Historically, San Bernardino Treasurer-Tax Collector hosted annual public tax sale auctions at the National Orange
Show Events Center which were moderately attended and resulted in the sale of only 400 properties per year out
of 2,500 offered, a 16% success rate. In August 2002, the Treasurer-Tax Collector, for the first time, contracted
with Bid4Assets in a pilot program to auction tax-defaulted properties online and resulted in 1,282 sold parcels
out of 1,346 offered, a 95% success rate.
San Bernardino County in California is the largest county in the contiguous United States. San Bernardino County
joins Del Norte, Kern, Lassen, Modoc, Plumas, Sierra, San Diego, Siskiyou and Ventura counties in California to
sell tax-defaulted properties online through Bid4Assets.
The parcels offered for sale include residential, commercial and agricultural lots located in urban, mountain and
desert communities throughout San Bernardino County. Minimum bids range from $650 to $563,400 for the parcels.
The timeshares offered for sale are located at four different resorts and include Lagonita Lodge, Snow Lake Lodge,
Lake Arrowhead Chalets and The Inn at Silver Lakes. Minimum bids range from $400 to $4,780 for the timeshares.
These are all "no reserve" auctions, so the highest bid wins. Tax information, maps, photos and other
due diligence materials are available for viewing online at Bid4Assets. Interested bidders should go to http://www.bid4assets.com
for more information. Bidders who are unable to bid online can contact Bid4Assets toll free at 1-877-427-7387.
"Our number one goal for a tax sale is to get properties back into taxpaying status so our schools and local
governments have revenues to provide vital services," said Richard Larsen, Treasurer-Tax Collector of San
Bernardino County. "This Internet auction is an excellent tool to reach a broader range of buyers and reduce
property tax delinquency."
"Bid4Assets is proud to work with innovative counties, like San Bernardino County, for the sale of tax-defaulted
properties. By using the Internet, we are able to reduce administrative costs, reach more buyers and sell a greater
number of properties at each sale. The taxpayers are the direct beneficiaries of the efforts of the officials in
San Bernardino County," said Bid4Assets Vice President of Corporate Communications Jenny Monroe.
Bid4Assets has conducted sales of seized, surplus and non-strategic assets for more than 40 federal, state and
local government agencies nationwide. Clients include the U.S. Marshals Service, the Federal Deposit Insurance
Corp., the states of Georgia and Maryland and ten counties in California.
About Bid4Assets, Inc.
Bid4Assets ( http://www.bid4assets.com ) is a leading online auction site where serious buyers and sellers meet
to find high-end assets from government, non-profits and private industry. We help our clients by providing customized
solutions such as online, webcast and traditional auctions, as well as Storefronts and Private Auction Exchanges.
Bid4Assets focuses on high-end assets, selling real estate, personal property, financial instruments and bankruptcy
claims to a worldwide network of buyers. The company is located in Silver Spring, Md., phone (301) 650-9193, fax
(301) 650-9194.
Source: Bid4Assets, Inc.