As home prices continue to soar, many potential home buyers in San Diego are turning to county auctions to find bargain properties. In an effort to recover unpaid taxes, the county auctions off properties every year, and this year, there are 421 properties up for sale.
Among the properties on the auction block are more than 50 residential and commercial properties, 300 timeshares, and 70 undeveloped parcels of land. While some of these properties may be in disrepair due to the previous owner’s failure to pay taxes, they present an opportunity for someone to acquire a property at a lower cost and potentially restore it to its former glory.
According to Dan McAllister, Tax Collector for San Diego County, interested buyers should approach these auctions with a knowledgeable eye. While there are good values and bargains to be found, buyers need to do their research ahead of time to ensure that what they see is what they will get.
McAllister also pointed out that the properties being auctioned off have been in default with unpaid taxes for over five years, often due to circumstances such as a divorce, the loss of a spouse, or the failure of the next generation to pay the taxes.
A Total of 421 Properties Are Going to be Sold in March
If all 421 properties are sold for at least their minimum bids, the county would generate nearly $5 million dollars for its general fund. However, potential buyers should be aware that these auctions can be competitive, and it’s essential to register ahead of time and start browsing properties now. Bidding begins on March 10 and runs through March 15.
Overall, the county auctions present a unique opportunity for those seeking to acquire properties at a lower cost. However, as with any major investment, potential buyers should exercise caution and do their due diligence before making a bid.
