Seattle & Northwest + Washington + Distressed Assets | November 16, 2023

WA Hosts Its First Virtual Third-Party Sale for Distressed Assets

The Chelan County Sheriff’s Office in Washington recently successfully conducted its first virtual third-party sale conducted through a leading online marketplace for distressed real estate, Bid4Assets, a liquidity services marketplace. This was one of Washington’s first virtual foreclosure auctions and the first to sell third-party rather than being purchased by the lender.

The sale of the residential property in Wenatchee took place in October. The property received a total of 24 bids from six bidders, ultimately selling to a King County resident for $152,000. Bid4Assets’ services came at no cost to Chelan County.

“It is great to see our virtual auctions produce a sale that likely would not have happened in the old format,” said Chelan County Sheriff Mike Morrison. Sheriff’s offices in Washington were authorized to hold online foreclosure auctions under a bill passed by the 2021 Legislature.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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