We’ve been offering post-auction properties through an online sale for 15 months now. In that time, we’ve issued more than 9,800 deeds. Another 400+ auctions have ended and are either in the redemption period, or are in the queue for a deed.
Owners have redeemed just over 800 parcels after an online auction ended – meaning less than 8 percent of parcels sold through the online auction are redeemed.
We currently have over 700 active auctions on the website, with high bids on those auctions totaling almost $280,000. The parcels for which we’ve issued deeds have totaled over $3.75 million.
And we have over 5,700 registered users, with over 2,200 active users who have placed at least one bid. Since online auctions began on July 1, 2021, we haven’t had a single day pass without at least two new bidders registering, although just a fraction of them verify their identity immediately.
A new bid is placed every 4.11 minutes, and a new auction begins every 49.5 minutes. Since online auctions began, bidders have placed more than 161,000 bids.
Saline County parcels are leading the number of bids now, with close to 400. Garland is in second place, topping 300. Most current bids are for parcels that were offered at auction this year, while about 22 percent of the current bids are for parcels offered in previous years.
What’s being bid on? One Saline County parcel had over 100 bids before bidding closed yesterday. And the most expensive current auction is just under $7,000 for a Pulaski County lot, with just one bid.
Just like we tell you at auctions, though, it’s important to research parcels before you bid. A parcel might look promising at first glance. Acreage in a fast-growing part of the state sounds great. But a long, narrow strip between a street and a commercial property, bisected by a right-of-way, might not be so great. Is it usable? Are liens against it? Be sure you know what you’re bidding on.
You can find what’s available and start your research at our online auction site. Check it out at https://auction.cosl.org/.
Original source can be found here.
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