Pasco County launches online foreclosure auctions

Monday, November 23, 2009

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PASCO COUNTY (Bay News 9) -- Starting Monday, potential house buyers in Pasco County will have a new way to search for foreclosed homes.

Officials launched an auction site that will allow people to make a bid on foreclosed homes throughout the county. Now, instead of getting in a car and driving to the on-site auctions, making a bid is as simple as turning on the computer.

The site will allow potential buyers from around the world to bid on the thousands of foreclosed properties in Pasco County. With more than 7,000 foreclosures filed this year, county officials say the online bidding will cut staff hours and save taxpayers money.

Those who wish to make a bid need to register with the site. Then they have to make a 5 percent deposit before they do so, but that can be done electronically. And if the buyer wins the auction, payment for the property can also be made online.

Online bidding does carry some risks. As with any other kind of online auction, officials say bidders should be aware that properties are sold "as is," and so it is up to them to do their research before bidding.

If two bidders put in identical bids before the auction starts, the first person to get the bid in is considered the highest bidder. However, ties are not allowed once the countdown auction clock starts.

Twenty properties have been put up for auction online, starting at 11 a.m. on Monday. There are another 31 auctions scheduled for Tuesday and 24 for Wednesday.

The county will continue to hold a few live sales over the course of the next few weeks, but those are scheduled to be phased out by Dec. 15.

Pasco County foreclosure auction site

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