REO: Land Parcels in Prime Areas go to Auction

With just two weeks remaining until the bid deadline, buyers are gearing up to make competitive bids on seven REO properties in an online auction on LFC.com. The auction, hosted by the LFC Group of Companies, features several large land parcels in central California and Nevada and has drawn interested buyers from several states across the region, as well as more than 1,700 unique hits to the website. There are nearly one hundred registered bidders, confirming recent news reports that homebuilders and developers are taking advantage of “buy-low” opportunities in advance of the next housing cycle.

“This auction has several things going for it – a motivated seller, incredibly low minimum bids, and some very attractive development opportunities,” said LFC’s Director of Marketing Kelly Lovegrove. “The tremendous response thus far demonstrates the universal appeal of our auction model as buyers have jumped at the chance to name their own price in a fair and transparent process.”

The land parcels offered at heavily discounted prices include:

  • Three adjacent vacant residential land parcels, ranging in size from ±18 acres to ±20 acres, near downtown Yucca Valley, in San Bernardino County. The properties are being sold separately, and have minimum bids between $12,500 and $15,000.
  • ±960 acres of vacant land mapped for 676 residential units within the proposed Mortensen Ranch master-planned development in west Reno, Nevada. This property has a low minimum bid of just $995,000.
  • Two separate land parcels near downtown Clovis, a suburb of Fresno, one totaling ±8 acres, the other comprised of ±18 acres. The smaller property has a minimum bid of $125,000. The larger parcel, which is zoned for multi-family development, has a minimum bid of $350,000.
  • A ±40 acre residential land parcel in northern Sacramento, part of a large master-planned development called The Panhandle, has a minimum bid of just $295,000.

This real estate auction offers an unprecedented level of convenience for buyers. Instead of spending hours cramped up in a crowded ballroom, interested buyers can view property photos and other due diligence materials, as well as place bids, all from the comfort of their home or office by visiting LFC.com/951R3. The bid deadline is December 16, 2010.

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