USDA New Jersey Foreclosures Fetch $2.985 Million in Fall Online Only Auctions
WOODSTOWN, NJ, February 1, 2019 — Warner Real Estate & Auction Company, a leader in the accelerated marketing and disposition of quality real estate, is pleased to announce the results of the September and October Online Only Absolute Auctions of 57 New Jersey residential foreclosures on behalf of USDA Rural Development. The properties were located in ten counties throughout New Jersey and stretched from Sussex to Cape May County.
A highly visible multi-faceted marketing campaign produced more than 2,806 inquiries, 143 registered online bidders of which 122 actively participated placing 2,352 total bids. The terms and conditions of the auction stipulated the successful buyer return the executed contract along with the required $5,000 deposit within 24 hours of the conclusion of the auction. Firm President and auctioneer, Richard Warner was pleased with results of the online auction with the final prices realized for the 57 properties totaling $2,985,796.
The successful bidders purchased the properties “as is” but with a deed restriction in place which would be released upon submission of a New Jersey certificate of occupancy or a certificate of compliance pursuant to the New Jersey building subcode. “Thanks for another great job for the USDA!”, said Michael Mathews, Housing Program Director, New Jersey State Office, USDA- Rural Development. It was a good day for both the USDA and the buyers. USDA sold 57 residential foreclosures in two time-certain online only auction events which will eliminate the carrying costs of these properties and the buyers were able to bid their prices and pick up some great deals.