USDA New Jersey Foreclosures Fetch $1.1 Million in November Online Only Auction

CHERRY HILL, N.J. - Dec. 18, 2014 - PRLog -- WOODSTOWN, NJ, December 18, 2014 — Warner Real Estate & Auction Company (http://www.warnerrealtors.com/), a leader in the accelerated marketing and disposition of quality real estate, is pleased to announce the results of the November 12, 2014 Online Only Absolute Auction of 20 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. (Photos (https://www.dropbox.com/sh/i1oozungz4xpndc/AADR-55FE9-OMQaEES3hLoR0a?dl=0))

A highly visible marketing campaign produced more than 100 inquiries, 99 registered online bidders with 73 actively participated placing 1063 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 20 properties totaling $1,101,400.

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.  “It was a fantastic auction!”, said Neal Hayes, Housing Program Director, New Jersey State Office, USDA- Rural Development.  It was a good day for both the USDA and the buyers.  USDA sold 20 residential foreclosures in one day which will eliminate the carrying costs of these properties and the buyers were able to bid their prices and pick up some great deals.

Warner Real Estate & Auction Company is a full service real estate brokerage and auction marketing firm headquartered in Woodstown, New Jersey with a proven performance record selling all types of real estate including residential, commercial, farms, land, and investment properties throughout New Jersey.  To learn more about Warner Real Estate and Auction Company, visit: WarnerRealtors.com (http://www.warnerrealtors.com/).