I was a participant for Alameda County Tax Defaulted Property Auction which was held on Mar. 21 and 22, hosted by Bid4assets.com. I won the Auction for a parcel of land in Livermore, CA, APN 99-24-9-16 for over $800,000. The term of the sale as "FINAL".
I paid big deposit to the Bid4assets.com to participate the auction. I also immediately wire the full payment for the property to bid4assets.com's bank account. However, immediately after I paid in full, a lady from Alameda County Tax Collector office called me and informed me that the sale has to cancel.
The reason was that there was an error in the county recording for this property, they did not record the property to the current owner therefore, the current owner did not know how to pay the property taxes. How can this happen after the Auction sale and the payment?
I cannot believe that the county can so easily cancel the sale for any FINAL Auction after received my full payment. Then when am I going to get my money back? Up to the air so far. The county lady asked me to let the Bid4assets send my money to the county then the county will refund my money in an uncertain time frame without any interests.
No one so far said sorry to me yet, I am still not getting the money back and looked like the cancellation of the auction was MY FAULT, not the other parties. The results of this cancellation would be: I have to pay a lot of interests for the fund and waiting and waiting, the bid4assets / County are earning free interests from my fund all because of the Error by the county!
Never ever bid any thing on bid4assets.com, it is not a responsible/trustable company. Your protections are not be their interests. They are only interested in making commissions and interests from your money. Your loss is their gains. So far both bid4assets and the county handed up my phone calls while I was asking questions, very unprofessionally.
Bid4assets told me that no matter what, my fund will be sent to the Alameda County instead of directly refunding to me. They are making sales commissions by illegally transferring auction winner's payments to a known fake auction seller. The Alameda County Tax Default Sale was a real joke. You can not trust such sales. Your rights are not protected.
The county and bid4assets only protect their own interests. Bid4Assets is only interested in making money from Auction commissions instead of protecting bidder's interests. The County is a government institution, that can understand...
The things I really cannot believe is that even today, April 1, the bit4assets.com is still showing that the Auction for the canceled parcel is In "sold" status. What a fraud!!
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