Gloucester County's Real Estate Internet Auction Website Will Go Live On May 10th
(Woodbury, NJ) - Gloucester County will begin selling its surplus real estate via internet auction 'ebay' style this Wednesday, May 10th announced Freeholder Director Stephen M. Sweeney and Deputy Director Bob Damminger.
"In the past the county would use a commercial broker who would be paid a commission to sell its real estate. By utilizing technology and conducting auctions on the internet, the county will be able to put that commission back into the budget and use it for programs or tax relief," said Freeholder Director Stephen M. Sweeney. Internet auctions are the wave of the future for government."
Freeholder Director Sweeney said that the first property that will be listed on the website for sale is 152 North Broad Street, Woodbury. Simultaneously with the availability of the website, the advertisement for the property will be placed in the paper and a "For Sale" sign will be affixed to the property itself.
Sweeney said that the county's website is to some extent modeled on the site used by the State of New Jersey to sell its surplus property.
"Although this will be the first time that the county has attempted to sell real estate through an internet auction, there are other governments and agencies using this approach with success," Sweeney stated.
"Given the appraised value of this property and certain other properties that may be available for sale over the coming year, the county may save as much as $35,000.00 to $40,000.00 by selling the properties on its own internet auction considering the commissions that would paid to commercial brokers," stated Freeholder Deputy Director Damminger.
All auctions will be conducted over the internet that can be reached via the Countys Website, www.co.gloucester.nj.us or by going to http://www.co.gloucester.nj.us/auction directly. This first auction will last for three days and take place from May 30th to June 1st.
Each property to be auctioned will be open for inspection by all prospective purchasers on a designated date, like an "Open House". In order to participate in an auction a party must first register for that auction with Gloucester County Counsel. A pre-determined length of time for bidding and initial minimum bid will be established by the County, and the auction will be divided into an "open" and "blackout" bidding session.
Each bidder will be entitled to continuously monitor the auction page and view the then highest bid and submit a higher bid if desired. The open session portion of the auction will be closed five (5) hours prior to the expiration of the auction. At that point in time the blackout session begins and the County website will then no longer update the latest high bid. Instead, only the final highest bid offered during the open session will remain posted. During the blackout session, all bidders will be invited to increase their bids any amount above the highest bid offered during the open session, however they will no longer be able to view the highest bid under the blackout session.
"This is our first auction and we are anxious to see how it works. We have test run the system, but nothing is the same as a live auction," Sweeney said. "After this one is concluded we will sit down and analyze how it went and if we need to do anything different and get ready for our next auction. This is exciting stuff," said Sweeney, We are hoping it leads to more government uses of the internet."