Auction.com, a Ten-X company, announced Thursday the upcoming online auction of more than 100 bank-owned residential properties in Puerto Rico.
The properties, many of which are financeable, include both single family homes and multi-family properties. All properties will be sold individually and in “as is” condition. Online bidding begins Feb. 21 and ends Feb. 24.
The most of the properties are vacant and will be available for viewing at open houses to be held on Feb. 13 and 20. Title insurance is included for every property and closings are expected within 45-60 days. Auction.com is also offering a 3 percent broker co-op on all properties included in the auction event.
Limited data on home sales in Puerto Rico suggest that the market is currently sitting at or near its bottom, providing an “enticing long-term opportunity for investors,” the company said. The list includes properties in Puerto Rico an the U.S. Virgin Islands, with bids starting as low as $100 for a vacant lot.
The island’s well-publicized economic woes have also made it difficult for potential homebuyers there to secure mortgages, and have led to household over-crowding – both of which suggest that Puerto Rico may become an exceptionally vibrant rental market for investors who don’t require financing and employ a buy-and-hold rental strategy.
“This special event is another example of the global nature of real estate, and how our online platform can bring exciting opportunities to investors around the world,” said Auction.com General Manager Jason Allnutt.
“These properties are priced to sell, presenting a great opportunity for both investors looking for rental homes in Puerto Rico and to first-time homebuyers in the region who are able to secure financing,” he said. “We’re pleased to bring such a large selection of these properties to auction in a single event and plan to develop a more expansive program in the near future.”
For more information about this auction and the real estate market in Puerto Rico, or to view the properties included in this four-day online auction event, click here.