Norfolk launches Vacant Property Online Auction scheme, selling vacant land across the city
NORFOLK, Va. – The City of Norfolk will host an auction for neighbors, developers, builders and investors to purchase and redevelop vacant residential land around the city.
The application and qualification process for the Vacant Property Online Auction program is the same for all participants, from people interested in developing empty land in their neighborhood to builders looking for their next project.
Property purchases will be awarded to the highest bidder who meets the City’s housing priorities and goals to transform underutilized properties, increase economic inclusion, strengthen neighborhoods and communities with affordable housing options and quality.
“The Vacant Property Auction program was developed in response to requests from residents for a more transparent process that gives all interested parties the same opportunity to bid on and purchase a city-owned residential lot,” said City Manager, Dr. Chip Filer. “The buyer benefits from a unique opportunity to invest in a finite resource, the neighborhood benefits from the potential for increased property values that attract residents and businesses, and the City of Norfolk benefits from the transformation of land vacancies in tax-generating properties.”
Ten to 20 vacant properties suitable for single-family home development will be auctioned each quarter.
The auctions will be administered by GovDeals, a third-party online auction provider specializing in the liquidation of surplus government assets. GovDeals receives a 5% commission on each property sold, which will be paid by the buyer.
Currently, applications are open for the Spring 2022 auction of the Vacant Property Online Auction program. To learn more about the process, complete registration, submit inquiries or browse properties available for sale, Click here.
This phase ends at noon on Thursday, May 26. The auction will then go live for a 7-day bidding phase which will run from Friday 27th May to Thursday 2nd June.
For more details, visit the websitecall (757) 664-2470 or email firstname.lastname@example.org.