In a remarkable opportunity for aspiring homeowners, Riverside County in California is offering the chance to purchase a house for the astonishingly low price of just $100. This unique opportunity arises from the county’s initiative to auction off nearly 1,000 tax-defaulted properties in a public online event scheduled for April.

The auction, which will be conducted on Bid4Assets.com, is set to take place from April 23 to April 28. Prospective buyers can start registering to participate in this budget-friendly home buying event starting Thursday. Among the properties up for grabs, at least 24 homes will kick off bidding at the incredibly low starting price of $100.

While some properties have struggled to attract interest in previous auctions, leading to their minimal starting bids, the range of auction prices can vary significantly, reaching as high as $4.5 million. If a property fails to generate sufficient interest, officials have the discretion to adjust the bidding price downward to encourage potential buyers.

However, interested bidders are strongly advised to perform thorough research before committing any funds. As reported by KTVU, it is crucial for buyers to investigate any zoning restrictions or physical limitations associated with the properties, ensuring they are making informed decisions.

The county’s goal through this auction is not only to offer an affordable housing solution but also to generate significant revenue. Officials anticipate raising nearly $29 million, which will help to offset unpaid taxes and restore these parcels to a “revenue-generating status,” benefiting the community at large.

Officials told KTVU that the auctions could generate nearly $29 million in revenue to offset unpaid taxes and return parcels to “revenue-generating status.”

Bidders must register by April 20 and provide a $5,000 refundable deposit. Bidders can view the inventory here.

San Diego County is offering homes up for similar auctions next month.

The County Treasurer-Tax Collector’s Office said 686 parcels will be offered during the annual online sale, scheduled for March 13 through March 18, Fox 5 San Diego reported. To take part, prospective buyers must complete the online registration process by March 3.

San Diego is offering at least 80 properties with a minimum bid of $100.

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