City to auction vacant home site

October 24, 2014

 

Do you ever get inspired by some of those HGTV  home building and renovation shows?

 

The city is offering a rare opportunity to bid on a vacant lot, which was the site of a former water well.

 

The lot is at 11560 Iris Ave. and is zoned for a single-family residence. Opening bid is $385,000.

 

Here’s how the bidding process works: Interested bidders must submit a written sealed bid to the city clerk at City Hall, 10200 Slater Ave., no later than 11 a.m. Tuesday, Nov. 25.

 

Each sealed written bid must be accompanied by a  deposit in the amount of 10 percent  of the bid price, payable to the city of Fountain Valley. The bid deposit must be by certified check or cashier’s check, which shall be applied to the purchase price of the successful bidder.

 

All forms are available on the city’s website at www.fountainvalley.org

 

The city will open the sealed bids at 11 a.m. Nov. 25, and will then conduct a public auction and accept oral bids by the parties that have submitted the sealed bids. 

 

Any oral bid made during the public auction must be at least $500 above the amount of the highest sealed written bid received by the city. Oral bidders must also submit a 10 percent deposit.

 

The city will accept the highest responsible bid or reject all bids at the regular City Council meeting on Tuesday, Dec. 16.

 

The successful bidder will be required to enter into a purchase and sale agreement with the city.

 

For more Information, contact Brent Hoff at (714) 593-4511 or email brent.hoff@fountainvalley.org

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