495 Smelker Ave., Beaumont TX

March 18, 2020 Comments Off on Auction of Rental Homes Generates $6M Views: 301 Texas - Other, Texas News

Auction of Rental Homes Generates $6M

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The live-auction sale of 98 rental homes and four development lots by the Beaumont Housing Authority (BHA) generated $6.2 million. The properties sold throughout the southeast Texas city were part of the BHA’s Scattered Site Homes Program, with the funds generated used to expand affordable housing opportunities to clients in southeast Texas.

Paul A. Lynn & Associates facilitated the sale. While each property was subject to a 10-day review period by the seller and HUD, 85% of the properties offered were accepted as sold on the day of the auction. The remaining properties were accepted within the review period, and 100% were placed under contract.

The average sales price was $62,000, with 274 registered bidders present.

Pictured: 495 Smelker Ave., Beaumont

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