Finding Real Estate Deals At State Auctions

State real estate auctions sell off real estate that has been seized, abandoned, or forfeited. The Department of Treasury has been designated as the state department to handle such auctions. Usually, they conduct approximately 100 auctions a year.

When you attend one of these auctions and place a winning bid, be prepared to close the deal. Once the winning bod has been placed, you are entering into a legally binding agreement with the State Government. The Department of Treasury uses the money raised at these auctions to help fund public safety services like police and fire departments just to name a few.

If you would like to participate in one of these auctions, you’ll need to meet a few requirements. You must be at least 18 years old and not a State employee. You or your representative can not be a contractor, subcontractor or vendor to the Department of Treasury in your State with access to information on the property. You’ll need to fill out a bidder registration form and have it approved prior to bidding. If you are a representative acting on behalf of someone else, the form will have to be notarized. Inspect any homes you will be bidding on before the auction begins. Homes are sold in “As Is” condition.

Other rules and regulations may be required as each state sets rules independently of one another. Contact the Department of Treasury in your state to find out what additional regulations may be in place. When you contact them find out what you’ll need to do prior to the auction date to get approved. When you get approved you’ll be assigned a bidding number and you’ll need this number to place your bids.

Closing Thoughts

When you attend the auction just have fun with it. You don’t have to bid on your first visit. You can get some valuable experience watching from the sidelines. If you do decide to bid on a property, throughly check out the property first. Bid properly and you will walk away with a great investment.

Hubert Miles is the founder of Waterfront Houses USA, an online advertising service that provides Riverfront Real Estate For Sale and River Real Estate For Sale in the US and Canada.