Looking to buy real estate at auction. Your State likely has a Department of Treasury who has the responsibility to auction off property that has been seized, abandoned, or forfeited to the general public. It is not uncommon for the Treasury to hold over 100 auctions a year.
The Department of Treasury uses these funds to assist in funding local and state police and other areas of public safety. If you are successful and place a winning bid at auction, you are entering into a legally binding contract between the yourself and the Government.
To participate in a Department of Treasury auction, you must be at least 18 years of age or older. You can not be a State employee. Contractors, subcontractors and vendors or their representatives also can not participate. Before the auction you will need to complete a bidder registration form and it must be approved prior to auction. Properties are sold “As Is” so you will need to inspect the home prior to the auction if you want to know what condition it is in.
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.
Final Comments
It’s important to just go out and have fun, even if you just sit on the sidelines. The experience you receive will benefit you down the road in future auctions. If you do decide to place a bid and have done your homework, you should walk away with a great return on the property.
Hubert Miles is the founder of Waterfront Houses USA, an internet advertising service that offers Riverfront Real Estate and River Real Estate in the US and Canada.
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.