Looking For Real Estate Investments At State Run 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.

The money raised from these auctions help your State Government to fund police, fire, and rescue operations. When you attend one of these auctions and place a winning bid a legally binding agreement is forged between you and the Department of Treasury.

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

Most importantly have fun at the auction. Even if you don’t place a bid, you’ll gain valuable experience. If you do participate and are successful, you’ll like score a very valuable piece of property which should be yield you a good return on 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.