government auction on real property-has anyone ever bid on the houses that the US govt puts up for auction?
May 12th, 2010
I saw a house near by that will be auctioned-it will have 2 previews on Sundays before the sale- what is the actual process? Will there be a minimum starting amount? Can we prebid before the auction or is it possible that it might be sold by another means other than the auction? What has been your experience?
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If it is a sale to satisfy a tax lien, the official sale notice will include a list of encumbrances on the property. There will be a minimum bid. The property can be sold by sealed bids or auction at the discretion of the person conducting the sale. The taxpayer will be allowed to redeem (buy back) the property for 180 days by paying the buyer the amount paid plus interest at 20% per year.
IRS also sells property that it redeems from forclosure or is being sold because of a court order. The rules are somewhat different for those sales.