Government Real Estate Auctions Tips For Buyers

Government Real Estate Auctions Tips For Buyers

Government real estate auctions sell off real property that has been seized, abandoned, or​ forfeited. the​ Department of​ Treasury has been designated as​ the​ state department to​ handle such auctions. Typically, they conduct 100 auctions a​ year.

The funds obtained at​ state real estate auctions help support local and​ state police and​ other areas of​ the​ city. the​ placement of​ a​ successful bid at​ a​ Department of​ the​ Treasury auction establishes a​ legally binding contract between the​ successful bidder and​ the​ Government.

Here are some basic rules and​ policies:
1. To be eligible to​ bid you must be 18 years of​ age and​ not an​ employee of​ the​ state.
2. You cannot be the​ contractor, subcontractor or​ vendor or​ their agent who has access to​ information about the​ property.
3. A bidder registration form must be submitted for​ approval. if​ bidding for​ someone else, the​ form must be notarized.
4. Buyer is​ to​ inspect property prior to​ placing a​ bid.
5. Changes may be made on the​ day of​ the​ sale.
6. The Government reserves the​ right to​ withdraw from sale any of​ the​ property listed.
7. The buyer understands the​ property is​ sold on the​ “AS IS” basis.

a​ lot of​ rules and​ regulations govern government real estate auctions, and​ it​ is​ wise if​ you take the​ time to​ research them prior to​ attempting to​ attend. Each registered bidder will be issued a​ bidding number. This is​ your lifeline to​ what is​ important on that day. Don't loose it.

Most importantly enjoy yourself at​ government real estate auctions. the​ properties auctioned off are very valuable and​ should bring you a​ good return.

Please visit some of​ my other site at​ Real Estate Actions and​ State Real Estate Auctions

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