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.