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 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.
To place a bid at one of these auctions you must be 18 years of age and not an employee of the state. You cannot be the contractor, subcontractor or vendor or their agent with the Department of Treasury who has access to information about the property. You will have to submit and approved bidder registration form must. If you will be bidding on behalf of someone else, you’ll have to have the form notarized. You’ll need to inspect the property prior to placing your bid. You will be buying the property listed in it’s current 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.
Final Comments
When you attend the auction just have fun with it. You don’t have to bid on your first visit. You can get some valuable experience watching from the sidelines. If you do decide to bid on a property, throughly check out the property first. Bid properly and you will walk away with a great investment.
Hubert Miles is the founder of Waterfront Houses USA, an internet advertising service that offers Riverfront Real Estate For Sale and River Real Estate in the US and Canada.
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