Government seized property is often offered for sale as a real estate
auction. Here’s how the process works and why you may get an excellent deal when
you consider this source of a real estate auction.
Government agencies may very well spend thousands of man hours and millions
of dollars to put a drug ring out of business. Several years ago, legislators
realized the potential for recovering some of the money spent on those
operations. Laws went into effect allowing those agencies to confiscate specific
property if it has a connection to the crimes an individual has been prosecuted
for. The most commonly known is cars and most people have heard of the
government car auctions. What some people don’t realize is that government real
estate auctions also take place across the country.
The United States Treasury is one source of information about real estate
auctions of government seized property. The treasury website is located at
http://www.treas.gov/auctions
Visitors can browse through various articles and information related to real
estate auctions.
One of the perks visitors to this site have is the option to sign up on a
mailing list. As a participant, you’ll get instant updates about real estate
auctions regarding property seized by several government agencies, including
criminal seizures of the Department of Alcohol, Tobacco and Firearms, Customs
and the Internal Revenue Service.
One of the most important things to keep in mind about government real estate
auctions is that the events are open to the public and information is free. You
can pay for lists of property to be sold at government real estate auctions, but
you can also find that information from the agencies overseeing the sales free
of charge. Some people simply find it more convenient to pay for instant access
to databases of government real estate auctions without having to take the time
to compile and update those lists.
There are many warnings out there about the potential for scams related to
government real estate auctions and other government sales. The main concern of
many seems to be the fact that some companies charge for government real estate
auction information. Again, the information about government real estate
auctions is available for free, but choosing to pay for someone else to compile
and maintain is a personal decision.
While there’s the potential for some great deals at government real estate
auctions, you should also remember that there are some limitations on the buyer.
You need to have financing in place before you bid and you should be sure that
the property is what you expect. Visit it in person or hire someone to look it
over before you bid.
In addition to real estate auctions of government seized property, the US
Treasury website is a portal to other sites related to auctions. The Government
Standards Administration, Department of Defense and other government agencies
have links posted to real estate auctions and sales, and to auctions for a
myriad of other kinds of real and personal property. You’ll even find sites for
the sale of fleet vehicles and other government property.
