My OperaAuction websites State Auctions Are A Gold Mine For Real Estate Deals
Tuesday, October 19, 2010 6:15:49 PM
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 Department of Treasury uses these funds to assist in funding local and state police and other areas of public safety. If you are successful and place a winning bid at auction, you are entering into a legally binding contract between the yourself and the Government.
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.
These are just a few of the rules and regulations which govern state run real estate auctions. Each state is different with their own set of regulations. You will need to contact them prior to the auction if you plan to attend the auction and bid on properties. Once approved you'll be receive a bidding number. You need this number to place a bid on any properties you like.
Closing Thoughts
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 online advertising service that offers Riverfront Real Estate and River Real Estate For Sale in the US and Canada.Auction Websites: auction site
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