Government Real Estate Auctions
Before an auction, there are several ways to prepare:
- Attend an open house to see what condition the property is in.
-Go over with a fine-tooth comb the property information provided by the auctioneer, including the sales contract.
-Make sure you know exactly what is included in the sale and what’s excluded.
-Talk to a real estate agent and an attorney who specialize in auction sales.
There are specialized procedures involved with real estate auctions. According to the U.S. Department of the Treasury, sale participants must register to bid during the specified registration time for the sale. Bring a photo ID and a cashier's check deposit to register and receive your bidder number. A bidder registration form is available for download on the U.S. Treasury Department web site at http://www.ustreas.gov/auctions/treasury/rp/images/bidderregform.pdf. This form can be printed out and completed prior to the auction. You do not need to mail or fax the completed form, just bring it to the auction to register. Forms will also be available at the auction. You should read and understand the Terms of Sale before you bid. Sales personnel at the auction site can answer any questions you may have.