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 participate in a Department of Treasury auction, you must be at least 18 years of age or older. You can not be a State employee. Contractors, subcontractors and vendors or their representatives also can not participate. Before the auction you will need to complete a bidder registration form and it must be approved prior to auction. Properties are sold "As Is" so you will need to inspect the home prior to the auction if you want to know what condition it is in.
These are just a few of the rules and regulations which govern state 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 receive a bidding number. You need this number to place a bid on any properties you like.
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, thoroughly check out the property first. Bid properly and you will walk away with a great investment.
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