Federal Government Real Estate Auctions
Several ways to prepare before attending a live auction:
Contact your real estate professional to preview the property and see condition.
Know if tenant occupied if there are leases, the lease value and term of lease.
Preview contract property information and sales contract provided by the auctioneer.
Check inventory of exactly what items are included in the sale and what will be excluded.
Ask if the property has a survey available.
Speak an attorney who specializes 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.
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.