Looking for an opportunity to buy real estate at a discount?
Love the energy and excitement of auctions?
You’re in luck!
In case you didn’t know, the Federal government of the United States seizes property on a regular basis, for various reasons – criminal activity, failure to pay taxes, etc. – and then puts them up for auction.
Personally, I’m a big fan of auctions. There’s just something fun about the possibility of getting a great bargain on something, whether it’s an estate auction, tax lien auction, or lost luggage auction, along with the thrill of competing with your fellow auction-goers. Naturally, you have to do your research, so you know what you’re getting, and be disciplined so you don’t overbid, but it’s all in good fun.
The best way to hear of auctions is to join the mailing lists of the relevant auction houses. In the case of these Federal real estate auctions from the U.S. Department of Treasury, CWS Asset Management Service is the place to be. They don’t have an RSS feed, so the best way to keep up is to sign up for their email alerts.
It’s worth pointing out that CWS does auctions for many branches of the Federal government – the U.S. Marshals, the U.S. Treasury, and U.S. Customs / Department of Homeland Security. It’s amazing the sorts of things that appear in these auctions. Plus, while some are in person, many are online auctions, so anyone can participate, assuming you pay the required deposit and have the cash handy for full payment.
I received notice of the March U.S. Treasury real estate auction the other day, and they do have some nice looking property here among the 30 or so listings. Most notably,
- 7 BR, 7.5 BA oceanfront beach home in Garden City, SC
- 6 BR, 6.5 BA 2nd back from the ocean home in Surfside Beach, SC
- 2 BR, 2.5 BA condo in New York, NY with $3K per month condo fees (perhaps after I’ve made my first million…)
Those are just the ones which stick out. Much of the property is rural, often agricultural or otherwise undeveloped land, but there’s enough interesting property here to keep an eye on it. One of these days!
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Have you bid on a U.S. Treasury real estate auction yourself? Share your experiences by leaving a comment below.
Image of the Auction Room at Christie’s courtesy of Wikimedia.