Comments on: government auction on real property-has anyone ever bid on the houses that the US govt puts up for auction? http://pennyauctions.info/uncategorized/government-auction-on-real-property-has-anyone-ever-bid-on-the-houses-that-the-us-govt-puts-up-for-auction/ ...items on the cheap Wed, 14 Sep 2011 19:53:29 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: wartz http://pennyauctions.info/uncategorized/government-auction-on-real-property-has-anyone-ever-bid-on-the-houses-that-the-us-govt-puts-up-for-auction/comment-page-1/#comment-2 wartz Sun, 07 Mar 2010 01:19:25 +0000 http://pennyauctions.info/uncategorized/government-auction-on-real-property-has-anyone-ever-bid-on-the-houses-that-the-us-govt-puts-up-for-auction/#comment-2 If it is a sale to satisfy a tax lien, the official sale notice will include a list of encumbrances on the property. There will be a minimum bid. The property can be sold by sealed bids or auction at the discretion of the person conducting the sale. The taxpayer will be allowed to redeem (buy back) the property for 180 days by paying the buyer the amount paid plus interest at 20% per year. IRS also sells property that it redeems from forclosure or is being sold because of a court order. The rules are somewhat different for those sales. If it is a sale to satisfy a tax lien, the official sale notice will include a list of encumbrances on the property. There will be a minimum bid. The property can be sold by sealed bids or auction at the discretion of the person conducting the sale. The taxpayer will be allowed to redeem (buy back) the property for 180 days by paying the buyer the amount paid plus interest at 20% per year.

IRS also sells property that it redeems from forclosure or is being sold because of a court order. The rules are somewhat different for those sales.

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