Posted by Ronald * Starr(in No CA) on June 18, 2002 at 18:27:10:
Scott---------------
I’ve bought a couple of properties at IRS sale.
There are oral bid auctions and sealed bid auctions. I will assume this is an oral bid auction, as you don’t mention what type of sale it is.
Be sure you have researched the property carefully. I have seen the IRS sieze and sell property whose title was in the name of somebody other than the delinquent (non)taxpayer. If you see that, be sure to check with an attorney.
Be sure you know what funds can be used and when you have to have all the money in the hands of the IRS. Some sales notices do not state an opening bid. Ask what the opening bid is, in that case.
Often you have to pay all the money at the sale. If so, be sure to have all your money there, ready to pay. If you have until the end of the day, noon next day, end of next day, or within 7 days, be aware of when you must pay and pay on time.
Ask ahead of time if there is a period of redemption for the non-taxpaper. You might not want to wait with your money tied up in a redemption period.
Otherwise, it is just a simple bid process. Nothing special.
Good InvestingRon Starr*****