IRS auction

The Internal Revenue Service (I.R.S.) may assume ownership of property from the defaulted taxpayer. There is no exemption given. All material properties, even real estate, can be seized.

The Internal Revenue Service is also responsible for getting the properties they seize up for bid at auction. This auction conducting is to be advertised and is open to public as per the law. If you're interested in bidding at an IRS real estate auction, you need to realize a few things first.

In the first place, you must realize that bidding for IRS real estate is different from a Fannie, Freddie Mac, or HUD auction. This is when properties that have been seized due to taxes not being paid are auctioned. There are different rules for these types of auctions.

Does the property have a mortgage on it? You can be sure that the Internal Revenue Service will make sure. When you click on the IRS webpage, you'll see the following:

Our agency will provide you with data regarding any known deterrent against or other demands on the land mentioned on Form 2434-B. Correct, complete information is not guaranteed. We furnish this information solely to assist you in making valuation and bidding decisions. Caveat Emptor! Buyer beware when you bid on these items! Real Estate that the IRS sells is conveyed by Quit-Claim Deed. To find out if others have asked for or performed a third-party title search, contact PALS.

Any property you win at an IRS auction will be without warranty. The Internal Revenue Service can't give you a guarantee. IRS auctions will tell you up front that whatever you purchase is bought "as is" and "where is"; wherever it stands, you will take it, and whatever needs doing to it, you will accomplish. If at a later point you are displeased with this, that is too bad. It is impossible to sue the IRS.