Creative Business Curbs

Fundamentals IRS Property Auctions

You may have seen commercials or advertisements on the web about the theft you can get in IRS property auctions. Whether you can actually get these agreements is questionable, but there is no doubt that the IRS includes auctions. The purpose of the auction is to sell the property of a taxpayer owes the IRS money. Here are the bases of the auction process.

Perhaps most interesting about the IRS auction is that no established procedure. With some auctions, you must appear in person to the offer. With others, you can send in one attempt. Others require that you submit a sealed bid. So? How to tell which is which? You need to get a copy of the official notification of the auction. It presents all the details and is binding on the sale of property.

The second basic thing to know about IRS property auction is the method of payment. Ironically, the IRS is actually in cash. If you intend to bid on a piece of property, you must be prepared to pay by cash, check or bank check. You can not finance the deal, payment by personal check or even use a credit card. Again, make sure check the official notice of the auction for payment requirements.

This cash or equivalent attitude frustrates many vendors. How you can get a cashier’s check before the auction if you do not know what the winning bid will be? To resolve this, many people will receive a check for your minimum bid and then carry cash on top of it to cover the difference between control and the winning bid. Not the best approach, but the IRS accepts this approach.

Finally, most people want to know if you can get on the mailing list IRS property auctions. In short, the answer is no. There is no list. While this might make you groan, you must realize that is also why it can sometimes be a big deal. If everyone could have access to a mailing list, which is packed auctions and great deals there!