subject: Irs Auctions [print this page] The Internal Revenue Service (IRS) may assume ownership of property from the defaulted taxpayer. There is no exemption given. Any property can be seized, including real estates.
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.
There are certain things you need to know before you bid on a IRS auction for real estate.
In the first place, you must realize that bidding for IRS real estate is different from a Fannie, Freddie Mac, or HUD auction. It is actually auction of a property that was captured due to the failure in tax payment. Auctions like this, however, have a different set of rules than other auctions.
A question you need to ask is if there is a mortgage on the property already. You can be confident in knowing that the Internal Revenue Service will verify that. When you visit the IRS website, you will find these words:
Our offices will give you information regarding any hindrance that is known of against or other claims on the property that is listed on Form 2434-B. They won't guarantee you correct, complete information. This information is provided as an aid to potential bidders to help decide on the value of the item being auctioned. Buyer Beware! "Caveat emptor" or buyer beware applies if you place a bid on this merchandise! The IRS uses Quit-Claim Deeds when selling real estate. It's a good idea to contact PALS to see if anyone else has either ordered or performed a 3rd party title search.
Any property you win at an IRS auction will be without warranty. The Internal Revenue Service can't give you a guarantee. They inform you in advance that merchandise you bid on is sold "as is, where is" which implies that you take it in it's current condition, and whatever repair it requires, you are responsible for. If one feels unhappy after the action has already happened, it is too bad. You cannot sue the Internal Revenue Service. http://mylinksentry.com/bn80
