You may have come across many commercials and advertisements on TV, radio, news papers and (the famous) Websites, advertising steals that you can get from property auctions held by the IRS. Well, whether you can actually go ahead and buy such property for $100 from property auctions, depends on the number of bids, but there have been instances where a home has been sold $6300. Can't believe it, Neither could I. Much ado about the Property auctions held by the IRS made me curios and I went online searched and found out that it is acutally possible. Still not convinced I went down to the Property auction place, and got it confirmed! Whether you can actually get such deals is questionable, but there is no doubt the IRS does hold auctions. The purpose of the auctions is to sell off property of a taxpayer that owes the IRS money. Here are the basics of the auction process.

Perhaps the most interesting thing about Property auctions held by the IRS, is there is no set procedure. With some auctions, you must appear in person to bid. With others, you can mail in a bid. Still others require you to submit a sealed bid. So, how do you know which is which? You need to get a copy of the official notice of the auction. It lays out all the specifics and is binding on the property sale.

The second basic thing to know about IRS property auctions is the payment method. Ironically, the IRS is really into cash. If you intend to bid on a piece of property, you must be prepared to pay in cash, with a cashier's check or certified bank check. You cannot finance the transaction, pay by personal check or even use a credit card. Again, make sure to review the official notice of auction for payment requirements.

This cash or equivalent attitude stymies many bidders. How can you 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 get a check for their minimum bid and then bring cash on top of it to make up the difference between the check and winning bid. Not the smoothest approach, but the IRS accepts this approach.

Finally, most people wish to know if they can get on the IRS mailing list for property auctions. In short, the answer is no. There is no list. While this might make you groan, you should realize it also constitutes the reason you can sometimes get a major deal. If everyone was able to access a mailing list, the auctions would be packed and great deals would not exist!

Unbelievable Deals on Repossessed and Seized Homes Starting at Only $100! Seized property auctions are held locally, for more information about seized property auctions, you can check out the link here.