Buy at IRS Real Estate Auctions
The IRS (Internal Revenue Service) can seize the real estate from a taxpayer that defaulted on their taxes. Once the property has been seized, there are no exemptions available to the previous home owner. The property that could be seized can be anything from personal belongings to real estate, or anything else of value. The IRS auctions have to be advertised by law and available to the general public to participate.
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Instructions
1. Why purchase real estate at an IRS auction -
The reason for doing this is because there are many bargains available at these auctions. If you want to purchase real estate at an IRS auction, it is beneficial to know that the IRS will verify if the property has a mortgage on it or not, which will ensure your purchase.
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2. Know the redemption period and warranty -
If the property has a mortgage on it, the mortgage company has the right to reclaim the real estate that was purchased at the IRS auction within the period of 6 months. Any property bought at an IRS auction does not have any warranty. All of the properties being offered are sold "as is" and "where is." All of the sales are final and if you are dissatisfied with your purchase, you cannot sue the IRS.
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3. Inspect the property -
You will be able to get the address of the property that will be offered at the IRS auction. You won't be able to see the interior of the property, but you can research the area and drive by to visually inspect the property from the outside. It's always a good idea to research and inspect as much of the information as you can gather in order to make the best decision.
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