| Buy a home, car, helicopter, NFL team or whatever for | | | | property, you must be prepared to pay in cash, with a |
| one measly dollar. Ah, we must be talking about IRS | | | | cashier's check or certified bank check. You cannot |
| property auction hype. | | | | finance the transaction, pay by personal check or |
| The Basics of IRS Property Auctions | | | | even use a credit card. Again, make sure to review |
| You may have seen commercials or advertisements | | | | the official notice of auction for payment requirements. |
| on the web about the steals you can get at IRS | | | | This cash or equivalent attitude stymies many bidders. |
| property auctions. Whether you can actually get such | | | | How can you get a cashier's check before the auction |
| deals is questionable, but there is no doubt the IRS | | | | if you do not know what the winning bid will be? To |
| does hold auctions. The purpose of the auctions is to | | | | resolve this, many people will get a check for their |
| sell off property of a taxpayer that owes the IRS | | | | minimum bid and then bring cash on top of it to make |
| money. Here are the basics of the auction process. | | | | up the difference between the check and winning bid. |
| Perhaps the most interesting thing about IRS auctions | | | | Not the smoothest approach, but the IRS accepts this |
| is there is no set procedure. With some auctions, you | | | | approach. |
| must appear in person to bid. With others, you can mail | | | | Finally, most people wish to know if they can get on |
| in a bid. Still others require you to submit a sealed bid. | | | | the IRS mailing list for property auctions. In short, the |
| So, how do you know which is which? You need to | | | | answer is no. There is no list. While this might make |
| get a copy of the official notice of the auction. It lays | | | | you groan, you should realize it also constitutes the |
| out all the specifics and is binding on the property sale. | | | | reason you can sometimes get a major deal. If |
| The second basic thing to know about IRS property | | | | everyone was able to access a mailing list, the |
| auctions is the payment method. Ironically, the IRS is | | | | auctions would be packed and great deals would not |
| really into cash. If you intend to bid on a piece of | | | | exist! |