hile the IRS will you have to pay cash for the
auction off just about property. Yes, cash. Okay, you
anything to satisfy a tax can pay with certified checks,
bill, seized real estate gets but no financing, personal checks
people excited. Here are the or credit cards are allowed.
basics of IRS real estate None! Make sure to read the
auctions you need to know. notice of auction closely to
understand what is required of
Does the IRS really seize homes you.
and then auction them off? Yes.
The seizures occur from wayward With real estate tax auctions,
taxpayers who never pay their there is another issue you need
taxes and seizures of to understand. Although you may
crime-inspired purchases such as win the auction, the delinquent
those from drug dealers and such. taxpayer has the right to buy the
Before you run off to bid on property back from you for a
these seized homes, however, you period of 180 days. If the
want to keep some things in mind. taxpayer exercised their option
during this redemption period,
The first thing to keep in mind they must repay you the amount
is the property is offered as-is. you bid. They also must pay you
The IRS makes absolutely no interest on the bid amount at a
guarantees regarding the rate equal to 20 percent
soundness of the structure, the annually. Put in simple terms,
quality of title and so on. If you may not actually get the
you win, the IRS simply issues property, but you will make money
you a quit claim deed to the on your investment. In a majority
property and moves on. of cases, the right to redeem is
exercised by taxpayers.
The second thing to remember is
If you are considering bidding at and so on. Every state has
IRS real estate auctions, you may particular laws and none of them
want to sit down with a seem to be the same. If you are
knowledgeable lawyer before hand. not careful, you can end up in a
Although the IRS is a federal mess instead of a house. In this
agency, state law controls many case, it is truly buyer beware!
of the issues related to title
About the Author:
Richard A. Chapo is with http://www.businesstaxrecovery.com - information on taxes.
Read more articles by:
Richard Chapo
Article Source: www.iSnare.com 
