How to Buy Government Surplus Land
Visit the GSA Auctions website., Review the terms and conditions., Create an account., Browse available properties., Place your bid., Receive notice when the auction closes.
Step-by-Step Guide
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Step 1: Visit the GSA Auctions website.
Real estate – developed property including buildings or other structures – that the federal government no longer needs is sold to the general public through online auctions run by the U.S.
General Services Administration (GSA).Most auctions of real property are entirely web-based, so you can complete the entire bidding process electronically.
Other types of property also are available on the website.
For developed property, click on the "Real Estate" tab.
Some property, primarily personal property such as vehicles, is available at offline sales.
Information about these sales can be found under the "Other Sales" tab, although these sales typically don't include real property. -
Step 2: Review the terms and conditions.
Before you take any action to bid on government surplus real estate, confirm you are eligible to register as a bidder and can fulfill the financial requirements should you win an auction.Generally, bidders must be at least 18 years of age and must provide their date of birth at the time of registration.
Although bidding overall is not limited to U.S. citizens, particular property may be limited to U.S. citizens depending on the type of property.
This limitation will be included in information about the specific property.
International bidders must complete additional registration requirements and provide photo identification and other documentation as included in the terms and conditions.
You must have a credit card to become a registered user of the GSA Auctions website. , Before you can bid on any properties listed on the GSA Auctions website, you must create an account with the website and register as a bidder.
Once you create an account, you can place multiple bids at once provided you meet the minimum bid requirements for each property.You will be asked to provide personal identification information, a valid email address, and create your own username and password.
Once you create an account, you can bid on any property with an active listing – the account is not restricted to any particular sale, and you are only allowed one active individual account at a time.
The GSA will deactivate your account if you have no activity for a period of three years.
If your account is deactivated, you'll have to create a new account. , You can look at properties actively listed with open auctions on the "Real Estate" tab of the GSA Auctions website.
The tab includes filters you can check if you prefer to browse by location or type of property.If you see a property for which you want to bid, check out that property's invitation for bids (IFB) publication.
The IFB itself is a government contract which becomes binding on both parties upon acceptance of your bid.
In addition to pictures, description and map of the property, the IFB also contains the general terms of the sale and any special terms that apply specifically to that piece of property.
Keep in mind that since the GSA handles real estate that was previously used by the federal government, it is typically commercial property, although some residential property is occasionally sold.
You also can find the name and contact information of the Realty Specialist in charge of that particular property, if you have any questions not answered by the IFB. , When you're ready to place your bid, you can do so directly from the website by completing the official bid form provided in that property's IFB along with the specified registration deposit.The amount of deposit required for each property is specified in that property's IFB.
There may be a starting bid, but the starting bid is not necessarily the minimum bid.
The starting bid is just used to establish the bidding process.
For example, the auction may have a starting bid of $1, but that doesn't mean if you bid $2 and are the only bidder you will win the property for $2.
The GSA reserves the right to refuse any bid, even a winning bid, if it does not correspond to the appraised fair market value of the property.
The GSA is required by federal law to get at least fair market value for any property. , After the auction closes, you will receive an email from the property's Realty Specialist if you were the winning bidder.
This email will include information regarding the closing of the sale and final payment arrangements.After the auction closes, a date to close the sale will be established by the Realty Specialist in charge of that property.
You are responsible for making the final payment to cover the remaining amount of your bid in full at that time.
When you provide full payment for the property, the GSA will issue a quitclaim deed in your name.
If you were not the highest bidder or if your bid was rejected for failure to reach fair market value, the GSA will contact you and refund your registration deposit as soon as possible after the close of the election. -
Step 3: Create an account.
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Step 4: Browse available properties.
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Step 5: Place your bid.
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Step 6: Receive notice when the auction closes.
Detailed Guide
Real estate – developed property including buildings or other structures – that the federal government no longer needs is sold to the general public through online auctions run by the U.S.
General Services Administration (GSA).Most auctions of real property are entirely web-based, so you can complete the entire bidding process electronically.
Other types of property also are available on the website.
For developed property, click on the "Real Estate" tab.
Some property, primarily personal property such as vehicles, is available at offline sales.
Information about these sales can be found under the "Other Sales" tab, although these sales typically don't include real property.
Before you take any action to bid on government surplus real estate, confirm you are eligible to register as a bidder and can fulfill the financial requirements should you win an auction.Generally, bidders must be at least 18 years of age and must provide their date of birth at the time of registration.
Although bidding overall is not limited to U.S. citizens, particular property may be limited to U.S. citizens depending on the type of property.
This limitation will be included in information about the specific property.
International bidders must complete additional registration requirements and provide photo identification and other documentation as included in the terms and conditions.
You must have a credit card to become a registered user of the GSA Auctions website. , Before you can bid on any properties listed on the GSA Auctions website, you must create an account with the website and register as a bidder.
Once you create an account, you can place multiple bids at once provided you meet the minimum bid requirements for each property.You will be asked to provide personal identification information, a valid email address, and create your own username and password.
Once you create an account, you can bid on any property with an active listing – the account is not restricted to any particular sale, and you are only allowed one active individual account at a time.
The GSA will deactivate your account if you have no activity for a period of three years.
If your account is deactivated, you'll have to create a new account. , You can look at properties actively listed with open auctions on the "Real Estate" tab of the GSA Auctions website.
The tab includes filters you can check if you prefer to browse by location or type of property.If you see a property for which you want to bid, check out that property's invitation for bids (IFB) publication.
The IFB itself is a government contract which becomes binding on both parties upon acceptance of your bid.
In addition to pictures, description and map of the property, the IFB also contains the general terms of the sale and any special terms that apply specifically to that piece of property.
Keep in mind that since the GSA handles real estate that was previously used by the federal government, it is typically commercial property, although some residential property is occasionally sold.
You also can find the name and contact information of the Realty Specialist in charge of that particular property, if you have any questions not answered by the IFB. , When you're ready to place your bid, you can do so directly from the website by completing the official bid form provided in that property's IFB along with the specified registration deposit.The amount of deposit required for each property is specified in that property's IFB.
There may be a starting bid, but the starting bid is not necessarily the minimum bid.
The starting bid is just used to establish the bidding process.
For example, the auction may have a starting bid of $1, but that doesn't mean if you bid $2 and are the only bidder you will win the property for $2.
The GSA reserves the right to refuse any bid, even a winning bid, if it does not correspond to the appraised fair market value of the property.
The GSA is required by federal law to get at least fair market value for any property. , After the auction closes, you will receive an email from the property's Realty Specialist if you were the winning bidder.
This email will include information regarding the closing of the sale and final payment arrangements.After the auction closes, a date to close the sale will be established by the Realty Specialist in charge of that property.
You are responsible for making the final payment to cover the remaining amount of your bid in full at that time.
When you provide full payment for the property, the GSA will issue a quitclaim deed in your name.
If you were not the highest bidder or if your bid was rejected for failure to reach fair market value, the GSA will contact you and refund your registration deposit as soon as possible after the close of the election.
About the Author
Diane Reyes
Enthusiastic about teaching organization techniques through clear, step-by-step guides.
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