Real Estate Auction
Q: How do I register to bid on real estate?
A: Please view the videoHow to Bid on Realestatesales.gov. For more information please contact the realty specialist who is handling the specific auction you are interested in. This information can be found on the description tab of each listing
A: The IFB is a publication that contains the information you need in order to make a bid for a property. Each property for sale has its own unique IFB and constitutes the Government's contract. The contract becomes binding on the parties upon acceptance of your bid. It provides the location of the property, property description, maps, pictures, general terms of the sale, bidding instructions and any special terms of the sale. The IFB also contains the official bid forms for purchase of the property and specifies the required deposit to participate in an auction. Any additional questions you have regarding the property or how to bid can be answered by calling the Realty Specialist listed in the IFB
A: Surplus Government Real Estate may be located anywhere in the United States and in U.S. Territories. GSA sales include every type of real estate, in both rural and urban areas, including homes, vacant land, office buildings, military installations, and lighthouses. GSA specializes in real estate that was once used for Federal Government missions and is therefore usually commercial type properties. The IFB contains information on how to get to the property and when and how the property can be inspected. The IFB also tells you the name of the Realty Specialist who is handling the property and his/her phone number where they can be reached for any questions not answered in that IFB
A: Law and regulation requires GSA to obtain the Fair Market Value (FMV) for each parcel of real estate it sells. Each property is different so there is no set price for all of our properties. Only the high bidders are considered for award in GSA sales and each high bid is compared to FMV. If the bid is at or higher than GSA's FMV the property is generally awarded to that high bidder. GSA's FMV is proprietary information and is never made available to the public to prevent influencing bidders. Bidders must perform their own due diligence and are encouraged to contact local real estate professionals to help them make a bid that they are comfortable with.
A: As a matter of policy, GSA does not release any information regarding the appraisal of the property being sold. This information is considered proprietary and for GSA internal uses only. In addition, neither the appraised value nor the appraisal reports are subject to the Freedom of Information Act (FOIA). The prospective buyer is encouraged to seek out the opinions of local real estate professionals when considering purchase of a property
A: No, GSA is required to obtain Fair Market Value for property sold to the public. Sales are competitive and only High Bidders are given consideration for award of sale
A: Yes, starting bids are used to establish the bidding process. A starting bid, however, may or may not correspond with appraised Fair Market Value. If there is only one bid placed at the starting bid, GSA may not accept that bid. Thus, the starting bid should not be confused with a minimum bid. GSA always reserves the right to refuse any and all bids
A: Usually there is no reserve price on real property that GSA sells. However, if a reserve price is determined appropriate, bidders will be informed at realestatesales.gov if the reserve is met or not. For additional assistance on this issue, please contact the Realty Specialist identified in the IFB or listing
A: Yes, a Registration Deposit is usually required to be paid prior to being allowed to bid. The amount required is specified in the Invitation for Bids for each property. Depending on the specific auction you may be able to use a credit card or you will need to send the appropriate Registration Deposit with your bidder registration forms to register as a bidder. Written instructions are provided in the IFB about how to make your bid and the address of the GSA Real Property Utilization and Disposal office that you must submit your deposit to before you can place a bid
A: If you were not the high bidder, we make every effort to refund your Registration Deposit to you timely after the date the conclusion of an auction. GSA sales are public and the name, city and state of the highest bidder, once determined, can be obtained by contacting the GSA Real Property Utilization and Disposal office that conducted the sale.
A: If your bid was the highest bid received and if the bid has met all the criteria required and will be accepted the Realty Specialist will contact you to let you know. This will occur soon after the conclusion of auction
A: You will need to make arrangements to get your own financing for the purchase. After the date of acceptance, there will be an established closing time, as specified in the Invitation for Bids, in which to send in your final payment to close the sale. More information regarding the closing of the sale will be found in the Invitation for Bids. You may contact the Realty Specialist handling the sale for any further information or arrangements
A: Not necessarily. GSA reserves the right to refuse any and all bids and/or to accept an offer in the Government's best interest and sometimes other factors, besides the bid price, are considered
A: Yes. After accepting a high bid, GSA generally issues a Quitclaim Deed to the high bidder when they provide full and final payment for the purchase price of a property sold