Free Information About Buying Surplus Federal Real Estate Properties
The Office of Property Disposal
The Office of Property Disposal is one of the federal agencies that sell surplus governmental real estate to the American public. To find out what properties are available you will need to go to their website located at http://propertydisposal.gsa.gov. Here you will be able to search available properties by state or region. In many cases there will be several houses or land packages that will be available in a given area. While the number of real estate properties that are available at any given time will vary, if you check the site regularly you should be able to find a property that not only meets your housing needs, but that also meets your financial needs.
Buying a Real Estate Property from the Office of Property Disposal
If you find a property, or properties, that you are interested in, you will want to download the information on the property and become familiar with the property’s pros and cons. You can even take a look at the property following the instructions provided in the sale’s material provided online. In most cases there will be an open house or open viewing time scheduled for each property where potential buyers can stop by and check out the property before they place a bid.
If you decide that you want to buy the property you will need to toss your hat into the property’s auction. There are two different ways that you can take part of the auction. First you can download the Invitation for Bids packet, which will include time and location of the physical auction, the deposit amount required, restrictions that are in place for the auction, the minimum bid price, and when the auction will end. If you are unable to attend the physical auction you can place your bid and monitor it online.
When you place your bid you will be required to also pay a deposit to secure your bid. The size of the bid deposit will vary depending on the size of the bid. In most cases it will be a percentage of your bid, however, the size of the deposit will be unique to each auction. Your property’s IFB will have this information. If you are not the winning bidder your deposit will be returned to you as soon as possible.
What Winning Bidders Can Expect
If you happen to be the winner of the property auction you will need to secure your own financing for the property, as the GSA does not offer financing. Your IFB will specify how long you have to secure your financing and claim your home. After you have paid the GSA for your home or property you will be given a Quickclaim Deed.
Additional Information
If you are interested in buying government surplus real estate at great prices but have questions you should contact the GSA Property Disposal Staff. You can find the contact information for each GSA region at here. Make sure you identify the areas you are interested in, the type of property you are interested in, and your specific questions when contacting this agency. You will also want to provide your contact method, and the best time to contact you.
