IRS property auctions--any experience?

[texsuze]

The IRS is conducting an auction at our county courthouse next month; four different undeveloped lots in a nearby ranch subdivision all owned by the same estate (between 6 & 7 acres each). I guess it's about unpaid taxes or something. My brother and SIL have a lot in the same subdivision and some day plan to build a home and retire there. DH and I are pondering bidding on one of the properties. I'm just thinking way down the line about 'right-sizing' our living scenario since we're rapidly aging our way to a potentially smaller acreage. Well, that's my thought process anyway

We've never participated in an IRS auction, having only read the public notice info. Anyone have experience or pointers on the process? There is a minimum bid on each lot and proof of ability to bid is required in the form of 20% of the minimum bid amount.

[piedmontfields]

I know nothing about IRS auctions. I will note that many other auctions are now online, so it is more like "eBay" bidding where one sets a max price/increments for re-bids. Don't know if that is the case here.

Good luck!

[texsuze]

Thanks, Pied, this auction takes place at our county courthouse. I wish it were a sealed-bid auction but I'm guessing they'll get one of the local livestock auctioneers (we have plenty out here ) to handle the task. DH happens to be lunching with our CPA today, who worked for years in the IRS, so hopefully CPA can shed some light on the logistics.