Less than $2 over the lowest bid, a two-story home with 20 acres in Sherwood that the IRS had seized and sold at auction on Monday, August 1, sold for $482,820.
The 1987-constructed 7,897-square-foot home at 27342 S.W. Ladd Hill Road has four bedrooms and three bathrooms.
“The house was in good condition and there was a lot of interest, but people backed out,” said Brittany Dipla, an IRS representative.
The buyer’s identity hasn’t been made public.
According to Diplo, the previous owner has a six-month window in which to repurchase the property at the sale price plus interest.
Assets that the government has sold at auction by the Internal Revenue Service include everything from real estate to a liquor license.
Display reported receiving calls the morning of the auction in response to an Oregonian/OregonLive article; however, the registration deadline had passed, the mail-in bid deadline had already passed, and the live auction was being held at the IRS offices at 225 W. Broadway in Glendale, California.
Other limitations were applied.
Without any assurances as to its state or provision for repairs, the property was sold “as is.”
Only while passing by could interested parties see the property. On the IRS Auction website, images of the home and property were published.
The rules of the auction required the successful bidder to pay 20% of the purchase price during the auction, with the remaining balance due on Friday, August 5.
Financing does not exist. Payment must be made with a money order or certified cashier’s or treasurer’s check made out to the US Treasury.
Other liens listed in the Notice of Encumbrances are transferred to the buyer, but the IRS Federal Tax Lien is released as a result of the sale.
$482,818.35 was the required minimum bid.
Auction Shopping
A typical real estate transaction is not like purchasing a home at an auction. An offer is not prepared by an agent. Movable buildings and furniture can be included in the property.
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Potential bidders are required to carry out their own independent research and satisfy their requirements of due diligence before submitting an offer.
Before the transfer of the deed, financing may be available for a certain number of “as is” properties; however, this does not include IRS properties.
On the other hand, other properties that are being offered “as is” can only be purchased with cash and cannot be financed in any way.
Even while each individual auction has its own distinct set of rules, restrictions, and parameters that must be adhered to, the vast majority of them still need preregistration in addition to a fee to participate.
The payment of closing charges such as escrow fees, back taxes, broker commissions, or buyer’s premiums, which are all expressed as a percentage of the hammer price, is not required of bidders.
This is because the Internal Revenue Service does not demand that it be done. However, there are a few auction houses that do take credit cards, and they are listed below.
