I Just "won" an IRS Auction....HERE WE GO!
Hey All-
I just purchased a property from an IRS auction this morning. The purchase price was $1000 under my top bid, the City Taxes & senior encumbrances are hefty & due in 180 days after the holding period. I walked through the property (VIA an open door) leading up to the sale, its been empty for about 7 months and looks like the tenants left all of their belongings behind.
It is mixed use with some bed rooms, kitchens, office space, bathrooms, solid garage space etc. It will be interesting to see how it all shakes out and I'm excited (much more than my wife) about it all. It's close to home and will serve as some additional storage for some of my trailers, etc in the meantime until I can actually get in and start the work.
Would love any insight from others about how their processes have played out, to do's/not to do's with IRS auctions and I will keep you all posted as the adventure continues!
Adios!