US Customs is auctioning seized real estate. I have my eye on one of the properties being offered for auction.
Anyone have any experience with Customs Service auctions? I have attended HUD, VA, and even courthouse auctions, but never a Customs Service auction.
I know I have to have a cashier’s check in hand for the deposit if I am the winning bidder and then have a month to settle on the balance of my winning bid.
Since this is seized property, and the seller has to deliver clear title, it seems logical that the minimum acceptable bid would start with whatever amount the Customs Service would need to payoff the existing mortgage so they can deliver clear title.
There is no buyer’s premium.
Anyone have any insights into how the Customs Service sets their reserve auction price on seized real estate? Is there more to it other than the amount to payoff the mortgage loan and perhaps the auctioneer’s premium?