Each state government continuously accesses the real estate from time to time and declares some of the land or other properties as surplus. The government of each state through the administration of respective states carries out auctions of the surplus real estate. The government real estate auction procedure varies from state to state or county to county but most of time traditional auction procedure is adopted. It is the duty of the auction committee to decide the procedure and surplus real estate for auction and accordingly the information is given on the website, local papers, auctioneers enrolled on the panel etc. Most of the time the land for auction is offered on as is where is basis and the bidder can have a look of the real estate before actually bidding for it.

The bidders fill up the performa supplied by the auction department of the government and quote their price and submit with all other relevant document to the department before the due date. The procedure is known as closed bidding. In this type of bidding the sealed envelopes are opened on a specific date before all of the bidders or their representatives. Sometimes the other procedure known as open bidding can also be used and in this type of bidding, the bidder or his or her representative is asked to be physically present at the auction. The bidding starts with the minimum bid price of the real estate and the bidder can bid for the real estate by bidding the higher price for it. Another bidder can also participate in the bid by announcing the higher price for it than the earlier bidder and in this way the bidding continues.

If there is no bidder willing to pay the higher amount than the earlier one, the auctioneer finalizes the highest bidder and the bidding process completes. However, in certain cases the bidder is asked to pay part of amount on the spot and the bidder should be ready for this. Get the complete information on how the government will transfer the real estate in your favor. Try to know the details and background of the real estate before bidding.

The bidding for government real estate auction is beneficial for many of us and people are really earning from these auctions. The property might need renovation and thereafter the bidders make a profit from renting or selling these properties. Most of the common people are not aware about the bidding procedure and so do not take part in the bidding. It is one of the really good opportunities to earn money from these and if you are looking to make some money in your spare time, learn and participate in government real estate auctions and earn money.

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