A property in Moreno Valley, California is being sale online by the U.S. Treasury. This auction offers a great chance to buy on a large 4,968 + square foot house with several amenities including 8 bedrooms, 5.1 bathrooms and more. If you would want to take part, here is a guide to help you grasp the salient features and auction procedure for this property.
Key Property Details
| Feature | Details |
|---|---|
| Location | 27622 Pala Loma Court, Moreno Valley, CA |
| Total Area | 4,968 ± sq. ft. |
| Levels | 3 levels |
| Bedrooms | 8 |
| Bathrooms | 5.1 |
| Additional Rooms | 2nd-floor den |
| Garage | 4-car garage |
| Outdoor Features | Covered patio, 2nd-level deck |
Large families or investors looking for a house for reconstruction or improvement will find this property perfect since it provides enough room with eight bedrooms. The huge outdoor areas and garage offer great attraction.
Bidding and Auction Process
How to Register for the Auction
You have to register online first in order to take part in the U.S. Treasury real estate sale. Here is the method:
- If you are new to the auction, you will have to register an account by supplying some simple information.
- You must bid with a $50,000 bid deposit. One can send this by wire transfer or by a check written by a cashier. The deposit guarantees your seriousness in bidding and adherence to auction rules.
- The deposit needs to be received by February 12, 2025 at 5:00 p.m. ET.
- Realproperty@cwsams.com can be emailed to seek wiring directions.
You will get an email approving you to be qualified to bid once your deposit is processed.
How to Place a Bid
The auction operates using a “maximum bid” system. Here’s how it works:
| Current Bid | Bid Increment | Your Maximum Bid | System Action |
|---|---|---|---|
| $5000 | $100 | $10000 | System bids up to $5100 |
- You enter the most you are ready to pay. Up until your maximum offer is attained, the system automatically increases your bid to the next increment.
- Should you bid equal to or above the reserve price, the system will modify your bid to satisfy the reserve.
- Should two bids equal one another, the system will give the earlier bid first priority.
The soft-close aspect of the auction means that bidders should exercise caution not to wait until the last minute to make a bid since this extends the auction should bids be made within the last minute.
Bid Deposit and Payment Terms
- Participation calls for a $50,000 bid deposit initially.
- Should you be the winning bidder, you must pay the remaining balance—after the first deposit—within three business days.
- Closing: 45 calendar days from the government’s contract approval will see the closing of the sale.
Inspection of the Property
Before placing any bids, prospective buyers are urged to tour the land. The property will be open for planned periods of inspection. You can also set up private inspections, but first clearance from the auction contractor is needed. Since homes are sold “as-is,” it is imperative to look over the property to prevent any surprises following the transaction.
Terms and Conditions of the Sale
Legal Binding Contract
The transaction becomes legally binding after you put a good bid and the government approves it. This implies that you have to finish the transaction according to the conditions of the agreement. Before you start, you really must completely grasp the terms and conditions.
Eligibility and Restrictions
To bid on the property, you must meet the following requirements:
| Eligibility Requirement | Details |
|---|---|
| Age | Must be over 18 years old |
| Government Employees | Cannot be an employee of the U.S. Government |
| Affiliations | Cannot be related to the person from whom the property was seized |
The government does not offer financing, so bidders need to have their own financing in place if required.
Closing Process
The sale enters the closing phase once the accepted winning bid. Forty-five calendar days from the government signing the sales deal will mark the close. Any accompanying expenses including taxes, recording fees, and escrow fees will fall to the buyer.
| Item | Details |
|---|---|
| Transfer of Title | Through a Government deed |
| Closing Date | Within 45 calendar days from the signed contract |
| Additional Costs | Taxes, recording fees, escrow fees are the buyer’s responsibility |
Default and Payment Failure
Ignoring the necessary deposit or amount within the given period could cause the contract to be canceled. Should the buyer fail-through the deposit is lost and the property stays under government ownership. Under such circumstances, the backup bidder will have the chance to buy the house.
Important Considerations for Bidders
Property Sold “As-Is”
Every property is sold “as-is,” without assurances on its condition. The buyer is in charge of resolving any problems that develop following the purchase; the government does not grant warranties.
Lead-Based Paint Disclosure
For buildings constructed before 1978, the government has to reveal details on the existence of lead-based paint. Any required abatement or remedial action regarding lead hazards will fall to the buyer.
Looking to purchase a large property in Moreno Valley, California, purchasers have a fantastic chance with the U.S. Treasury auction for the 27622 Pala Loma Court. Before bidding, nevertheless, one must be familiar with the bidding procedure, terms, and restrictions. Remember, before bidding you have to register, make a deposit, and carefully tour the property. The sale is “as-is,” and closing expenses and property inspection fall on buyers.
You Must Visit :- Schott Auction Gallery