The General Services Administration (GSA) was founded in 1949 with the enactment of the Federal Property and Administrative Services Act (Property Act). The Property Act gave the GSA the authority to be the Federal Government’s real property disposal agent. However, since the GSA's inception, the Federal real estate landscape has dramatically changed and other agency specific real estate authorities have been created.
About the Properties
All GSA real estate listed on Derelict.com are surplus properties owned by the Federal Government and are being auctioned to the highest bidder in a public auction.
Step 1 - Visit the GSA Auction Web Site
The GSA disposes of many different types of equipment, vehicles, and properties on their site.
GSA Auctions - Navigate to the real estate listings section.
Step 2 - Do Your Research
You are buying the properties "as-is"so it's important to do your research. Each listings will include additional documents about the property. The listing will also include information about how you can view the property yourself. We highly encourage you to inspect the property in person. The GSA sometimes includes unique properties like multi-building sites, lighthouses, and former military structures. These type of properties can often have additional hidden costs you should understand before purchasing.
Check with national real estate sites to find comparable listings in the area of the subject property. This will help you understand the likely price range that the property will sell at.
GSA Frequently Asked Questions - Familiarize yourself with the many FAQ's under the real estate tab.
Step 4 - Place a Bid
At this point you should have enough information to be able to place a bid. The GSA is required to get fair market value for the property so their properties are not sold at discounted prices. They are sold to the highest bidder. In order to place a bid you will need to register as a bidder and will likely be required to make a bid deposit. Deposits may range from a few thousand dollars to tens of thousands of dollars depending on the property.
If you are not planning on an all cash purchase, be prepared with your financing prior to bidding. The GSA does not offer financing options.