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America's TRUE Choice for Current Auctions Information - Direct Access To Over 3,200+ LIVE and ONLINE Auctions Nationwide & Canada |
About Property For Sale
The U.S. Small Business Administration acquired property while administering its loan programs, and it is available for purchase by the public. The property ranges from real estate - commercial property, single family homes, vacant land and farms - to personal property such as machinery, equipment, furniture, fixtures and inventory. The property list contains a SBA Office, as well as a contact person.
Small Business Administration
What is sold: The U.S. Small Business Administration (SBA) and its participating lenders make loans and loan guaranties to small businesses and individuals who are victims of natural disasters. If a borrower defaults on the SBA loan or guaranty, SBA or a participating lender may sell the property securing the loan. The assets for sale may range from real estate--commercial property, single family homes, and vacant land--to personal property such as machinery, equipment, furniture, fixtures, and inventory that were used in a wide variety of business operations.
The Asset Sales Program is an initiative to sell SBA's "owned portfolio" of loans and other assets. These assets consist of Section 7(a) and 504 guaranteed loans purchased. Private lenders and development companies originate and service 7(a) and 504 small business loans with a government guarantee for all or a portion of the loan. Upon default by the borrower, SBA purchases the guaranteed portion. It is these guaranteed portions as well as the lenders' share that are being offered for sale. SBA also originates and services Section 7(b) disaster assistance home and business loans to victims of natural disasters. These will also be sold.
How items are sold: Public auction, sealed bid, sealed bidders auction, listing with brokers or dealers, and private negotiation.
Auctions are open to all investors meeting certain financial qualifications.
How sales are advertised: Sales advertisements depend on the size and type of assets being sold. Classified and display advertisements appear in local, regional, national and international newspapers, and trade and industry publications. Individual properties for sale are listed by state on the website. The SBA Headquarters office in Washington, DC does not maintain a mailing list of upcoming sales or of potential buyers who wish to be notified. However, local auctioneers and some SBA district offices may maintain localized lists.
Sales information for bulk loan sales is available on the website as well as through advertisements in the Wall Street Journal and other nationally recognized newspapers throughout the country. SBA and its financial advisors also maintain a mailing list of persons or firms who have indicated a desire to be informed of all sales.
Special restrictions/conditions: Unless otherwise specified, all sales are "as is". The buyer is responsible for removal. For the most part, only cash or guaranteed payment such as a cashier's check or certified check is accepted. The sales advertisements will provide payment information. The terms and conditions for each sale are provided before the start of the sale.
All prospective bidders should be present at this time, since bidders are bound by sales announcements and published information, and there may be some last minute changes or additions to the advertised terms. SBA has certain qualification standards for persons or entities interested in bidding on SBA loans. These can be found on the web page under the specific sale announcements.
Some of the more common auction items include:
used autos • marine vehicles • jet skis • aircrafts • homes • real estate • commercial property • farm equipment • industrial • business • electronics • computers • antiques • art • coins • stamps • appliances • guns • travel • collectibles • clothing • crafts • boats • bikes • motorcycles • mobile homes • jewelry • toys • cars • trucks • mopeds • bicycles • cameras • televisions • clocks • furniture • unclaimed property • abandoned property • personal property • office furniture • condominiums • town homes • commercial property • vacant land • single family homes • machinery • tools • hardware • building supplies
and much, much more...
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