Surplus Real Estate
GSA Sells Surplus Real Estate
The U.S. General Services Administration (GSA) founded in 1949 with the enactment of the Federal Property and Administrative Services Act (Property Act) has the authority dispose of Federal Government’s real property. When real property has been declared surplus, it is generally first offered to other agencies and organizations for public purpose use. That real property not conveyed to eligible recipients for a public purpose is sold by competitive bid to private persons.
GSA’s Real Property Utilization and Disposal Division is responsible for selling surplus Federal land, improvements to land, and rights to land. Properties can vary in type and value and may include: undeveloped land, commercial and industrial facilities, office buildings, military holdings warehouses, lighthouses, single and multi-family residences and more. Properties may be located in any of the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and the U.S. Pacific Territories.
How Real Property is Sold to the Public
GSA sales of surplus Federal real property are done through open competition such as online auctions, live outcry auctions, and by sealed bid auctions. All are reserve sales and bids are subject to confirmation where GSA reserves the right to refuse any offer that is not in the best interest of the taxpayers.
Bidder may conduct all bidding activities, including submitting the bid deposit and increasing bids, online. As with traditional auctions, bidders participate in open competition against other bidders on www.RealEstateSales.gov until only the highest bid survives without challenge. The highest bid offered is awarded the sale if that bid is accepted by GSA.
Live Outcry Auctions
Public auctions are conducted in a conventional “live outcry” auction setting with an auctioneer calling bids at a specific date and time. Bidders register, submit the bid deposit, and bid openly against each other until the highest bidder survives without challenge.
Bidders mail in bids and bid deposits to the specified GSA regional office prior to the designated bid opening date and time. All bids are kept in a secure location and are secret until they are all publicly opened at the same time on the sealed bid opening date. No bids may be modified or withdrawn after the designated sealed bid opening time and date. The highest bid received is reviewed for acceptance or rejection shortly after the sealed bids are opened.