IRS Auctions off cars, houses and pensions

(Credit: KMOV)

You have heard one man's trash is another man's treasure.

How about one man's tax debt can be another man's bargain?

The IRS is cracking down on tax cheats by seizing cars, homes, even their pensions.

Jennifer Breuchaud auctions off seized assets around the Midwest, she is based in Fairview Heights.

At a recent auction Chunsong Ji purchased two storefronts on Mexico Road in St. Peters for $115,000. Ji said, "that's a wonderful price, crazy price."

Breuchaud tells News 4 residential properties usually bring more potential buyers than commercial properties.

In 2016 she's auctioned off homes in St. Charles and St. Louis Counties.

A home on Freedom Way in St. Charles started with an opening bid of $120,000. It was purchased by a California resident through a mail-in bid for $176,000.

In Creve Couer a seized home off Ladue Road started with an opening bid of $250,000. It sold to a local real estate flipper for $410,000. The buyers agent told News 4, "we are going to do a high end rehab." and added "yeah he got a good deal."

Properties are sold "as is."

IRS auctions are open to anyone, but buyers must bring proof of funds. Residential properties require a certified check of 15 percent of the minimum bid. The property must be paid for in full within 30 days or buyers lose the deposit.

If you are interested in learning more, IRS Auctions are listed on this website.

News 4 Investigates

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