Each year, approximately 120 real property auctions are conducted throughout the United States and all U.S Territories to sell property seized as a result of violations of federal law enforced by the Department of the Treasury.
Agencies participating in this program include the U.S. Immigration and Customs Enforcement, Internal Revenue Service Criminal Investigation, the U.S. Secret Service, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Typically, a wide variety of real property is available, including homes, condominiums, commercial buildings, operating businesses, and vacant land.
Sale proceeds are deposited into the Treasury Asset Forfeiture Fund, created by Congress in 1993 to consolidate asset forfeiture management for all Treasury agencies. Revenues from the Fund are used for law enforcement activities and for restitution to victims of fraud. The Department of the Treasury has designated URS (formerly known as EG&G Technical Services) as the prime contractor responsible for the maintenance and sale of real property.
URS has selected Bid4Assets as their online auction venue to conduct their online auctions.