The IRS auction of 27342 S.W. Ladd Hill Road Sherwood, Oregon, takes place Aug. 1.Google maps

Home shoppers frustrated by the low number of residential properties for sale in the Portland area sometimes look for off-market listings, which can be foreclosures, or by working directly with an owner.

Another alternative to conventional For Sale signs in the yard? An Internal Revenue Service auction, in which an asset — from real estate to a liquor license — is sold by the government for nonpayment of taxes.

A two-story house on 20 acres in Sherwood is on the auction block on Monday, Aug. 1.

Soon after the 1 p.m. start time, an auctioneer hopes to say “going, going, gone,” then slam a hammer down and say “sold” on the highest bid for the property at 27342 S.W. Ladd Hill Road.

This 2008 photo of the hilltop property is courtesy of Annie Wrucke of Realestate.com Oregon.Realestate.com Oregon

The 7,897-square-foot house, built in 1987, has four bedrooms and three bathrooms.

The minimum bid required is $482,818.35.

The registration deadline is at noon Monday.

The winning bidder must pay 20% of the sale price at the auction and the balance is due on Friday, Aug. 5, according to the auction rules.

There is no financing. Payment must be made by certified cashier’s or treasurer’s check, or money order payable to the United States Treasury.

The sale lifts the IRS Federal Tax Lien, but other liens listed in the Notice of Encumbrances (Form 2434-B) become the responsibility of the buyer.

The property is sold “as is,” with no guarantee of its condition and no repair allowance.

Potential buyers can only view the property while driving by it. Photos of the house and land are posted on the IRS Auction website.

The 7,897-square-foot house has four bedrooms and three bathrooms. See more photos of the property at treasury.gov/auctions/irs/shor_all%20_9898.htm#imageIRS

The auction is scheduled to take place outside the IRS offices at 225 W. Broadway in Glendale, California. Some bidders have mailed in a fixed bid (IRS Form 14731-A) while others may be there in person.

For more information about the public sale, visit irsauctions.gov or contact IRS representative Brittanny Dipla at 805-479-2552.

The 7,897-square-foot house, built in 1987 on 20.21 acres at 27342 S.W. Ladd Hill Road, has four bedrooms and three bathrooms. This 2008 photo is courtesy of Annie Wrucke of Realestate.com Oregon.Realestate.com Oregon

Buying a house at auction is unlike a typical real estate transaction. An agent doesn’t write up an offer. The property can include furnishings and movable structures.

Bidders are to conduct their own research and due diligence before making an offer. Some “as is” properties are sold for cash while others, not IRS properties, can be financed before the deed changes hands.

Each auction has its own rules, terms and conditions but most require preregistration and a deposit.

Some auction companies, but not the IRS, require the bidder to pay closing costs such as escrow fees, back taxes and broker commissions or a buyer’s premium, which is a percentage of the hammer price.

More on the Portland and Oregon real estate market:

• 1917 mansion with unfinished restoration in SW Portland for sale at $1 million

• Portland pioneering Flanders sisters’ 1926 Arts and Crafts house is for sale at $2,375,000

• 1908 Colonial Revival house in Portland Heights where Eleanor Roosevelt stayed is for sale at $2.7 million

• Midcentury modern Rummer-built home sells for $1.2 million, $205,000 over asking price

• Prohibition-era Portland Tudor Revival house with a speakeasy is for sale at $1.3 million

• Homework to homebuilding: Eastern Oregon high school students sell eighth ‘Street of Dreams’ style house

• 1894 Queen Anne house, restored and upgraded with concealed modern luxuries in NE Portland, sells for $799,000

• Big house, low price: More bang for your buck by the square footage?

• Rebuilt West Hills fixer-upper with ‘defund the police’ and graffiti on crumbling walls is for sale at $2 million

• Architect Richard Campbell’s 1966 modern chalet in SW Portland is for sale at $1,465,000

• Modernist architect Neutra’s rare, restored Oregon house is for sale at $3,750,000

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