You've probably heard from a next door neighbor or someone else of how they've bought items or even a piece of real estate through government auctions at very low prices. The truth is government auctions are nothing new but most people are not actually aware of the full facts regarding them so they are left out in the loop. Though for some people curiosity is getting the best of them and they are starting to take a keen interest in government auctions, this article will shed some light into the topic.
Some people wonder exactly what gets sold at government auctions. The answer to that one is very easy. Nearly anything you can think of that has ever been sold in America will at some time or other show up at government auctions. Some of the biggest draws are cars, SUVs, motorcycles, boats, and airplanes. But this is just the tip of the ice-burg for government auctions. You can bid on jewelry, homes, real estate, electronics, farm equipment, stereos, power tools, bicycles and many other various types of items that people own.
People sometimes wonder why government auctions sell so many items so cheap. The simple reason is that there is a large amount of surplus items that are no longer needed by private and public sources, so it gets shipped off to government agencies and auctioned off as to raise money and reduce storage costs.
Some other ways that the merchandise ends up in government auctions is through government seizures. If drug dealers are busted, their property becomes that of the government. Also foreclosures, or properties seized due to loan defaults, are all potential auction items. Anything that comes to the government by way of law enforcement, either local, state or federal is auction material. And these auctions are open to the public and anyone can attend.
Many who don't understand government auctions wonder if the items are damaged. Well, there are some auctions that sell their merchandise 'as is', and these are ones that many stay away from. If an auction doesn't have a 'preview' time of a couple of days before the actual auction, be leery of it. They are supposed to give you an inspection period to decide what you want to bid on. Once you bid and win on an item, you have to pay in full before removing it from the auction site.
Auction houses will gladly accept cash when it comes to payment terms. Although some might even allow postal money orders or credit cards, this might be useful if you happen to some sort of dispute later on. But don't worry too much; even though a lot of there government auctions are contracted out to private companies, with a little research on your part nothing should go wrong. As with most things in life, use common sense when attending and purchasing at these auctions and how you handle your money, and you'll do just fine.
Some people wonder exactly what gets sold at government auctions. The answer to that one is very easy. Nearly anything you can think of that has ever been sold in America will at some time or other show up at government auctions. Some of the biggest draws are cars, SUVs, motorcycles, boats, and airplanes. But this is just the tip of the ice-burg for government auctions. You can bid on jewelry, homes, real estate, electronics, farm equipment, stereos, power tools, bicycles and many other various types of items that people own.
People sometimes wonder why government auctions sell so many items so cheap. The simple reason is that there is a large amount of surplus items that are no longer needed by private and public sources, so it gets shipped off to government agencies and auctioned off as to raise money and reduce storage costs.
Some other ways that the merchandise ends up in government auctions is through government seizures. If drug dealers are busted, their property becomes that of the government. Also foreclosures, or properties seized due to loan defaults, are all potential auction items. Anything that comes to the government by way of law enforcement, either local, state or federal is auction material. And these auctions are open to the public and anyone can attend.
Many who don't understand government auctions wonder if the items are damaged. Well, there are some auctions that sell their merchandise 'as is', and these are ones that many stay away from. If an auction doesn't have a 'preview' time of a couple of days before the actual auction, be leery of it. They are supposed to give you an inspection period to decide what you want to bid on. Once you bid and win on an item, you have to pay in full before removing it from the auction site.
Auction houses will gladly accept cash when it comes to payment terms. Although some might even allow postal money orders or credit cards, this might be useful if you happen to some sort of dispute later on. But don't worry too much; even though a lot of there government auctions are contracted out to private companies, with a little research on your part nothing should go wrong. As with most things in life, use common sense when attending and purchasing at these auctions and how you handle your money, and you'll do just fine.