subject: Government Seized Property, Great Bargains Worth The Hassle: 3 Points [print this page] Federal, state, and local governments as well as law enforcement entities auction off unclaimed, seized and surplus property on a regular basis. Search the web for automobiles, furniture, equipment, real estate, and even locked storage unites to find out where actions in your area are taking place. One of the largest auction services is the General Services Administration, and here you can also get incredible items from the FBI, IRS, DEA, U.S. Marshals Service, and the Border Patrol. State and local governments also hold auctions for listed property. Auctions are often held by private companies who contract to governments to handle the physical properties as well as involved paperwork. Every day, depending on where you are, you will find an auction. Check out the rules on the website to determine whether or not private parties can participate in the auction. Great deals are to be had; just do a little research.
*To participate in a public auction, you must be at least 18 years of age, have a valid driver's license, and of course have the means to pay when you win a bid. When bidding at a government auction, be aware that there will be no buyers fees or registration charges. There may be, however, fees if the auction is run by an outside entity. These fees will vary from a very minimal entrance fee, to a portion of the item that is auctioned off.
*Learn the "ropes" about auctions. There may be a preview period of several days preceding the auction in the case of automobiles, but you will not be able to take the vehicle you are interested in for a test drive. There are never any warranties or guarantees that an automobile will be in perfect condition, but the price you pay at the auction may give you enough left over to repair whatever is wrong.
*What's the catch? There are risks in buying items, particularly automobiles, that you cannot test drive. You also need to remember that electronic items may not be totally cleaned up, and furniture items will probably have from slight to extreme damage. If you can live with less than perfect, auctions are a great place to find bargains. Be aware that you will probably have competition. There are others who know about auctions and the bargains just waiting to win. Your lowest bid may not win, so be prepared to pay more than you expect. Keep a budget, however, and you will come out a winner.
