subject: Function Of Confiscated Property In Auction [print this page] Buying or selling at a confiscated goods auction is indeed a strange proposition as none can say with certainty the source of goods - they can be lost goods or stolen goods mainly if it is a police auction. The goods to be auctioned can include items like cars, tools, electronics, costly jewelry, sporting goods and coins, commercial heavy equipment, real estate, antiques, guns - well, the listing can be anybody's guess.
Confiscated goods auction is not to be confused with retail sales and the two have very little in general. Distinct retail stores, auctions are governed by federal laws, state regulations, uniform commercial codes and city ordinances. When you bid and buy at an auction it is deemed a lawful transaction.
You must have a bidder's card as or else you can not buy at the auction and to obtain a bidder's card, you must pay a refundable deposit amount as earnest money. After you fully pay for the items you bought or leave the auction without purchasing any items, the deposit is directly returned to you. Occasionally, your deposit is adjusted against the cost of goods you had bought. Auctioneers expect you to take full task for your bids. The instant the auctioneer says 'sold,' the item auctioned belongs to the bidder. This is the rule. Even if your goods are later stolen, you will still have to pay for it.
A government confiscated property auction is certainly an opportunity to buy all types of confiscated property at well below market prices. Confiscated property auctions are the consequence of criminal seizures, tax seizures, customs seizures, or police seizures. With confiscated goods auctions, merchandise is generally obtained during tax raids by custom authorities or raids by police because of criminal or fraudulent activities.
The IRS finds an individual did not pay required taxes, and seizes that person's possessions which may include valuables such as cars, jewelry, and real estate and then auctions them with the intention to recover the outstanding tax liability. Customs seizure auctions sell merchandise that came from people who tried to smuggle merchandise into the country without paying import duties, or even from people that failed to announce their merchandise properly when returning from a foreign vacation. Then, there are the police seizures of stolen and lost property that is not claimed by the legal owner, and local sheriff's sale of foreclosed real estate seized and sold by the money lender to recover the loan liability.
Make sure to personally inspect each item you plan to bid before the auction commences. This is why an auction sample is offered. Use your own valuation for deciding on the bidding price and not get influenced by the auctioneer's description of the item or other bidders' comments.
Please keep in mind that the goods you buy at a confiscated goods auction is purely on "As Is" condition and carries no guarantees of any kind from the seller or auctioneer and goods sold will be taken back. Seized property auctions are held by the federal government, and by state and local governments and police. As the confiscated property sales take place through an auction and because the authorities obtained the items free there is no profit intention and goods can be bought cheap.
