Information On Government Auctions

STOP! Before You Visit Another Real Estate Agent, Car Dealer or Website For A Bargain On Your Next Property or Car…

…You May Be Missing Out On The Opportunity Of A Lifetime!

Revealed! Why More And More People Just Like You Are Flocking To Government Auctions And Walking Away With Bargains On A House or Car That Is Simply Beyond Their Wildest Dreams!

Government auctions are probably one of the best kept secrets that realtors and private auctioneers do not want you to know about. Why should they, after all they wouldn't want you to take a chunk out of their business, would they? But did you know that the government itself is involved in selling off property, cars, and even more? And since their motive is to get rid of goods, rather than make a big profit you could end up with some amazing bargains.

What's so special about Government Auctions?

Every now and then the Government is forced to dispose off items to the public - some items are outdated, some have been confiscated, some have been forfeited, and some don't have a legal heir. Other goods may have been seized or foreclosed. You can end up with some amazing bargains at Government auctions, often acquiring items at throwaway prices.

Since Government auctions are not marketed in the same way as private auctions, you need to register with relevant Government bodies to frequently learn about upcoming items for sale. You may, however, have to pay to the government authorities few dollars to be enlisted on the mailing list.

Before you attend a Government auction, you should spend some time and effort to thoroughly research the item you are interested in. Try to find out more abut the condition of the item on sale. Examine the bidding process. Is it a sealed bid process, or online bid, spot bid or fixed price or portfolio sale. Equally important is to know about the payment options. Are credit cards accepted, or will advance deposits through bank draft or cheques have to be provided?

In some cases prior inspection of the items on sale may be allowed. In other cases you may be allowed to inspect items only during the bidding. Find out these details beforehand. Try and get some professional help if you decide to bid. It would be a good idea to pay a mechanic to come along with you if you intend to buy a car. What may look like an excellent bargain, may turn out to be a complete dud.

There are many myths surrounding government auctions. It is the common perception that the items available through government auction are dirt-cheap. You are grossly misplaced on this. If you really find the item dirt cheap, you should be doubly careful about its condition. There is no big idea of buying a car for $500 having no engine and axles. Otherwise, government tries to sell the goods at fair market value.

Government foreclosure auctions – your dream house for a bargain

Due to unforeseen circumstances in the business or in the economy, borrowers sometimes find it impossible to pay back property loans to the Government. Since the government needs the money back to lend to other borrowers, the only choice is to confiscate the property and sell it off in an auction. A penalty clause for not being able to honor the commitment that was signed before this ever happened, requires them to forfeit the property.

Foreclosure auctions are on an "as is" basis so the property should be checked properly before the person decides to spend money and offer a bid as renovations could negate the value of a bargain. Also items bought at auctions do not have a warranty. This means the person will not be able to get a refund or exchange it afterwards.

A building inspection of the property is required and an estimate of how much it will take to restore or repair it. By also checking on the market value of the property, you will be able to tell if it is worth buying or not.

Government foreclosure auctions can be accepted in the form of cash, credit or check. Aside from the amount of the winning bid, the person will also have to pay for other charges such as sales tax. It is wise to arrange for enough funds if you are serious about getting something from the government foreclosure auction. It is easy to lose out to someone by just a few hundred dollars in a Government auction.

Government foreclosure auctions occur more than once in a given year. This is because of a law that requires these agencies to get rid of it so there will be other chances in the future if the person is not able to get anything.

Making the most from Government surplus auctions

Any property the government does not need is considered to be surplus. If the property cannot be donated to a state or public agency or nonprofit organization, it ends up being sold to the general public. Federal government agencies such as GSA oversee the sale of federal surplus property to civilians. The GSA purchases supplies, equipment and vehicles that federal workers need to do their jobs. When items are no longer needed by the federal government, they stretch tax dollars by offering them for sale to the public. Their auctions include a wide variety of items for sale to the public that would interest both individuals and businesses. Aside from GSA there are many other federal and state government agencies and departments that also sell surplus property -- state DOT department, and many others.

Purchasing surplus property at government auctions is a strategy that is being used by a growing number of property investors to build wealth. Instead of purchasing property at "retail" prices a better option is to visit a government surplus property auction and possibly acquire property for a fraction of the price.

Government auctions, especially surplus auctions, have proven to be an essential resource for individuals looking to acquire goods for pennies on the dollar for their business, and the great thing is, anybody can go to them. You don't have to work for the government and you don't need to know anybody to gain special privileges in order to attend the auction.

Getting your dream car at a fraction of the price

Government agencies at the local, state and federal levels regularly hold used car auctions. However, what most people do not know is where to find these kinds of auctions or how to be a participant. The government car auctions can be a wonderful source for getting your hands on a tremendously discounted vehicle. It is well worth the time to learn about them.

Many people are only interested in a government car auto to get a reliable car for the family and save some money in the process. However, there are some people who turn big profits by frequenting these government auctions, snapping up all the deals they can, and then turning around and selling these same vehicles at their used car dealership for twice the price, or more, of what they paid at the auction.

However, it should be noted that these dealers don't always make a windfall profit when they buy vehicles from government car auctions. This is because the cars sold through these public auto auctions are sold on an "as is" basis and they do not have any kind of guarantee or warranty on the condition of the vehicle; all sales are final.

For people who have the skills and equipment to work on cars themselves, a government car auction can be the perfect way to get a car at a price that is almost a steal. But, if you don't know a lot about the mechanical workings of a car, then you may need to bring someone with you who can carry out a pre-purchase inspection.

The car you end up bidding on and winning may be reliable, or it could be a lemon. Just keep in mind that it is the responsibility of the bidder to determine the condition of the vehicle before they start bidding on it. Once you are awarded the winning bid, you are committed and the car is yours.

The real secret to getting an outstanding deal at a Government auction is to get hold of a listing that isn't publicized widely. This will give you the best opportunity for getting a bargain price. Although it involves undertaking a bit of work to track down the government auto auctions in your area, the extra effort you put in could save you hundreds or thousands of dollars while buying your dream car or property.