How to Find Good Deals at Government Auctions
Amazon.com in 2000 came in second as the company with the biggest online sales amount; they raked in nearly 2.8 billion dollars in sales. Surprisingly, according to the Federal Computer Week magazine, the no.1 online seller was the United States Government, compiling a total online sales amounting to 3.6 billion dollars. Looking at those figures we could say that the US government certainly has a lot of items to be sold. This is very true, in fact government auctions or sales could include treasury bonds, houses, cars, and even thoroughbred horses. This makes them a kind of "supermarket" for any surplus goods or items that you could imagine. Buying in government auction is also a good thing. Usually the government is not looking for that much profit in making a sale thus making the set price handsomely affordable. You could get a very big cut from the original cost; sometimes up to 90% off. Also purchasing from the government helps to cushion the cost of running it. By doing auctions you are providing more to the government coffers thus saving in taxpayer's money.Finding a good deal in this auctions are easier said than done. With hundreds of auction provider to choose from getting quality items at a reasonable price could be hard. But following these simple tips would surely make your day at the auction a memorable one.
First of all be aware that all items in the auction is at a "as is where is" condition. Meaning you get only what you see, nothing more nothing less. Bear in mind that test drives for vehicles are not permitted. The most you could do is turn on the key and crank the engine. So it's very important to look closely at the cars condition both inside and out. You will see tell tale signs if you are getting a clunker or a passable 2nd hand vehicle.
Do not be tempted to buy anything in sight. As there are a lot of people bidding, don't get carried away and spend more than you can. Focus on items that you came for in the first place.
Also do check the backgrounds of the auction organizers. If in doubt you could directly contact the government agency they are representing to make sure they are legit.
It's better to scout the auction sites first before you get into any bidding. This way you will get a feel of how the auction is running and what people usually bid for.
You could ask for a preview of the items to be auctioned off. Usually auctioneers set a date for inspection, be sure to attend this. It's very important to do this because it will save you much time in assessing the items you are bidding for. Also you could make a checklist and take note of the particular item that has passed your initial inspection.
Also make sure that the item is cleared of any liens, or back taxes. If you are the winning bidder all this obligations will be passed onto you. You might end up paying more than you have bargained for.
Read our reviews of all the top and legit government auctions online by going to our main page.