"How to Aquire Information on
US Government Auctions" .
primarily information about Government Auctions that will make it possible
for you to aquire merchandise for 'penny's on the dollar', or to put $1,000's
of dollars cash into your pocket...almost as often as you
wish. The process of 'making money' from US Government Auctions can be started in as little as 4 to 6 weeks. You can consider this as a part time or full time business where the profits depend only on your desire and effort!
Items like cars\trucks, RV's, Real Estate, computers, jewelry, furniture, boats, airplanes...almost anything you could want is put on the auction block time and time again. There are 1000's of auctions occurring throughout the United States each day both Local and Government. (Many local auctions are held to liquidate Government merchandise) This list does not cover any State, County or City auctions, although they can prove to beprofitable as well!
Before we get to the information list starting with US Customs Auctions, there are some 'guidelines' that I highly recommend that you make a practice of following when planning to attend an auction. After all, its your money we want to protect...If you are new to the auction process, you
should attend a few sales to see how auctions work!
First, you will need to locate an auction both near and of interest to you. The information of the sale should contain the following items:
1.) The name of
the agency that supplied merchandise or real Property to be auctioned.
2.) It should have both the address and phone number.
3.) The preview times and dates.
4.) The date, time and location of the actual auction.
5.) The forms of payment or credit terms (if any) available being offered.
6.) The type of auction being held with its bidding procedures.
7.) What auctioning agency that is conducting the sale.
8.) Information regarding the removal of purchased items.
example, you are in the market for a used car. One option you have is to
aquire it from a Government Auction. Once you have decided on the
year, make, and model of the car you wish to purchase, you should aquire
a pocket notebook and pencil. In your notebook you should enter in similar information such as:
B. Make __________
C. Model __________
D. Amount you can afford to spend. __________
E. Amount of cost at a Dealership. __________
F. Amount sold for at a previous auction. __________
G. Price difference. __________
H. Amount it could be sold for a profit. __________
I. List of potential buyers. __________
list should be taken to any auto auction. This list can easily be adapted
for any item of interest that you have found. Auctions offer a "Merchandise
List"or"Preview List" that may be acquired from a mailing list, an advertisement
or Government Agency. Ask on how to obtain this information!
Many auctions handle their bidding procedures according to the merchandise they need to liquidate. There are several reasons why these agencies are selling these items. Many agencies are on a 'budget' and their
budget does not include maintenance and storage of the seized, surplus or up-graded to newer products. The Police agencies of the US Government have so many different items they tend to aquire on a steady basis that they
simply need to clear their warehouse. This desperate need for space is one of the main reasons there are so many bargains available to the smart auction buyer!
Knowing some auction definitions will prove helpful in planning your attack to utilize auctions for profit. First thing...always go by the rules you set for yourself! Some example of some rules can be as follows:
NEVER get auction fever and enter a bidding war!
2.) ALWAYS inspect the merchandise you wish to purchase.
3.) You should know the approximate retail value of the item you wish to purchase. Know the resale value before you enter a bid to purchase. (Rule of thumb..Can I resale it for twice what I paid for it?)
4.) NEVER exceed you preset dollar amount for any item.
5.) ALWAYS know the conditions of the sale before you bid. (How payment to be made with the rules and times for pick-up and removal of all acquired merchandise.)
6.) HAVE a notebook with all the information you will need to become a informed bidder.
several different types of government sales. These agencies may utilize
any one of several types of auction formats for liquidating their merchandise.
Before you attend a sale, knowing the type of auction being used will usually
designate the type of bidding procedure that
will be used.
There are five (5) basic types of auction sales. These auction
formats are somewhat self explanatory, but I will list them here because of
their importance in determining your auction strategy.
1.) ABSOLUTE AUCTION: An absolute auction has no dollar amount limitations. The items offered for sale are to be sold regardless of price obtained.
2.) PUBLIC AUCTION: This procedure is what usually comes to mind at the term 'auction'. Bids are called out verbally or some gesture is made to the auctioneer from several bidders increasing their bids until there are no more forthcoming bids. At this point the item is then awarded by the auctioneer to the highest bidder. Bidders usually obtain a 'bid number' at 'bidder registration' for bidding identification.
BID AUCTION: This is a format where bids are written down on a bidding
form and usually submitted by mail. On a pre chosen time and day, the auctioneer,
agency or its representative will open all
all the submitted bids. The item or merchandise is then awarded to the highest submitted bid. the winning bidder is usually contacted by return mail or phone call.
4.) A SPOT BID AUCTION: This, again, is where bids are written down and submitted directly to the auctioneer. However, as the auctioneer comes to the items for sale, he open the bids for that item and awards the item to the highest written bid.
5.) A NEGOTIATED SALE AUCTION: This is where the federal agency or its assigned auction house, excepts written or telephone bids. Usually away from the location where the actual auction would take place. The highest bid is then accepted, and the winning bidder is usually contacted by return mail.
These are some of the types of auctions the government can utilize. There are a few more, but these are the most commonly used.
several Federal Agencies that utilize the auction and sale process. Here,
I will name then while listing their address, phone number and whom to
contact about their up-coming auctions and mailing lists. You
will be able to find out about merchandise being offered for sale, viewing times, date of sale, location and necessary information to chose and prepare for attending an auction. Several of these agencies are:
|Customs Auctions Page||U.S. Post Office Sales|
|GSA Sales||Trustee and Bankruptcy Sales|
|HUD/FHA and RTC Sales||Military Sales|
|IRS Tax Sales||You can print out the complete list here if you want.|
|U.S. Marshal Sales||Links Page|
Some New pages added on 4/17/99
|Federal Auction info||More Military info|
|More US Marshal info||State Agency info|
|A free report on US Government Land for sale. (BLM)||State Auction info|
|A free report on Real Property.||A 40 page Handbook
on US Gov't auctions