DEA Auctions

A lot of people look for government auction bidding tips simply because these <a href=”http://www.dea-auctions.org/”>government auctions</a> usually offer very good deals on quality items like houses, cars, gadgets and many more at half the price.

The greatest thing about these public government auctions is that they’re totally legitimate. You are getting low prices because the items being sold in the auction were acquired by the government (federal or local) through foreclosures, tax debt penalties, arrests and more.

Now, even though the public auto auction or the more famous bel air auto auctions are legitimate, there are some events that aren’t funded or sponsored by the government. Believe it or not, there are some fake government auctions out there as well.

Well, if you are new to all this and you don’t know any public auction terms, then you will want to continue reading. I will give you the best government auction bidding tips to help you get the most out of your bids.

This will be your step by step guide to government auctions. Specifically, we will talk about what you need to do before, during and after bidding. We will also discuss some ways to avoid scams and some more general bidding tips.

Government Auction Bidding Tips: Step By Step

Although most government auctions are just like the usual private auctions, you still need to follow a few rules. If you are clueless about what to do, here are some pointers that you need to remember before you bid, while you are bidding and after the event itself.

Before Bidding:

• Check the rules of the auction. You should never assume that one government auction’s rule is the same and applicable to the next one.
• Research on what protection measures the auction site/manager has for buyers. This way, you will know the risks involved in this bidding event.
• Have a clear idea on what exactly it is that you plan to bid on. Read the descriptions, examine the photographs, etc.
• If you are not familiar with it, check the events map directions to make sure you won’t get lost on the way to the auction.
• Be sceptical about the price of a product if it’s too low- especially if it’s supposed to be a collectible.
• Do a background check on the seller.
• Check up on the seller’s policy on warranty and refunds.
• Find out the shipping or delivery terms- who pays for it?
• If something is unclear, go and pick up the phone and ask the seller some questions.

During Bidding:

• Decide on your top price or maximum price and stick to it. Bidding on a car at the Bel air auto auction is supposed to save you some money- so don’t overspend by not setting a spending limit for yourself.
• Protect your privacy by not giving any critical information like your driver’s license number, Social Security number or bank account number.
• Save all your transaction information and history.

After Bidding:

• If you don’t win, check the upcoming events map to see if there are upcoming auctions that you can and would like to participate on.
• If you won, make sure to talk to the seller about your personal information- shipping address, contact information and other pertinent things.
• Get the seller’s information too so you can contact them if there are some problems or issues with your products.

How To Not Fall For Scams

Now, the thing is, there are a lot of government auction websites that are out today. Obviously, here is where many of the scammers lurk. If you do not want to fall for scams, then here is my government auction bidding tips for you:

• Examine the site carefully and answer these questions:

-      How updated are the listings?

-      How many listings are there?

-      Do the items look legit (hint: check price and canvass on the usual price of that item)?

• Check and verify all the sources or contact information on the site

• Does the site have a user-friendly interface?

• If the site has a membership fee, you should check out if they have flexible payment terms. Usually, if the only mode of payment is through credit cards, that should be a red flag to you.

• Make sure that the site has more than just listings- it should have a page for rules, shipping services, etc.

• The website must have customer support ready and accessible during bidding.

• Make sure that they have a reasonable refund or warranty policy. In fact, a legitimate government auction site will offer a full refund for items.

• The website must have a “how to” guide for bidders.

General Auction Bidding Tips

Now, bidding on government auctions is now much simpler to understand. In fact, just this year, the Legacy Treasury Direct option was abolished to make the whole process much easier and hassle-free.

But if you are still unsure as to whether or not you are ready to go out there and participate in the bidding wars, here are some more government auction bidding tips for you. You will find that some of them are common sense but you’d be surprised as to how many people forget these simple things.

Tip 1: Do Not Overspend Or Overbuy

Never bid more than what the item actually costs. Have an idea on how much that item you’re bidding on costs. This will help you get your full money’s worth.

Tip 2: Know Your Bidding Types

Some people go to a bidding auction and get lost in all the jargon that’s being used at the event. Now, usually, you will find that there are subcategories or different types of auctions:

Absolute Auction- this is a “normal” auction. In this type of auction, there is no minimum bid. The simple rule is, the item (property, auto, etc.) is handed over to the person with the highest bid.

Forced Sale Auction- in this type of auction, the person who owns the item being auctioned can place his or her own bids too. The items were “forced” from the owner so they are allowed to try and get it back. This is not allowed with the Absolute Auction.

Export Only Auction- this type of auction is perfect for merchants or exporters. In this setting, the bid winner must, within 30 days, export the item that he bought outside the United States.

Hidden Auctions- as you can guess from the name, a Hidden Auction is a closed auction and would usually contain the best deals. These are considered hidden because it is not advertised that much.

Tip 3: Go When It Rains

One of the downsides (even though it makes the auctions exciting) is competition. Well, if you want to experience a stress-free and competitive-free auction, choose an event where it is rainy or cold. Weather like this guarantees a low turnout.

Almost every day government agencies throughout the country take hold of all manner of personal property because of foreclosure, tax evasion, and criminal activities. Most government agencies such as General Services Administration, FBI, IRS, DEA, and U.S. Marshals offer various goods that have either been seized, unclaimed, or surplus items. By auctioning off these items, the involved government agencies recover much of their costs for conducting such seizures with their administrative costs. The IRS is the greatest source of seized items due to non-payment of taxes. Some examples are houses, parcels land, apartment buildings, farms and commercial buildings.

There are various ways to find sources of auctions, from the local newspapers to government websites and also through online companies that makes business by informing people regarding the auction. There are different government agencies providing a set of items to buy, and finding them through research in an online site which specializes in government auctions would spare you from annoyance and disappointment surfing the Web.

A preeminent membership-based website for bargain and government seize hunters’ assists its users search and get involved with government auctions of properties in the Unites States and Canada. The members can access its nationwide database of real estate foreclosure listings across the United States.

One popular way of government auction is online. Just like any other regular auction, it is quite a phenomenon and many government agencies across the country have grab upon this idea simply because of the fact that it reduces cost. The accumulated savings are then passed onto the auction participants in much lower prices for the item presented. But if you have lot of time on your hands, you can do the work yourself. You can get in touch with your local government agencies and ask them if, when, and where they will hold their auctions. You can also call and contact banks and other financial institutions and ask regarding the details of the auction.

The benefit from online auction service is the relative ease in looking for and checking the items being offered and simply doing research and bidding from the comfort of their home. Moreover, winning the auction is much like attending one in person, to the highest bidder goes the spoils. Reserve prices were mostly set for each item to guarantee that at least all administrative costs of the auction are met.

Some of the seized properties or items you can expect to find through an online government auction are the following:

All types of vehicles. It is better to consider buying a new car at an auction to find great deal. For instance, fleet vehicles for the government are leased by the U.S. General Services Administration and after the lease period these vehicles are auctioned off. The state police departments, Department of Transportation, city and county law enforcement agencies seize all vehicles and personal property because of different types of illegal activities. Items you would find are cars, coupes, vans, minivans, truck, SUVs, motorcycles, boats, and even aircraft. Typically, the items are less than two years old and in relatively good condition and bought at a better price.

These government-seized auctions for vehicles are happening all over the country. Hundreds of them are taking place every week. In addition, the government agencies that are funding or sponsoring these auctions desire to get as much as possible for these items, but many great bargains can be found mostly up to 90% off the retail price. One great tip to consider is that the government is not in the business of storing and selling vehicles, so they are very eager and willing to get rid of these items as soon as possible. However, you will not receive any warranty or guarantee as with many used car sales although doing a little research on your own will essentially reduce your risks. Understanding on current prices would help you avoid on bidding wars for the car you want.

Once you are successfully able to search where and when the auctions are being held online, you can then bid on these vehicles. If your bid is the winner, you will be given time in order to make necessary arrangements to purchase the item.

a.) Real estate. Properties whose owners have defaulted on loans or owe back taxes. Everything that the government may have in its possession, such as a single family homes of all sizes, parcels land and vacant homes, condominiums, or even hotels, bars, restaurants, ranches and other commercial real estate up for auction.

b.) Household items. All items or goods that are obtained through criminal activities will be seized by the government law enforcement agencies which include furniture, kitchen items, designer clothing and jewelry.

c.) Antiques and art collections. Art pieces such as paintings and sculptures, or any art collections like antique furniture, cars, and rugs will also be up for sale.

You can place your bid at several reputable online auction directories of government-seized properties that provides a searchable database to help you find the exact match of the item you are looking for, which helps save not just money but time in looking for an item you are interested in purchasing. Some companies charge a one-time fee for their services ranging from $30 to $50 and even offer a money back guarantee for unsatisfied services.

It is a cinch getting a great car, truck or even a boat at bargain price through online auctions, you just need to have fun doing it and be patient in hunting or researching dozens of companies that can provide you with instant information about upcoming auctions and buying what you want at an affordable price.

Government Auctions are auctions where in people can get amazing deals on items that have been seized by the government. Government Auctions are becoming increasingly popular as people are weary of paying retail. Every type of auction made available by the U.S. Government is covered by Government Auctions. An individual can get huge bargains at the auctions for things that have been detained by the government.

Vehicles can also be included in Repossession auctions. In order to recover the administrative costs, the government agencies try to sell the surplus, seized and unclaimed equities which are known as repossessed property. The cars that are auctioned can come from various sources like the police, financial lenders, banks etc.

A repossession car auction showcases cars that have been repossessed by the police or even the government for various reasons which could be legal as well as illegal.  The illegal reasons include failure to license, tax fraud etc.  Legal repossessions refer to those people who have not been able to afford the car so have therefore had it repossessed by the government. A number of repossessed cars at the repossession auctions are also cars or even vehicles that were used only for a particular period of time when bought by the government or the police and are no longer needed.

The government looks to get rid of all inventories at the earliest because the cost of hoarding such autos is very high. In fact the government is interested in saving money. As far as possible, one should try visiting such auctions as they promise better deals. There are chances of them getting cheated when they visit a double dealing car sales man. At these auctions, an individual can get all the possible information needed about the various autos in the market and that too at dirt cheap prices. But one should not be so quick to purchase the item on auction. A great deal of time and effort is necessary to make the best possible decision. One should inspect the car inside out just before the bidding starts. It is always advisable to do so, so as to avoid any problems in the future. Government Auctions is America’s most trusted and largest resource for Government car auctions. One can get instant access to any type of auto that one is interested in at affordable prices without having to waste a lot of money.

Not all people can actually afford a house as it is a very expensive affair. So the best alternative that they have is to purchase repossessed houses which are not so costly. An individual who already possesses a house can make it a business by buying a repo house during the auction. If the house is refurnished, painted and renovated, one can sell it at a higher price provided one has adequate assets to start the business. The real estate is a flourishing business, and if one has the ability to endure such a competition with the right amount of passion and drive, one can be successful.