If you are looking for your next car, real estate, clothes, jewelry, arts and antiques, household furniture, personal gadgets or anything you want to buy at bargain prices, you should be heading to any of the following places.
Police Auctions
Police confiscate items and impounds vehicles. But if the items are left unclaimed for a definite period of time or there is no possible way to trace the owners and return the items, they become auction goods. Police also seize properties and items associated to crimes people commit.
The police seized properties will then go to an auction. Police auctions are often held at local police agencies, federal law enforcement agencies, police departments, and county sheriff departments at specific time and date.
Government-Seized Auctions. Due to foreclosure and seizure laws, the government accumulates properties from private owners who were unable to pay their mortgages or loans. These will then become government property and will be put into auctions.
The Customs and Border Protection, US Department of Homeland Security, U.S. Postal Service, U.S. Marshals Service, U.S. Bankruptcy Court, Internal Revenue Service, and State Tax Department are some of the government agencies that hold government-seized property auctions.
Bank and Loan Companies. Bank and loan companies often repossess properties from owners who are unable to make loan payments. These repossessed properties range from real estate, vehicles to home furniture, become bank or loan company properties.
Since the cost of storage is high, bank and loan companies want to convert the repossessed properties into liquid assets right away. The best way to do it is through an auction. Bank and loan companies often announce auction schedules online, in office bulletins and in newspapers.
New and Used Car Dealers. In order to make a sale, new car dealers allow their costumers to trade-in their old cars for new ones. The old vehicle that was traded-in will then go to an auction. Used car dealers also employ the same system as other auction houses to generate sales.
While there are some used vehicles up for bidding, there are also very well-maintained vehicles you can buy at a price that is usually lower than their current market value.
Auction Companies. Auction companies sell a wide array of auction goods. Check newspaper ads, auction brochures, and the yellow pages. They often hold valuable information on when and where the next auction will be.
Definition of Auctions
Auctions can be described as follows:
Let multiple buyers bid competitively for products from individual suppliers. Suitable for hard-to-move goods such as used capital equipment (forklifts) and surplus or excess inventory. Prices only move up, but buyers can buy below list prices while sellers sell for more than a liquidator pays. Auctions are becoming a feature of many Net markets, but some use auctions as their primary market mechanism. Examples: AdAuction, TradeOut.com (used equipment).
Let multiple buyers bid competitively for products from individual suppliers. Suitable for hard-to-move goods such as used capital equipment (forklifts) and surplus or excess inventory. Prices only move up, but buyers can buy below list prices while sellers sell for more than a liquidator pays. Auctions are becoming a feature of many Net markets, but some use auctions as their primary market mechanism. Examples: AdAuction, TradeOut.com (used equipment).
Friday, January 2, 2009
What You REALLY Need to Know about Auto Auction
If you are planning to buy a car at an auction, you are likely to buy a car 'in its present condition'. This means that if in case you have discovered later on that the car you have bought has certain defects, no one will be held accountable for the expenses you made for the repairs (unless the contract gives a special condition or if the manufacturer warranty is still valid). Thus, it is your responsibility to know exactly what you are buying so that you will not regret your purchase if you encounter any problem.
First things first: do not expect perfection. No matter how much the final price is, expect the possibility that the car needs some repairs or some parts need to be replaced. To avoid frustration, include in your budget the amount that may cost you on possible repairs. Inspect the car's condition before bidding for it. It is wise to come early before the auction starts so that you have enough time to make your car selections. Make a shortlist and inspect them one by one.
Check the papers of the car you want to buy including the mileage, repair record, VIN, and safety ranking. Test drive if the auction house permits it.
Beforehand, do some research on the current market value of the car you are interested in. This will give you a clear idea on how much you will have to set aside on each car you see at the auction site.
The highest bid price you should set for each car of your choice must include the possible repair costs you may have. For example, the current market value of the car is $2,000 and the possible repair cost is at about $400, bid at the maximum of $2,000 minus the repair cost, minus the extra fee you have to pay at the end of the bidding.
Bring an expert if you can so that you can get an impartial assessment on the condition of the car you are interested in.
Things happen very quickly in a car auction so be attentive. A car can be sold within 30 seconds. And before you know it, there are no more available cars for you to bid on. Again, stay within your budget. You should not pay more than the actual market value of the car.
Remember, you can get great deals at a car auction but make sure that you know exactly what to expect in order to increase your chances of getting the best for your money.
First things first: do not expect perfection. No matter how much the final price is, expect the possibility that the car needs some repairs or some parts need to be replaced. To avoid frustration, include in your budget the amount that may cost you on possible repairs. Inspect the car's condition before bidding for it. It is wise to come early before the auction starts so that you have enough time to make your car selections. Make a shortlist and inspect them one by one.
Check the papers of the car you want to buy including the mileage, repair record, VIN, and safety ranking. Test drive if the auction house permits it.
Beforehand, do some research on the current market value of the car you are interested in. This will give you a clear idea on how much you will have to set aside on each car you see at the auction site.
The highest bid price you should set for each car of your choice must include the possible repair costs you may have. For example, the current market value of the car is $2,000 and the possible repair cost is at about $400, bid at the maximum of $2,000 minus the repair cost, minus the extra fee you have to pay at the end of the bidding.
Bring an expert if you can so that you can get an impartial assessment on the condition of the car you are interested in.
Things happen very quickly in a car auction so be attentive. A car can be sold within 30 seconds. And before you know it, there are no more available cars for you to bid on. Again, stay within your budget. You should not pay more than the actual market value of the car.
Remember, you can get great deals at a car auction but make sure that you know exactly what to expect in order to increase your chances of getting the best for your money.
Understanding How Silent Auction Work
A silent auction is a fundraising method that is commonly used at charity events. It is different from the usual auction wherein an auctioneer calls the price from people who raise their hands or numbers to bid for a particular lot. Silent auction is often the preferred way of raising money as it does not detract people from the event.
At a silent auction, a table or a display that shows the items or services on sale is set up for the people to see. Some items or services may have a minimum bid as they may be of high value. A paper is usually located near the item where the bidders can write their names and the amount they are willing to buy the goods. Some silent auctions have one receptacle to hold the bids for all the goods on sale; others have individual container for each item. The choice however, is really up to the host.
The display gives the chance for the bidders to view all the items during the event and select which among the items they would like to bid.
At a silent auction, previous bids can be shown publicly through a bidding sheet. This allows other bidders to know that they need to bid higher in order to bring home the item. This also gives the bidder a chance to review the current bidding sheet and place their final offer prior to the closing of the auction.
Similarly, the bids at the silent auction can be kept privately throughout the event. All the bids will be calculated at the end of the auction and the highest bidder wins the item for whatever amount he or she has written.
One similar auction website that runs on the same principle as silent auction is eBay where people can see the item and place a bid higher than the previous one made by others.
A silent auction has an advantage over the regular form of auction. Since it is mostly used at charity events, silent auction eliminates the need to hire a professional charity auctioneer.
However, it has drawbacks. A regular auction capitalizes on impulse of the buyers to bid for the items in a very short amount of time. Silent auctions on the other hand allows bidders to consider the amount of their bids longer.
More often than not, charitable events use both silent auctions and regular auctions to take full advantage of both systems.
At a silent auction, a table or a display that shows the items or services on sale is set up for the people to see. Some items or services may have a minimum bid as they may be of high value. A paper is usually located near the item where the bidders can write their names and the amount they are willing to buy the goods. Some silent auctions have one receptacle to hold the bids for all the goods on sale; others have individual container for each item. The choice however, is really up to the host.
The display gives the chance for the bidders to view all the items during the event and select which among the items they would like to bid.
At a silent auction, previous bids can be shown publicly through a bidding sheet. This allows other bidders to know that they need to bid higher in order to bring home the item. This also gives the bidder a chance to review the current bidding sheet and place their final offer prior to the closing of the auction.
Similarly, the bids at the silent auction can be kept privately throughout the event. All the bids will be calculated at the end of the auction and the highest bidder wins the item for whatever amount he or she has written.
One similar auction website that runs on the same principle as silent auction is eBay where people can see the item and place a bid higher than the previous one made by others.
A silent auction has an advantage over the regular form of auction. Since it is mostly used at charity events, silent auction eliminates the need to hire a professional charity auctioneer.
However, it has drawbacks. A regular auction capitalizes on impulse of the buyers to bid for the items in a very short amount of time. Silent auctions on the other hand allows bidders to consider the amount of their bids longer.
More often than not, charitable events use both silent auctions and regular auctions to take full advantage of both systems.
Types of Government Auctions
Do you know Government auctions? If you are the type of person who wants to find just about everything on sale, is among the best options you have. Government auctions showcase almost all types of items and properties- from earrings to multi-million dollar properties.
With that in mind, it is easy to understand that government auctions come in many types. Each of which differ in the manner of how the government obtained the items or the properties and the manner of disposal the government uses to sold off the properties to the public while getting a profit in return.
Here are some of the types of government auctions:
GOVERNMENT SURPLUS AUCTIONS
Also known as the GSA Auctions, is the type where the Government sells everything that it no longer needs. Thus you can find anything and everything being sold here. Typically, the items here are second hand but they are, in most cases, top caliber and buyers can get them at excessively low prices. The government does not aim to make profit on such things; it only wants to get rid of them.
Common items found in GSA auctions are automobiles, jewelry and office equipment. However, surplus buildings, real estate and properties are also sold here.
Many people doubt though whether they should buy too-good-to-be-true items in such auctions. But as they say, to see is to believe. But there is no doubt that most of these things are authentic.
SEIZED PROPERTY AUCTIONS
Mostly selling confiscated properties, seized property auctions sell properties and items that were foreclosed by the government or taken from the original owners due to tax, financial and other related issues. However, seized properties may also come from confiscations from illegal activities like drug dealing or smuggling.
Seized property auctions could also stem from tax seizures. A house, for example, could be seized by the government if the owner fails to pay his taxes, mortgages and bills. This could extend to other properties like clothing, cars, and real estate.
Custom seizure auction, another type of seized properties auction, sells goods that could come from: a) smugglers, b) people who were not able to present enough and detailed information of the merchandise, and c) people who came from other countries bringing along with them unauthorized merchandise.
Buying from government auctions offers you some of the best pieces of items at a very (very) low price. If you want to find the best deals, try to research the schedules of government auctions.
With that in mind, it is easy to understand that government auctions come in many types. Each of which differ in the manner of how the government obtained the items or the properties and the manner of disposal the government uses to sold off the properties to the public while getting a profit in return.
Here are some of the types of government auctions:
GOVERNMENT SURPLUS AUCTIONS
Also known as the GSA Auctions, is the type where the Government sells everything that it no longer needs. Thus you can find anything and everything being sold here. Typically, the items here are second hand but they are, in most cases, top caliber and buyers can get them at excessively low prices. The government does not aim to make profit on such things; it only wants to get rid of them.
Common items found in GSA auctions are automobiles, jewelry and office equipment. However, surplus buildings, real estate and properties are also sold here.
Many people doubt though whether they should buy too-good-to-be-true items in such auctions. But as they say, to see is to believe. But there is no doubt that most of these things are authentic.
SEIZED PROPERTY AUCTIONS
Mostly selling confiscated properties, seized property auctions sell properties and items that were foreclosed by the government or taken from the original owners due to tax, financial and other related issues. However, seized properties may also come from confiscations from illegal activities like drug dealing or smuggling.
Seized property auctions could also stem from tax seizures. A house, for example, could be seized by the government if the owner fails to pay his taxes, mortgages and bills. This could extend to other properties like clothing, cars, and real estate.
Custom seizure auction, another type of seized properties auction, sells goods that could come from: a) smugglers, b) people who were not able to present enough and detailed information of the merchandise, and c) people who came from other countries bringing along with them unauthorized merchandise.
Buying from government auctions offers you some of the best pieces of items at a very (very) low price. If you want to find the best deals, try to research the schedules of government auctions.
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