Make Government Auctions Work for You; Here’s How
What’s not to love about government auctions? There, you could easily find a treasure – literally! Surplus and seized homes, vehicles, jewelry, and even pieces of furniture — at government auctions, all these would sell at a fraction of their regular cost. Here’s how to get the finds and none of the perils when you go to a government auction.
1. Look at everything with a discriminating eye.
Expect to find items that range from the brand new to the impossibly beat up at government auctions. You may be allowed to inspect some property but not everything. So don’t bid for an item you’re not sure would work.
2. Research.
Sites like auctionsPASS offer a listing of the properties that are being auctioned every day in different states across the country.
3. Know the rules.
Do you have to pay a prebid deposit? Buyer’s premium? Is there are entry fee? A return policy? Before you bid, take the time to ask these questions.
4. Preview what you’re buying.
Don’t get saddled with a pig in the poke. Always check out what you intend to bid on before you actually place a bid.
5. Ask about warranties.
In government auctions, items could either be brand new, slightly used, or totally beat up. If you get lucky, you just might get an item that is still covered by warranty. Phone the manufacturer and ask about the terms of coverage.
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