How To Make Money At Government Auctions With The Help of
Making money at government auctions can easily be
achieved by anyone. Having the resources and doing personal research
will surely increase your chances of getting a great deal at a
The first piece of information that one should have
before even thinking about making money is to know what type of
government auctions are available to someone such as yourself.
The two main categories of auctions are seized
property auctions and surplus auctions.
Seized property auctions derive from many different
levels—criminal seizures, tax seizures, customs seizures, police
seizures, sheriff sales, and tax sales.
The government obtains a steady flow of properties,
cars, jewelry, electronics, and much more from many different
avenues. They can seize a criminal’s stolen assets, take control of
items that were trying to be smuggled illegally through an airport, or
seize any asset that was not paid for via government taxing.
Surplus property auctions are in essence an outlet for local, state,
or federal governments to sell items that they don’t have any more use
for. These items can range from goods to
automobiles to properties.
A surplus auction is a great opportunity for the public
to bid on items that they might need or want to sell, that the
government has an excess of. For example, if the U.S. Army has a new
issue or model of a Hummer that they are going to establish throughout
that branch of military, they might have a surplus of older model
Hummers that they want to get ride of. This is where you come in. At
this surplus auction, you have the opportunity to win these items and
essentially turn a profit if you know the right place to flip them.
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After you know which auction is suitable for your needs,
you must then decide on the type of assets you would like to obtain in
an auction. When trying to make money at an
auction, it would bode well for the prospective bidders to have a
general understanding of the items that will be up for auction.
Research is key to snagging a great deal. If you
are looking to bid on a car, then make sure you know everything there is
to know on that specific model and make of the car. This type of
research will set you up to make a much more informative bid on the day
of the auction. Keeping notes on an item will keep your bidding mind
state at ease. If you are to go into an auction with no prior
knowledge of the item, you might end up buying the asset for retail
value or overpaying for something you thought you were going to get a
Lets say for example, you are looking to
bid on a car at a government auction. Doing your homework will help
you land that dream car for much less then what it’s worth. Check
anything and everything about recent sales of this automobile. Check
the Kelley Blue Book value and Carfax report. You may also want to
check other auction outlets, such as eBay, and see how much this exact
model is selling for at online auctions, not sponsored by the
government. If you know the numbers, and have a general understanding of
how these auctions work, you could easily do well for yourself that day.
Setting a price limit for yourself should be the motto
you live by when you’re trying to make money at
government auctions. Keeping a price range in your head, and
sticking by those numbers no matter what, will help you have a
profitable outcome when you are bidding on any item.
One of the most common sales at government auctions is
property. Winning a property auction could be your ticket to scoring
a huge deal. No matter if the property is to start a new home for
yourself, or just for investment purposes,
research is the answer to a real profit. Before bidding on a
property, find out specific and precise details of the property you want
to acquire—area, size, room number, and value are definitely aspects of
the property you should consider before bidding.
Knowing your own financial situation is vital in
buying a property. Can I afford this home? Do I have a steady flow
of income to stay afloat while I pay off this property? These types of
questions will benefit your thought process before the actual auction.
On many occasions, you could end up obtaining a home that you never
thought you could have in your current financial bracket.
There are other crucial questions you need to consider
before bidding on a property. Do I have enough money for the initial
down payment? Will I mortgage this property? Are the taxes too high for
my living arrangements? Is there resale value in this property?
Consider all your options before making any rash decisions.
Interested in purchasing a home or property? Do so with the help of
You will not be alone at these auctions—so you must not
act like you are. Keep your eyes and ears open at all times. Missing a
bid or a piece of information might damper your chances at scoring your
desired item. Get there early, and you will have far fewer people to
battle with at these auctions. Also, another way to snag a good deal is
to wait for the end of the day auctions. People have most likely already
exhausted all their money and efforts into the earlier auctions.
Come early and stay late—it might be highly beneficial if you are
looking to make money that day.
A common misconception about auctions is thinking the
auctioneer has the power. You cannot get fooled or persuaded into
settling for a value that you do not wish to spend. Only let yourself
and the other bidders dictate the flow of the auction.
Lack of experience at an auction
can be harmful in your quest to make a profit. But, do take
your first auction outing as a learning experience. If you don’t do so
well the first time around, make the correct adjustments and go back to
the drawing board. After you again do the research, which might be time
consuming, you will have a better understanding of the world of
government auctions. Like anything else, auction bidding takes
practice and precision move making—so don’t be afraid to get your feet
wet. Learn from mistakes and you will find the bargains you have so
desperately been hunting for.
in order to find the auctions, which will bring you money!