Government Auctions

Government Auctions - The The Four Keys to Success

Executive Summary about Government Auctions By Richard Titmas

Government auctions are one of the best places to purchase nearly new merchandise for as much as 90% off list price. Many times these auctions are held monthly due to the cost of storing these items and the need to make room for future items. That is why an auction can be either a great source of wealth or for huge savings on a needed item.

There is a lot of money being made on items purchased through government auctions. Buyers become resellers within online auctions. It is a good possibility that they purchased a quantity of that item at a government auction for next to nothing. All over the web you see ads for purchasing cars at huge savings at government auctions. What most people don’t think about when it comes to items being sold at government auctions, is that merchandise available for bid are not always confiscated from some drug raid, or by the seizure of an item due to someone’s unfortunate need to payoff a lien. Many auctions contain merchandise such as computers, printers, copiers, and fax machines used in government offices all over the country. Fleet cars used n day to day activities, old law enforcement cars, etc. These items have to be surplussed, and by most jurisdictional laws, have to go to auction and sold to the highest bidder. These items are often sold by the pallet, but many times are sold individually. There are four basic keys that every auction bidder must be familiar with before buying at a government auction. I call these the four I’s, Inform, Investigate, Inspect, and Initiate.

1) Inform yourself of the various locations of these auctions, the items available within the auction, the time frame available to view the items, the true market value of the items that you intend to bid on, what is the expected means of payment, is there a fee involved with the purchase, are sales final, and who do you contact to ask these questions. Information is power, and power equals success.

2) Investigate the items that you intend to bid on thoroughly. What is the condition of the item? If you are buying a diamond ring, what is the quality of the diamond? If you are buying a car, what shape is the body?

3) Inspect the item that you are going to be bidding on. I like to see the items in person.

4) Initiate the purchase. Once you are comfortable with your decision, do not procrastinate, and do not hesitate. Know what you are willing to pay and stick to it. Be very weary of getting wrapped up in the bidding process and paying more than you originally planned

Good luck and good bidding.