Government Auctions.

Government Auctions and How to Participate In Them.

Nowadays in this Internet-everything world, when you hear the word auction, you almost immediately think of Internet auction sites like eBay, for reasons that aren’t that hard to imagine. eBay, after all, is the most popular site of its kind today. With the sum total of all items sold at over $2.5 billion, it is not surprising to see why.

However, as big as that figure may be, there is one other auction site that surpasses eBay in terms of total value of total items sold. With over an average of $3 billion in sale annually, the US Government, through its several departments, leads the market in sales through auction.

Surprising as that may seem to you, consider the scope of the government when it comes to the acquisition of property and goods. Just think about the numerous raids and busts law enforcement agencies conduct or the real properties with defaulted loans. Who keeps all of these and more? Uncle Sam, that’s who.

And as part of its measures to generate revenue and to extend the taxpayers’ money, the government regularly holds auctions for items ranging from livestock to jewelry; sports cars to tractors; real estate to furniture. Mention anything you may want to auction for, and chances are, its available at a government auction somewhere. It’s simply a matter of knowing where to look.

And it’s for that reason this article may help you find your way around government auctions – where to look, how to participate, and on the occasion you did win the auction, how to bring home your newly-acquired property.

Department Store Several government agencies hold auctions for items they’ve held in storage and need to liquidate. Check out this list to know where to go to find what you’re looking for.

General Service Administration (GSA) If you’re looking for surplus items as general as office equipment and supplies or as specific as laboratory paraphernalia, the GSA might be a good place to start looking. This agency sometimes also auction off heavy equipment like planes and boats and other vehicles. Auctions are held regionally so you may not have to go very far to participate. Consult with the GSA or subscribe to their mailing list to keep yourself updated on auction dates. US Marshall’s Service Seized items during a bust or criminal apprehensions are auctioned off regularly. As they usually apprehend those who’ve committed felonies, the range of items up for sale are varied (residential & commercial real estate, treasury bills, motor vehicles, jewelry, art, & antiques).

US Postal Service When packages are undelivered, unclaimed, or damaged during transit, the Postal Service keeps the items in storage until they are auctioned off. A lot of merchandise is available for bidding but as of late, only five offices are authorized to conduct auctions. These are: 1. New York: J.A. Farley Building, 380 West 33rd Street, New York 10199 2. Philadelphia: 2970 Market Street, Room 531A, Philadelphia, 19104 3. Minnesota: 443 E. Fillmore Avenue, St. Paul, 55107 4. Georgia: 730 Great SW Parkway SW, Atlanta 30336 5. California: P.O. Box 7837, San Francisco, 94120

Internal Revenue Service. Properties seized from individuals and corporations who fail to pay taxes are seized by the IRS. The items come in different kinds ranging from houses to livestock, from boats to land property.

How to Participate In general, participation in any government auction is open to everyone and the process by which to join is relatively simple.

First off, you need to register prior to the bid by signing in with the authorities concerned and presenting them a government-issued identification (driver’s license, Social Security card, etc.). You will receive a your bidder number along with a catalog of the items for sale. No payment of fee is necessary to join a government auction.

It is recommended that you attend the auction preview where you are entitled to examine the items for sale. Items for sale are not allowed for inspection during the auction so attending the preview will help you make the decision of up to how much you’re willing to bid. Remember also that the items are generally on a “as is, where is” basis – meaning that should defect or damage be present in the item, the government will holds no warranty for such. Reading the Terms of Sale that comes with the catalog will inform you of what other conditions apply with the auction and sale.

After that, it’s simply a matter of acquiring the items with the winning bid. However, be sure to observe your limitations and bid only when you really intend to buy. No one, after all, appreciates joy bidders who do not take the auction seriously, especially the government.