If you’ve never heard of or attended government repo auctions then you don’t know what you are missing. There are deals to be had on repossessed and seized cars and real estate at one of these free public auctions that can’t be beat anywhere. If you 18 years of age or older and have a valid drivers license or ID you can participate in one of these money saving events.
There are two types of items you will find at a government repo auction; repossessed and seized properties obtained through criminal investigations and prosecutions, and defaults on loans or owed back taxes. The government uses these auctions to save money on storage costs for the large amounts of properties they seize each and every month. They also are able to recoup much of the administrative costs associated with processing these goods saving the tax payers hard earned money.
Because the government is not interested in making a profit but simply wants to cover their costs the starting bids at these auctions are usually very low. If you research your choices before hand there is a good chance you can save big on whatever you choose to bid on.
Here’s what you’ll find at one of these free government auctions:
1. All makes and models of vehicles. You will find cars, trucks, SUVs, RVs, and motorcycles at well below market value. Many of these vehicles are less then a year old and are in excellent condition. Most of the seized vehicles are a result of law enforcement arrests and prosecutions which means in many cases they are high end vehicles. Being able to score a luxury sedan, sports car, or tricked out SUV for less then Blue Book value is one of the big draws of these auctions.
2. All types of real estate that includes single family homes, luxury vacation homes, and businesses with all the equipment, commercial property, and undeveloped land. For those who are looking to use real estate as an investment tool a government property auction can be a great place to start.
Participating online is also an option in the internet age. The internet auction sites provide updated listings of when and where these auctions are taking place along with updated listings of all the items that can be bid on. This gives you the chance to do the necessary research before hand which can help you decide what things are worth and what type of bid package you are comfortable with.