Sunday, February 08, 2009

Making The Most Of Government Auctions

Auctions sponsored by the federal government are the best places to get great deals. Imagine buying a fine set of jewelry for a fraction of the original cost. But like most auctions, government auctions have their own pitfalls. Here are some things to remember when considering government auctions:

Well-Known But Not Advertised

While you can get the real deal from government auctions, there is too little information about it. The government does not bother too much on advertising the auction dates and the items it would be offering. In fact, it is not bothered whether or not the auction will yield profit. All it wants is to get rid of the seized properties and merchandise and sell it to the willing public.

So if you are wondering where to find such auctions, it is best to visit Link ="http://www.usa.gov">www.usa.gov and start your research from there.

No Assurance

The disadvantage of buying at an auction is that you will never know whether the item is in its best condition until you have bought it. The same is true with government auctions. The items sold at such auctions could range anywhere from abused to mint condition. The bad part is it is too seldom that the items to be auctioned will be allowed for inspection. Chances are you won't be able to test drive the car you are eyeing, the most you can do maybe is to test if it starts. The auction organizers, in fact, do not test the items before they put them into auction so don't count on anything.

Competition

A lot of people attend government auctions so you should brace yourself for tough competition. Bidders range from high-end to low-end buyers and you may be up against people who have higher buying power than you.

Intense competition could lead bidders to overbid, which is not really advisable. Overbidding may lead to paying more than you should.

Phonies

Some government auctions are not really sponsored by the government, there are also some phonies out there. To know if the auction is legitimate or not, the best course of action is to check on the website stated above and contact the agency that is being represented by the auction.

Previews

As said earlier most government auctions do not allow previews. This does not mean that all auctions do not provide viewing time. If you are planning to bid on hundred dollar-items you should give yourself the assurance of examining them ahead of time.


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