How to Purchase Repossessed Objects

Someone else's loss is your gain when you buy repossessed objects at an auction.

Difficulty: Easy

Instructions

1. Look up "Auctioneers" in the yellow pages.

2. Call several auctioneers and confirm that they carry repossessed objects.

3. Get auction dates, locations and times.

4. Ask what information/identification you need to bring.

5. Ask if you need to pay in cash.

6. Ask if there is an entry fee.

7. Ask what commission the auction house takes.

8. Ask for a brochure or Web site address that details the items featured in the next auction.

9. Study the brochure carefully before attending.

10. Attend the auction and get a great deal!

Tips & Warnings

• Call your local police or fire department and ask if they have auctions.
• Attend several auctions before buying. This will help you get a feel for what's a good deal.
• Get certificates of authenticity on collectible or antique items.
• Get appraisals on all items when possible.
• Web auctions are all the rave right now. Enter "auction" into your Internet search engine.
• When attending a car auction, make sure you know what fees are due and whether a smog report has been done. Have a mechanic look over the car. Check Blue Book value before bidding.
• Find repossessed homes by contacting your realtor or entering "foreclosure" into your Internet search engine. Real estate booklets and newspapers also offer good foreclosure information.
• Consider contacting a repossessor directly to make deals before auction time. Look up "Repossessing Services" in the yellow pages.
• If you frequent a certain store, ask the manager where it sends its repossessed items.