How to Buy Seized Property at 90% Off Retail

Several sites auction government-seized property to the public. It's possible for you to save up to 90% off the retail price by bidding on seized property. Read on for a few tips about how to do this.

Instructions

1. Find out who is selling seized property. Information and locations are readily available on the Internet. Sites such as the United States Department of Treasury offer the resale of governmental seizures. On a more local basis, contact your state's Department of Revenue to inquire about upcoming auctions on seized property.

2. Obtain a schedule of the upcoming auctions.

3. Read the rules and regulations. Depending on the authority or the type of property, you need to follow certain rules and regulations. For example, purchasing a home seized as a result of foreclosure requires that you contact a local broker and submit a bid. Conversely, sites such as GSA Auctions allow individuals to bid for seized automobiles over the Internet.

4. Inspect your find. Buying property for 90% off retail sounds great, but you must know what you're getting. If you bought a car through auction at 90% off its retail price only to find out that it's a lemon, then you spent way too much. Auctions generally have particular times by which you can inspect the items you want to buy. Some require that you call and make a scheduled appointment.

5. Adhere to the payment terms. Depending on the type of property purchased, some payment terms require a 20% deposit and the balance within 30 days, while other auctions require certified checks. Some auctions accept cash and credit cards only. Be prepared with the proper form of payment. Be sure to read the payment terms and conditions before you offer a bid.

Tips & Warnings

• Not all auction websites are legitimate. Do your homework before you buy lists of seized property.