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The Essentials of Government Auctions

At government auctions you can buy quality or rare goods at an exceptional buy.

Government auctions are offered both onthe internet and around different areas of the country where they sell surplus goods and seized and forfeited property.

What is seized property?

Most states have "seizure laws" in place. These laws permit law enforcement departments to seize property that was involved in a offense, such as a car or truck used to transfer stolen goods or illegal drugs, as well as anything that was bought with money earned from the commission of a crime.

If a criminal uses the money he acquires from the commission of a crime to buy a car, truck, boat, even a house, the property comes under the "seizure law" and will be confiscated and it sells at auction to the highest bidder. This can consist of everything from aircraft and aircraft parts, boats, cars, jewelry, computers, laptops, cameras and camera equipment, office equipment and supplies, campers, trailers, and trucks.

What is surplus merchandise?

Surplus merchandise is property that is no longer used by the government, because of obsolescence or overstocking. You will also find unclaimed property offered in government auctions.

What is unclaimed property?

One source of unclaimed property is goods that makes its way into the hands of the police from the general public who turn in found merchandise in the hopes that the police can find the owner. Another type of unclaimed property is stolen merchandise found in the ownership of thieves that law enforcement have no way to identify the true owners. After trying unsuccessfully to return the stolen goods to the rightful owner, any unclaimed property goes into a government auction.

What is Forfeited property?

Forfeited property is comprised of houses that had a federally guaranteed mortgage that the title-holder defaulted on. After the property is foreclosed on, the home is offered at auction.

With these auctions, you should know that they don't have just one massive sale. Each agency has its own auction by itself or in affiliation with other agencies.

The U.S. Marshals Service operates it's own auctions for the Department of Justice, the FBI, the DEA, the INS and the ATF. This means that any property seized by any of these agencies is auctioned by the U.S. Marshals Service. The U.S. Treasury runs auctions for itself and the IRS. Border Patrol and Customs run their own auctions, and so on.

Each bureau has their own rules that the buyer has to be aware of. For example, the original owner of an IRS auctioned estate can reclaim the residence within a certain period of time. The title-holder has to pay the selling price plus interest and the new can't do anything about it.

The rules and procedures are given for each of the online and in-person auctions with information on where property can be looked at previous to the government auctions.

Source: http://easycontentpro.com

Get resources for government auctions at www.governmentauctionsources.com or read more seized property articles

"The Essentials of Government Auctions"
written by frank millford

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