If you are going to be serious about saving money, then you should really think about getting involved with auctions.Â I am not talking about Sothebyâ€™s wine auction or the local car dealershipâ€™s weekend deal here.Â
I’m talking about government auctions.Â Government auctions, be it federal, state, or local level, can represent the best â€œpennies on the dollarâ€ deals out there.Â Bank foreclosed auctions can be great, but those properties generally have a minimum banks will not go below.Â Â But…if you do your due diligence, a bank foreclosed house can be great!Â As for thatÂ minimum, itÂ could be a little or it could be a lot â€“ donâ€™t know.Â Also, the winning bid generally need to lay $10,000 or $5,000 cash or cashierâ€™s check immediately to hold the winning bid.Â
Government auctions are much easier to manage.Â And if it is seized properties, the government agency running the program are not as invested as say a bank would be.
That said, I remember back in the early nineties, checking the papers for public notices of auctions for homes and cars.Â Seemed like I spent hours looking for little nuggets of information.Â It’s a lot easier now with the net, but now the problem is almost too much information.
So, for your benefit, Iâ€™ve listed a number of options for you.Â As with all things involving money â€“ please act with prudence.Â
Of course, the federal government is going to be a huge player in this, and I have listed a couple of sites that I have used in the past.Â But don’t discount government auctions at local and state levels.Â Also, at local levels, you can look into buying tax liens (a good option).
A few years back, I attended an auction for a seized property that I saw on this site.Â The 4 bedroom – 2 bath house was in a bedroom community just North of Orlando.Â The house was interesting, in decent condition with a good size back yard.Â Â The back yard was fenced in but absolutely nothing had been done to be may it friendly, ie a deck or garden or anything break up the monotony of flat back yard.Â
Inside, the upstairs had a nice open loft, family area from which the 3 bedrooms branched off.Â Each bedroom had no door knob and all had deadbolts on the inside…hmmm.Â This was an IRS seized property.Â Gee I wonder what they did in here.Â I passed on the house.
Actually I passed because of this one problem with attending these kinds of auction.Â A lot of people who do not know what they are doing and get caught in the bidding excitement.Â House should have gone in the low’s 100K.Â Two yahoos got into a bidding war and had it over 200K in a matter of minutes.Â Insane.Â Be careful.
This is a good clearinghouse site run by the feds.
If all this is too much info, you could look at these paid sites, but again, investigate and act with prudence.
“You can get some great deals if you know what you’re doing,” says [GovernmentAuctions.org member Russ Fritz]. “I bought a lot of 2,000 ammunition cans for 15 cents per can and sold them for $4 per can. So for a $300 investment, plus time and shipping, I made $8,000.”Â
A mistaken notion about government run auctions is that it is all about cars and houses.Â But with the vast – truly unimaginable – stockpile of anything and everything, you are only limited by your imaginationÂ as toÂ how you could potentail profit from government access.Â Think EBay; think surplus shop; think Craigslist – Russ did.
The cost is $64.95 which you need to balance against the potential savings if you were successful in finding a auction property.Â And of course it is refundable.
As for the site and organization, it has aÂ stupidly long list of testimonials and “quasi-endorsements” from almost every major institution involved with making money from CNBC to Barron’s to Business Week to Good Housekeeping – if that’s a measure of credibility?Â So, if you are serious about getting involved with auctions, probably worth checking out.
For more information and possibilities, check them out:
Learn How to Buy a Car From 95% Off Retail Value. See What All The Fuss Is All About with Government Auto & Seized Car Auctions!
The cost to access all this info is a one time fee of $39.95.Â Again, this is refundable.Â The fuss is all the money you can save.Â Although these folks haveÂ aÂ solid reputation for automotive auctions, they also provide information for other properties.