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The Nuts And Bolts Of Government Auctions
Government auctions are offered both overthe internet and in numerous areas of the country where these bureaus sell surplus goods and seized and forfeited property. What is seized property? Most states have "seizure laws" in place. These laws allow law enforcement personell to seize property that was used to commit a wrongdoing, such as a vehicle used to ship stolen goods or illegal drugs, as well as anything that was purchased with money gained from the commission of a crime. If a criminal uses the cash he collects from drug trafficking 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 top bidder. This can consist of anything 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 equipment that is no longer used by the government, either through obsolescence or overstocking. You can 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 list of unclaimed belongings from the general public who turn in found property in the hopes that the police can find the real. Another type of unclaimed property is stolen property found in the ownership of thieves that the athorities have no way to identify the real owners. After trying unsuccessfully to return the stolen property to the true owner, any unclaimed property goes into a government auction. What is Forfeited property? Forfeited property includes houses that had a federally guaranteed mortgage that the owner defaulted on. When the home is foreclosed on, the property is offered at auction. With these auctions, you must realize that there is not just one great big sale. Each agency has its own auction by itself or in association with other agencies. The U.S. Marshals Service operates it's own auctions and for the Department of Justice, the FBI, the DEA, the INS and the ATF. This means that any goods seized by any of these bureaus is auctioned through the U.S. Marshals Service. The U.S. Treasury handles auctions for itself and the IRS. Border Patrol and Customs take care their own auctions, and so on. Each organization has their own rules that the bidder has to be aware of. For example, houses sold at the IRS auctions can be reclaimed by the original owner within a specified amount of time. The title-holder has to pay the selling price plus the interest and the buyer can't do anything about it. The rules and procedures are given for each of the online and in-person auctions with instructions on where goods can be looked at prior to the government auctions. Article Directory: http://www.articledashboard.com Get resources for government auctions at www.governmentauctionsources.com or read more seized property articles |
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