Type of Auction

What you are looking to purchase will determine the type of auction to attend. There are many types of auctions. Some may or may not have an auctioneer while others are held online.

Government Auctions

The items available through US government auctions include vehicles of all types, trailers, personal property and more. Government surplus auctions may include food, medical supplies and electronics. The government type of auction will be either a live or an online auction. Either way, there are detailed contracts each bidder must sign, whether in person or online. Specific payment types and item removal dates are included. Penalties and fines are levied against winning bidders who fail to pay promptly or pick up their items.
For more on government auctions click Government Auctions.

Law Enforcement Auctions

When local and federal law enforcement agencies, such as your local police department or the US Customs Department seize property from a suspected criminal it is logged in and retained. If real estate is seized, it is held until the suspect has been found not guilty or convicted. If a suspect is convicted any property seized is usually sold at public auction. US Customs auctions may include entire shipments of goods such as video consoles or jewelry. Police auctions online allow people to bid on items such as jewelry, tools, bicycles and a wide variety items, all without leaving home. Both live and online bidding require registration, contractual arrangements and occasionally background checks.

Charitable Auctions

Charitable organizations hold auctions to raise operating funds or fund special projects with this type of auction. Online or in person, Goodwill auction items include vehicles, collectibles, rarities and clothing. Registration is required for online bidding and payment requirements must be met. Public radio stations, hospitals, and other service-oriented organizations may hold an auction to fund a special project or service such as a burn unit or sending a team of dentists to a third world country.

Silent Auctions

Unlike most public auctions, silent auctions allow people to inspect an item and make a bid usually on a piece of paper. If this paper is public, bidders may increase their bids accordingly. Alternately, bids are kept totally secret until after the winning bid is announced, since all bids are dropped into a sealed receptacle and tallied once the bidding process has closed. This form of silent auction does not permit anyone to see other bids. Silent auctions may also be held online with or without individual bids being visible.

Penny Auctions

Penny auctions may not always list the starting bid as a penny. An item offered up for auction may list the starting bid as a dollar. Bidders are occasionally charged a fee for each bid they make on an item. This allows the seller to make a profit even if the item is sold below its actual value. Penny auctions are also a method of generating customer lists. Items offered up for auction will have an opening bid of a penny. The names and contact information of those bidding on the item are retained, and these individuals will then contacted if a similar item is offered up for auction.

Unclaimed Property

Airlines, trains, buses, delivery providers and warehouses accumulate a large amount of unclaimed property. Some is donated to charity, while the remainder is generally offered for sale. Many travel-related industries hold auctions to dispose of unclaimed property. These auctions are listed online, in newspapers and fliers. Occasionally these types of auctions are held online. Registration is required and adherence to the rules and regulations set by the business must be followed.

State Auction

When a person is unable to pay their property taxes, has been convicted of a crime or dies without leaving heirs or a will, their home, property or vehicle may be offered up for auction by the state. Many state auctions are held to dispose of items no longer needed like construction equipment or out-of-date law enforcement vehicles. Occasionally other items such as business furniture, construction materials or restaurant equipment may also be sold at auction. There are many online and public auctions of this nature held in every state.

Storage Unit Auctions

Owners of self-storage units often conduct auctions of abandoned property. When a client defaults on their monthly rent, the owners are left with a unit full of property. Holding an auction is a quick and easy way to empty the unit and recover the lost income. A self-storage auction may be by the piece or the entire lot. Units may or may not be available for inspection prior to bidding. Some are listed as “sight unseen”, meaning that you will be bidding on a unit full of items that you will not have looked at prior to bidding. Quite often, the time for removal of the items, following winning the bid, is very short. Each state has rules regarding the disposal of personal property by owners. No matter what you want, chances are there is a type of auction that you will find you enjoy participating in the most.
For more on Storage Unit Auctions click Self Storage Auctions

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