Buying Seized Property at Auction - SlideServe by yurtgc548


									     Arizona Seized Property
Auction: Buying Seized Property at

          by Deb Weidenhamer,
             President & CEO

An Arizona seized property auction offers many benefits for attendees. Buyers can
find a wide range of items at auction, usually in excellent condition. And the items
are priced well below market value, often for pennies on the dollar. You can find an
eclectic assortment, including autos, recreational vehicles, electronics, jewelry,
furniture, tools, antiques and other collectibles.

Auctions offer something for every attendee. Some people attend auctions to save
money on items they need or want. Others look to make money by reselling items
they get at especially low prices.
                   What’s Seized Property?

Numerous government agencies seize property, including federal, state and local
agencies and police departments. The property seized could be confiscated from
people breaking the law or unclaimed after an investigation concludes.

When a person is arrested, his or her personal property may be seized to use in the
criminal case. Legally, law enforcement can seize any property used in connection
with a crime. They can also seize property purchased with money gained illegally. If
the person is found guilty, the agency auctions the seized property to the public and
retains the proceeds.

Each government agency is responsible for conducting its own Arizona seized
property auction. Generally, these agencies contract an outside auction service to
manage all the activities associated with an auction. You can visit the agency or
auction house web sites for schedules and terms.
                  Ensuring the Best Auction
Knowledgeable bidders often save 50 to 90% on seized items at auction. Because
these auctions are public, anyone can attend and get these savings. You just need to
know when and where to go…and bring along some knowledge!

Although it’s a good idea, to know what you want from an Arizona seized property
auction, it’s also important to remain somewhat flexible. You may see something
you didn’t expect at a price you can’t pass up. So, have a plan, but remain flexible to
new opportunities.

Most auction houses provide an inspection period. Make sure to take advantage of
these opportunities. You can check out the items you want to purchase before you
bid. You may see something you not on your list that interests you.
                           Ensuring the Best
                          Auction Experience
If you’re inspecting an item you have limited knowledge about, bring someone along
who has more expertise. If you don’t have access to an expert, put the effort into
some research so you know what to look for in terms of quality and price. Bring note
paper to write down product information that you can research via the Internet
when you get home, where you can easily find comparable prices.

If you know the value of an item, you can bid confidently up to the price you’re
willing to pay. Make sure you set a price ceiling and don’t let your emotions take
over your rational thought processes regarding any item. You’ll always have another
opportunity to pick up a good deal at an Arizona seized property auction.
                          Ensuring the Best
                         Auction Experience
Finally, find the right balance between getting a good deal and making an investment
in your purchase. To get the best deal, you have to be very knowledgeable about
each particular item and the auction processes. This knowledge comes with research
and experience.

So, understand the time commitment involved in getting a good deal at
auction. You need to research, inspect, register, attend and maybe come home
empty-handed. All this time should be factored into the amount you’re willing to
spend for an item. Remember, when you buy at auction, the items are non-
refundable. Items are sold as-is, where-is, with no guarantees or warranties.
                      Additional Tips

You may want to get to know auction terms before bidding. In addition to collecting
as much online information as possible, you may want to attend an auction or two
just to get the feel of things. The more knowledge and experience you have, the
better chance you have of getting the best deals.

You’ll be competing with very experienced bidders, including investors, resellers and
very smart buyers. Many of these bidders have been attending auctions for a long
time and making money at it.

Join the mailing lists for auction houses who conduct Arizona seized property
auctions. You can learn the dates for upcoming auctions, as well as preview items
that may be of interest. Then, you can be notified of the inspection times.
                             About the Author

Deb Weidenhamer is President of Auctions Systems Auctioneers & Appraisers, Inc.,
based in Phoenix, Arizona. They specialize in auctions and professional appraisals.
Visit us at or call 800-801-8880 for more
information about Arizona seized property auctions.

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