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On-line auctions have become very popular. Ebay is probably the best known one. Since they came on the scene very early in the Internet age.
There are many other on-line auction sites. The government has auction sites. Different departments have their own auctions. Depending on what you might be looking for, you might want to look at different departments auctions.
Auto auctions, or maybe I should say vehicle auctions, since they don’t just sell autos. These on-line auctions are very popular. There are private auto on-line auctions, as well as government sites.
There are on-line auctions on sites like, IRS, US Marshals and Customs department on-line auctions. Confiscated merchandise is sometimes new. Items that people have tried to smuggle into the country, only to be stopped at customs, and have to leave their treasure there.
Since government agencies really aren’t equipped to buy and sell things, auctions are the quickest way to liquidate all of the inventory they accumulate.
There are a few drawbacks to on-line auctions. One drawback is, where is the item located? Is it close enough that you can go look at the item? Another drawback to the on-line auction, could be shipping. What will it cost to get the item shipped to you? If it’s a vehicle, you will have to go get it. So that could certainly be a problem.
You can also buy homes, or real estate in on-line auctions. In this day of rampant foreclosures, the banks and mortgage companies are being left holding the bag, so to speak. As with government agencies, banks are not set up to own homes or other real property.
Some banks and mortgage companies turn to auctions, to try to sell the property. You can often get very good deals, buying real estate at auction.
Often, there is a reserve price. This means that the seller will not sell for less then the reserve price. Since the banks are taking loses to rid themselves of the burden of owning property. You can get great deals buying real estate at auction.
Once again, be aware of the drawbacks. Where is the property? Since homes are a big investment, you want to be sure to take the time to do your due diligence on the property.
Make sure you can actually see the property before you consider buying it. Go to the court house, to find out if there are any liens on the property. Are there back taxes owed on it?
These are things you need to know before you consider actually bidding on the item. If you buy a house or other real property. You will be responsible for any liens, back taxes, or property owners association fees that might be in arrears.
All these possible costs will be your responsibility once you purchase the home. So bid carefully. Another consideration would be repairs. When buying any property, you need to have an inspection. There are often things that you can’t see in a walk through. That might come to light if you have a person knowledgeable in the industry look at every aspect of the home.
You can buy almost anything in an on-line auction. Please consider all the possible drawbacks before you make your first bid.
