Free report with information and links to making money with government auctions

Make A Fortune With
Government Auctions

The information and links on this page will give you a great start to using government auctions. Many people are making a fortune using the government auction sites and so can you.

Make A Fortune Using Government Auctions!

When Auction Day Comes
If this is your first auction try hard not to overbid. You have read all the information. Discovered some items you can not live without. But remember you are still a newbe. This is the time to learn-- not plunge. Be very conservative in your bids.

The Bidding Process
The seasoned bidder, and the beginner size up the first item up for bid. Get a feel for the auction. Note the way the auctioneer starts the bidding. A good auctioneer leads the bidders. A bad auctioneer is lead by the bidders. Watch the bidders closely. If every thing is running smoothly. Try a few very conservative bids.

The Auction Catalog
Catalogs are a list of the items for sale at the auction you are attending. Each item has a lot number the auction uses to identify it. As the items come up for bid. The auctioneer will start by saying. This is lot number 5555, and start the bidding. The items are auctioned in the order they are listed in. The auction catalog makes a great note book. Check off the items you want to bid on, and the highest price you will pay.

Inspection Time
All public auctions set aside a time period for you to view the items up for auction. Use this time wisely. This is your only chance to closely inspect the goods. Never bid on an item without inspecting it first. Two Heads Are Better Than One
Bring a friend. It's easy to get carried away at an auction. Having someone you trust along helps settle everything down. Especially if they know something about the items you are going to bid on.

Pay Attention
Auctions move at a very fast clip. A good auctioneer will sell an item every minute or two. Practice keeping track of who has the bid. When you bid on an item be careful not to over bid yourself. That is probably the most common mistake a novice makes.

Auction Fever
The worst thing that can happen to you. Is to totally lose control. I have seen two bidders get mad at each other, and run the bid up to twice the retail cost of the item they are bidding on. Set the price you will pay BEFORE THE AUCTION STARTS.

Never Buy More Than You Can Handle
Remember at most auctions you must pay for and, remove the items the same day. Some auctions will give you more time if you make arrangements in advance. Always be aware of the auctions time frame, and stick to it.

Types of Auctions
Public Auction or Open Auction- An auction that anyone can attend. The auctioneer offers items for bids. All items are sold to the highest bidder.

Absolute Auction- This is the best type of auction to attend. An Absolute Auction has no reserve prices pre set. The auctioneer must except all bids. If there is only one bid of one dollar on an item. The auctioneer must sell to that bidder.

Private Auction- Operates the same as a public auction. But the public is not invited. Bidders must be invited by the auctioneer, or his employer.

Reserve Auctions- A reserve auction is generally open to the public. The auctioneer offers items for bids with a minimum price. If that price is not reached in the bidding. That item is not sold. If the owner of the item is present at the auction. The auctioneer will ask him if he will except the lower bid. Sometimes yes Sometimes no.

Sealed Bid Auctions- These auctions or most often conducted by mail. On your request the government will send you an "Invitation to Bid" form (for each item you wish to bid on ). You must fill it out. Include a deposit (set by the auction). Then mail it to the auction by a preset cut off date. All bids will be opened at the same time , and the highest bidder wins. If you do not win the bid. Your deposit will be returned along with the results of the auction.

Spot Bid Auctions- Similar to a sealed bid auction. But you would be present at the auction site. As each item comes up for sale if you wish to bid you will write down your bid and bidder number. Insert it into an envelope. Then hand it to the auctioneer. He opens all bids. The highest bid wins.

Negotiated Sales Auctions- Bids are made before you attend the Auction.

Auction Terms You Need to Know
Absolute- As in Absolute Auction. This means that whatever is put up for sale will be sold to the highest bidder.
Example: Say an Airplane is put up for sale and the only bid is $100 . That is what the airplane sells for.

"AS IS"- Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as "As Is, Where Is".

Bidder Number- The number issued to each person to registered at an auction.

Candle Auction Sale-A candle sale is a type of auction that uses phone mail as the method of bidding. A minimum bid or asking price will be established for a property and prospective bidders will be required to place a deposit with the State in order to participate.

Conditions Of Sale- The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.

Buyer's Premium- An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.

Reserve- This means that the item for sale has a set dollar amount it must be sold for. If no one bids that amount or more. The item will not be sold. It will be set aside by the auctioneer. Set aside items are usually brought up for bidding again at the end of the auction session.

Minimum Bid- This means their is a minimum dollar amount you must bid to buy this item. A minimum bid item typically indicates a reserve on these items.

Opening Bid- When an item is offered the Auctioneer will set a price.
Example: Who will give me 100,100,100,100. Asking for a bid of $100 dollars. Just because an auctioneer is asking for an opening bid of a $100 does not mean you have to bid a $100 dollars. You can bid anything you like. If you start the bidding at $20 dollars. The final bid will be much less than it would be if you started at $100 dollars.

Half- A bid that is half what the auctioneer is asking for.
Example: During the bidding on an item the auctioneer will reach a point when he has a bid of say $500. He will announce, got 500 who will give me 6, several times and very fast. If you want to bid on the item but not $600. Pass your hand in front of your chest palm down. The auctioneer will give you the bid for $550.

Upset- This applies to residential or commercial property that has been foreclosed on. The residential or commercial property can not be sold for less than the upset amount. Just like a reserve bid.

Knockdown or Hammer Price- The auctioneer will warn that he is going to knockdown on the last bid offered. Meaning he is going to sell the Item if no higher bids are offered. He will bring down his gavel and yell Sold to the bidder number that had the highest bid.

Lots- The auctioneer will tell you when he is selling items in lots. He might have 10 CD players in one lot. He will auction them all for one price. This is the best way to buy for resale. The price per unit is less than if each CD player were auctioned by it self.

Inspection- Specified date, time and place property is available for prospective buyer viewing and evaluation. Also known as a Preview.

Shills- A shill is a bidder at an auction like you with one exception. This person has no intention of buying anything. His sole purpose is to drive the bidding as high as he can without having the final bid. Shills work for the auctioneers who receive a commission on the total dollar amount that is sold. Shills are illegal. If you see some one who bids a lot but never buys anything watch out he may be a shill. Stay away from this auction. To be fair to all the honest auctioneers It is very rare to find a situation like this.

Links to Auction Sites
GSA Auctions

US Customs Auctions

FCC Auctions

IRS Auctions


Government Deals

TNT Auctions

Tampa Machinery Auction

I have many more auction site
links for everyday type auctions at:

Auction Site Links

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