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Government sales offer low-priced items to the public through auctions, with liquidations handled by government agencies or specialized companies. Surplus and seized items are sold, but buyers should be aware of the “as is” condition and pay in cash. Previews may be available for buyers to review items before purchase.
A government sale is a sale of items held by the government, usually at low prices in an auction format to members of the public. Government agencies can handle liquidations directly or contract them out to companies that specialize in auctions and sales. Information about upcoming sales is usually listed in registered newspapers and may also be published in flyers and circulars to alert members of the public to sales they wish to attend. Announcements will discuss the types of items being liquidated.
Government liquidation can focus on surplus items that the government needs to sell to make room for new things or to get rid of old items that are no longer useful. This can include cars, trucks, equipment, surplus food, and a variety of other items. Prices are often very low and the government may sell items in large batches. Retail stores can purchase lots and, in turn, resell the items to members of the public at low cost.
Government liquidations may also include seized items. When government seizures occur, subjects may be given a chance to redeem the seized goods, and if they fail to do so, the government becomes the owner and can use, store, or sell them. Sales are common, as they raise money for the agency that carried out the seizure. With items seized for non-payment of taxes, the sale is part of the process of resolving the situation that led to the seizure in the first place, recovering money owed to the government.
Goods on government clearance are sold as is and people should be sure they want to buy them as there are no returns and the government is not responsible for any issues. It is also generally necessary to pay cash at the time of purchase. Some sales require prepayment, where people must buy their way into the sale. This discourages bidders who are not serious or people who just want to observe, as they may not be willing to pay the fee. Money paid applies to all auctions the bidder wins and any remaining funds are refunded.
When participating in a government liquidation, it is common to have access to assets in a preview. This allows attendees to review and rate items to determine whether they want to make a purchase. Options such as turning on the equipment and being able to test passenger vehicles may be available upon request. In other government settlement views, a physical exam is the only thing participants can do.
Asset Smart.
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