Have you ever wondered what happens to all of the property confiscated by government and law enforcement agencies after a crime raid? These items are sold in seized property auctions, open to the general public. And this can mean lots of exciting opportunities for you to get a cool or unique item at a bargain price!
What Are Seized Property Auctions?
A seized property auction often takes place when a government agency seizes property of an individual found guilty of a crime. Most property is seized due to smuggling, drug trafficking, money laundering, credit card fraud, food stamp fraud, mail fraud or other illegal activity. During raids, personal property is often seized. The agency must then unload the millions of dollars of confiscated property in auctions. This type of property can also be referred to as Forfeiture.
In other cases, personal property and business assets may be ordered sold at public auction for tax reasons. Also, assets used as collateral can be seized by banks and other lending institutions for non-payment of debts. In addition, banks liquidate property abandoned in safety deposit boxes.
What Can I Find at Seized Property Auctions?
With the huge volume of seizures taking place because of criminal activity, you’ll often find thousands of items at seized property auctions:
Given the unique assortment of property, there is always the opportunity to spot an item you never expected to find. One-of-a-kind items abound at seized property auctions. Chances are, you’ll get something awesome at an unbelievably low price!
When Is the Next Seized Property Auction?
Auction Systems – Auctioneers & Appraisers, Inc. holds seized property auctions on a regular basis. You can check our auction schedule for upcoming seized property auctions, as well as contact us for more information.