When the police impound an item, it may end up in an auction. These auctions feature everything from jewellery to real estate and from cars to farming equipment. It can be a great opportunity for consumers to buy products at a reduced price. During the proceedings, the public makes bids either in person or online and the item is sold to the highest bidder.
In every major city in the country, you can find police impound auctions taking place on a relatively consistent basis. Items are impounded when homes and businesses are searched by police for illegal activities. Common reasons searches are carried out include the suspected selling of narcotics or suspected gambling. In most cases, the revenue generated by these auctions goes into funding the local or state police force.
Physical auctions allow you to attend a preview to inspect the goods for sale. If you decide to bid, you usually must first register using government-authorised identification. Police impound auctions may also take place online. These auctions are similar to other online auction sites in how they are set-up and the process in which bids are placed. Additionally, some auctions give detailed descriptions of the items online but the bids must be placed in person.
Police impound auctions are typically run by officials who work for the local, state or federal government. However, they may be outsourced to a third-party business that specialises in auctions. Auctioneers are also quite common in physical auctions. To bid, you are given a placard with a number on it so that the auctioneer can keep track of the bids. If you win a bid, you typically must find the designated auction cashier to pay for the item.
When shopping at these auctions, by far the most appealing aspect is the price of the items. It is not uncommon for an item to sell for less than 25 per cent of its open market value. The variety of objects sold is also a big plus. Additionally, during in-person auctions, you can usually take your purchases home immediately.
It is extremely rare for an item in a police impound auction to have a warranty. In fact, they make no promises that the goods you purchase are even in working order. The return policy is nearly non-existent. Since the items are sometimes taken from individuals who were involved in unscrupulous behaviour, it is also very difficult to get a detailed history of all the items up for auction. As with all auctions, get as many details as possible and read the fine print, including shipping costs, before placing a bid.
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