Thursday, August 28, 2014

Bankruptcy Auctions: A Good Place to Find Cheap Stuff?

WalletHopefully you’ve never filed for bankruptcy. If you have, you will know that it’s a painful and unpleasant process for the person or business involved, but sometimes it is the only way for the debtor to get out from under their financial troubles. When an individual or business finds that they are not able to meet their financial obligations, they turn to the United States Bankruptcy Court for protection from their creditors. Depending on what type of bankruptcy they file for, this process may eventually lead to an auction. In this email, we go into detail about bankruptcy auctions and talk about how you can score some great deals!

How does a bankruptcy auction come about?

When an individual or business is so deep in debt that there is virtually no hope of them being able to repay their creditors, they may petition the United States Bankruptcy Court for protection. There are two main types of bankruptcies; Chapter 7 and Chapter 11. In Chapter 7, the debtor gives up any chance to continue in business and admits he cannot pay his bills now or in the future. When this happens, the USBC appoints a United States Trustee to handle the orderly disposition of the debtor’s assets and use the proceeds to from the sale to pay off the debts. Once this is done, the creditors have no future claims on the debtor.

In the case of a Chapter 11 bankruptcy, the company is given a chance to reorganize and get back on track. If it turns things around sufficiently, then there will be no bankruptcy auction. However, if the company cannot turn things around, then the Chapter 7 filing will go through, and its assets will be turned over to a United States Trustee for liquidation.

What happens after the assets have been turned over to the trustee?

At this point the trustee will hire a private auctioneer to sell the assets. The goal of these proceedings is to sell the assets at “fair market value” and get the most money for them in order to repay the creditor. However, this often doesn’t happen. For one, it’s often difficult to determine the fair market value of a used item, especially if that item is unique, and being sold during a fast-paced auction. By law, the final sale must be approved by the USBC, so if the final sale price it too low, the USBC may order that it is put up for sale again.

What kind of assets can you expect for find at these sales?

When a company is liquidated, a lot of things that company owns are sold to satisfy creditors. This includes: inventory, desks, chairs, supplies, etc. The same thing applies to an individual: If a professional athlete files for bankruptcy, you might find luxury cars and jewelry up for grabs at a bankruptcy auction.

You can also buy whole businesses or companies.

Sometimes businesses are sold for much less than what it would cost to start it from scratch. Of course you should use a lawyer and accountant to make sure you are truly getting a good deal.

What you need to know.

  • Beware of copycat auctions. Some auctions try to pass themselves off as bankruptcy auctions. Carefully read the description. A real bankruptcy auction must be ordered by a Federal judge or United States Trustee.
  • The USBC normally holds open verbal auctions that are open to the public, so if you find an auction you are interested in on our site, you can just attend. Sometimes, there are certain financial restrictions that may require you to prove that you are a serious bidder. This could be a bid deposit or a certified check for minimum amount.
  • The terms and conditions vary by auction, but most often cash and certified checks are accepted. Payment is typically due the same day or a few days later. Make sure you have the means to remove the property, as well.

Start looking for bankruptcy auctions by activating your free trial account right now!


Tags: , ,
Posted in Announcements
Wednesday, August 27, 2014

2005 NISSAN ALTIMA S: Built To Last

altimaLooking for an inexpensive car that both looks great and drives well? Well, you can stop looking now because we’ve got the perfect deal for you. Now up for online bid is this 2005 Nissan Altima S sedan. This four door vehicle has a 2.5 liter 4 cylinder engine, 5 speed manual transmission with overdrive, air conditioning, power steering, power brakes, keyless entry, power mirrors, anti-theft system, cruise control, alloy wheels, rear window defogger, AM/FM/CD  stereo, and only 36k miles. The vehicle does have some electrical issues as well as some engine noise, but nothing a little handy work can’t fix! The current asking price for this vehicle is just $3,000 with 5 bids already placed. This auction will be ending in just 1 day, 2 hours, and 27 minutes, so click here to activate you free trial account right now.

 

 


Tags: , , , , , , ,
Posted in autos, Online Auction, Online Auction Items, Surplus
Wednesday, August 27, 2014

Single Family Home in Cameron, NC: Your Future House Awaits You!

cameronHave a look see at this next deal for a lovely property located in Cameron, North Carolina that’s now currently up for online auction. Originally built back in 2002, this single story property contains 1,870 square feet of gross living space that sits on 16,117 square feet of land. Inside the home you’ll discover 3 bedrooms, 3 bathrooms, a living room, dining room, eat in kitchen, a his/her walk in closet in the master bedrooms, laundry room area, and an attached 2 car garage. The house itself is in very good condition both inside and out. The starting bid for the property is set at $95,000 with no bids as of yet. We aren’t exactly sure as to when this auction will be ending, but if you had to guess it’s probably within a few weeks. If you’d like to get the inside scoop on this auction deals or others just like it, then all you have to do is click here in order to activate your 3 day free trial account.

 

 


Tags: , , , , , , , ,
Posted in Online Auction, Online Auction Items, real estate, Seized
Wednesday, August 27, 2014

Sea Ark Escort Boat: Take It For A Cruise!

guamboatWhat better way to start of today’s deals than with this lovely Sea Ark Escort Boat (no. 28HS0215) that is now currently up for online auction. Perfect for anyone looking to get a boat without having to spend their life savings, this aluminum escort boat measures 28 feet long and comes with 2 Yamaha 250 outboard motors. The vessel is in good condition both inside and out and has no mention of any defects. The outboard motors also appear to be in good shape. The winning bidder will be responsible for the boat’s removal upon winning the auction. As of right now, the current price for this boat is $1,298 with 4 bids already placed and exactly 4 days, 22 hours, and 8 minutes remaining. If you’d like to learn more about this auction and how to attend the upcoming preview for it, then all you have to do is click here to activate your 3 day free trial account before it’s too late!

 

 


Tags: , , , , , , ,
Posted in boats, Online Auction, Online Auction Items, Surplus
Tuesday, August 26, 2014

2003 MERCEDES BENZ E500: Roll Away In This Benz Today!

benzo1Check out this next auction deal for a 2003 Mercedes Benz E500 that has recently been declared as surplus and is now currently available for online auction. This four door vehicle has an automatic transmission, power windows, power seating, power door locks, cruise control, tilt steering, air conditioning, leather seats, AM/FM/CD player, alarm system, factory wheels, Continental tires, and approximately 145k miles. The vehicle itself is in pretty good shape with only some minor stains to the interior carpeting, a cracked windshield, and a few scuffs and scrapes on the bumpers. The current asking price for this vehicle is just $2,447 with 1 bid already placed. This auction auction ends in just over a little two weeks so be sure to click here now in order to activate your free trial account.

 


Tags: , , , , , , ,
Posted in autos, Online Auction, Online Auction Items, Surplus
Tuesday, August 26, 2014

Single Family Home In Green Lake, Wisconsin: Pack Your Bags, It’s Time To Move Here!

greenlakeLet’s kick off Tuesday’s auction deals off with this beautiful piece of property located in Green Lake, Wisconsin. Built back in 1980, this home contains 2,546 square feet of living space that sits upon a 1.03 acres lot of land. Inside of this beautiful lakefront home, you’ll discover 2 bedrooms, 2 bathrooms, a kitchen, 2 way fireplace, a dining room, living room, sunroom, laundry room, raised deck, a 1,132 square foot walkout basement with 2 additional bedrooms, a 3 car garage, and a whole lot more. This home not only looks to be in pristine condition, but it’s located in a beautiful neighborhood that’s situated near parks, shopping centers, and schools. This home will be going up for live auction on September 16th, 2014, so if you’d like to find out more about it then all you have to do is click here to activate your 3 day free trial account. 

 


Tags: , , , , , , , ,
Posted in Live Auction, Live Auction Items, real estate, Seized
Monday, August 25, 2014

Tax Sale Properties: What They Are and How to Find Them

Tax Sale PropertiesReal estate can be one of the most exciting assets to invest in. There are so many opportunities to make money: some people buy properties, fix them up, and flip them for tens of thousands of dollars in profits; others become landlords by buying multi-unit properties and renting them out. In this blog post, we will discuss another, lesser-know strategy that savvy real estate investors have been using for years to make a killing

. Welcome to the world of tax sale properties! We briefly cover the basics in this email, but you can read more about tax sales here.

What is a real estate tax sale?

A real estate tax sale takes place when someone does not pay his or her property taxes. Real estate tax sales are held by local governments and are a way for the local government to recoup the money that is owed to it by the delinquent property owner. Here, we are specifically discussing tax deed sales—not to be confused with tax lien sales.

What’s the difference between a tax deed sale and a tax lien sale?

In a tax deed sale, the government auctions off the rights to a property. If you win the auction, you become the new owner of the property—unless, of course the former owners comes forward and pay the back taxes, effectively redeeming the property. You can read more about how that works here. In contrast, in a tax lien sale, the government auctions off the lien (the debt) that is owed it, and the investor makes money on the interest collected.

What type of property can you find at a real estate tax sale?

You will find all types of real estate, from commercial buildings to luxury single-family homes. You can also find vacant land of all types and sizes. It doesn’t really matter what kind of property it is; if someone doesn’t pay their taxes, they will eventually lose their rights to that property.

Are there any conditions to be aware of when purchasing property at a real estate tax sale?

Yes. When you purchase a real estate tax property, some properties are sold free and clear of all liens and back taxes, while others are sold free of back taxes ONLY. When looking for tax sale properties, you should try to look for those that are sold totally free and clear. When buying a property that is not free and clear, the purchaser is buying the propert subject to any liens. Often, if the owner wasn’t paying the real estate taxes on the property, he or she probably wasn’t paying the mortgage, either. Some municipalities give the former owner a certain amount of time to pay back the taxes plus interest and reclaim the property.

Is financing available for tax sale properties?

Typically, no. Once you win the auction, you will need to put down anywhere from 10%-25% of the purchase price as a deposit. Additionally, it is difficult to get any sort of mortgage on these types of properties, because they do not come with a free and clear title. Therefore, the buyer should be prepared to finance the property out of pocket.

How are real estate tax sales conducted?

Real estate tax sales are held by most local governments. You can usually find them by visiting the County Clerk’s office or digging around on the Internet. At GovernmentAuctions.org, we compile property tax sales from all over the United States, so you find them more easily.

Brining a tax sale property to auction is not a quick process. There are a number of steps that the municipality must take, like the notifying the owner and all parties that have an interest in the property, and then waiting a certain length of time, sometimes as long as three years, before bringing the property to auction.

Is it possible to find good deals at tax sale property auctions?

Yes, but you need to do your homework. First, you should familiarize yourself with the local laws: know what you are getting yourself into. For example, in some municipalities, the former owner has up to one year to pay back the taxes plus interest and reclaim the property. During this time, there is almost nothing you can do with the property, aside from maybe renting it out on a month-to-month basis. Someone who buys a property without knowing something this crucial, could end up losing a lot of money as a result.

What you need to know.

  • Use the appraised value as a guide for setting your bid, but be sure to factor in the risk involved. Depending on the level of risk, you may only want to pay 25% or 50% of the appraised value of the property.
  • Make sure you have some money left over for unforeseen events, repairs, etc.
  • Take your time. Don’t just buy the first property that comes up for auction. Learn as much as you can about the neighborhood, local laws, condition of the property, contact title companies, etc.

Interested in finding and attending tax sale properties auction? Start by activating your free trial account right now!


Tags: , , ,
Posted in Announcements, real estate
Monday, August 25, 2014

Single Family Home In Frankfort, Illinois: Call it Home!

frankfortNext up on the auction block is this beautiful two level home located in Lakeview Estates in Frankfort, Illinois. Built back in 2007, this 4,519 square ft fully brick home comes with 4 bedrooms, 5 bathrooms, a chef’s full sized kitchen with island and walk-in pantry, breakfast nook, a great room with fireplace, dining room, office, exercise room, and laundry room. The master suite also includes 2 walk-in closets, a sitting room, and even a balcony. Additional amenities of the home include a rec room, theater, a fenced yard, and last but certainly not least — a wooden deck that overlooks the inground pool. Located just 30 miles from Chicago, this property is situated near really good schools, hospitals, and places of commerce. This home will be available for live auction on September 17th, 2014 (the auction will take place at the property itself) and a $25,000 deposit will have to be made by the winning bidder. To find out more about this home, all you have to do is activate your 3 day free trial account.

 


Tags: , , , , , , , , ,
Posted in Live Auction, Live Auction Items, real estate, Seized
Monday, August 25, 2014

Subwoofers and Electronic Equipment For Your Car: Let’s Get this Party Started!

woofersCheck out this next auction deal for a massive lot consisting of various subwoofers and electronics equipment all for your car! Included in this auction are the following items: 4 12 inch Kicker CVR Subwoofers with sub box,  1 Autotek Mean Machine M4000, 4 channel power amp audiopipe (2,000 watts), a Soundquest 5 power capacitor, Teknique video screen, Power Acoustik multi-media player PD-931, Teknique left Visor LCD monitor, Teknique right Visor LCD monitor, and much more. These items are all in very good condition with no stated defects. The current price for this lot is just $858 with no bids as of yet. This auction will be ending in just just a few short weeks so be sure to activate your 3 day free trial account now if you’re looking for an affordable way to soup up your ride!

 


Tags: , , , , , , , , , , ,
Posted in electronics, Online Auction, Online Auction Items, Surplus
Monday, August 25, 2014

2008 DODGE VIPER SRT-10: Don’t Get Bitten

vipeLooking for a sexy ride that’s definitely turn some heads on the road? Well boy have we got a deal for you! Now up for online auction is this 2008 Dodge Viper SRT-10. This red sports car built for speed and features a powerful 8.4 liter V10 cylinder engine, power windows, power seating, power door locks w/ keyless entry, cruise control, air conditioning, leather interior, hardtop roof, factory wheels, Michelin 275/35ZR18 tires, and just over 14k miles. The vehicle itself is in great condition both inside and out and has no stated defects or issues. The winning bidder will be required to put down a deposit of $3,400 so you might want to keep that in mind before bidding. The current asking price for this vehicle is $34,350 with 1 bid already placed. If you’d like to find out more about this seized vehicle auction then we strongly urge you to click here right now in order to activate your 3 day free trial right now.

 


Tags: , , , , , , ,
Posted in autos, Online Auction, Online Auction Items, Seized