Have you ever wondered what those seized assets auctions are like? If so, now is your chance to attend a mega-sale by Seized Assets Auctioneers of Westlake Village, CA. While the offered lots are pretty amazing, buyers should know that there is an 18.5% buyer's premium on each lot sold. If you're unfamiliar with auctions, basically a buyer's premium is a tax that ALL buyers must pay on each lot sold. Most auctions these days have them and they generally range from 10% to 20% of the selling price of each lot sold. And yes, the buyer's premium is taxable.
As with any auction you attend you'll want to make sure that you've read and understand the terms and conditions of the auction. Our culture has gotten so used to not reading these, or at best we may give them a quick scan. That's usually not too dangerous in most cases when it comes to the TOC for websites, social networking services etc. Auctions are the exception. If you don't read the TOC, you may not realize that after buyer's premium, shipping and taxes, the amount you own can be up to double the sale price! You can still get some great bargains, just be smart and know that a $75 item is going to cost more than $75 when all is said and done. And just how much more depends on the individual auction house's TOC.
One of the great things about this 4 day sale is that you can register to bid online if you're unable to attend in person. There's also a phone# and contact information available if you have any questions.
Can you make any money on items that you buy at these auctions? Yes... and no. As with any auction, it really depends on several factors. The most important of those being: Getting it at a good enough price at which you can make a profit reselling it? Don't forget, to add the other factors mentioned above to your bidding price.
Take a look at the slide show and my opinions on the items being offered and the starting bid. There are 608 lots in day one alone! To find this auction online go to www.auctionzip.com
Good luck if you bid!