Important Issues to Consider Before You Attend an Auction

Chapter 5

Important Issues to Consider Before

You Attend an Auction

• How much can I afford to bid?…

Like gambling, don’t bid more than you can afford to lose.

• How do I transport my winnings?…

Local truck rental companies; or, it depends on the contents of winnings. Some Big Box Home Improvement Stores also offer Rental Trucks.

• Where do I store my winnings?…

Know where you are going to store your winnings before attending auction. Most storage companies will give you a few days to clean out the unit. Some storage unit companies may require a $50 deposit that you will get back once the unit is cleaned out. Many times you may be able to rent the storage unit for a longer period. You should speak to the storage manager before the auction to see if that is an option.

• Non-Saleable, but Good Items–Tax Deductible Donations…

Goodwill and Salvation Army will accept many items and sell them to the people in need. Remember they will not take junk. Typically, a good rule of thumb is to give to Goodwill only what you would give to a member of your own family…….

Remember to have them give you a receipt for tax purposes.

• Be Aware of the Cost of Disposing Trash Items…

Many items in your winnings such as old mattresses, old furniture and outdated electronics have no value and must be disposed.

Before you bid, find out your dumping fees from your local waste service companies. If you have access to dumpsters you will be well ahead of the game. Get rid of the trash, don’t tie up your storage space with things you cannot sell for profit.

• Trash or Treasure–Don’t Assume Anything…

So you just bought a box with a bunch of old books.

For many years the elderly haven’t trusted banks to keep their money in or don’t have a way to get to a bank.

Example: A FSA course student’s grandmother died. When it came to dividing her estate the family wondered why there was so very little cash. They could not believe that all that she had was her home and typical household items and a bunch of old crappy books. Well all the relatives grabbed this or that, a couch, lamps, dishes, etc. –They ignored the large bookcase and left.

His father goes by the estate after the relatives leave to clean

the property and notices all those old books on the bookcase. He picks up a book, opens it, and flips it over fanning the pages. A ten. Another ten. A twenty. The money kept pouring out-- not out of just that book-- but the whole collection. Always examine your winnings carefully–And, check those old books for money.

Now that you know what to expect

LET’S GO TO THE AUCTIONS–Proceed to Chapter 6