Whenever I'm in search of a particular item or piece of property, I'll usually look on eBay to see if they have it, like most people who have the internet. There are some things that just can't be found on eBay or similar sites though, and when I can't find something, I'll turn to unclaimed property sales to find what I'm looking for. Unclaimed property sales are sales made by governments when a property owner has abandoned his or her property.
When property gets abandoned, federal, state, and local governments will often put notices in a local paper or on the internet asking the original property owner to come forth and reclaim their property. Usually there are no time limits on when a person can reclaim their property, but lately governments have began setting time limits so they can get rid of the property quickly and without hassle.
This is where you can swoop in like a hawk and buy the property. Most of the time, these sales will be in the form of auctions, sometimes not. If it's an auction-style sale, make sure you're prepared to get into a bid war with another person looking to buy the same property. It can be very easy to lose track of what you're doing in a bid war, and spend way more than you originally intended (thus, making the point of bidding for cheap property worthless).
You'll also want to examine the unclaimed property before you decide to bid on it. A lot of the time, it will be in bad to terrible condition. If you intention is to fix the property up and sell it, then this would be ideal. If you're looking to actually live in or use the unclaimed property, then I would be very hesitant to bid on it if it doesn't meet your standards.
When property gets abandoned, federal, state, and local governments will often put notices in a local paper or on the internet asking the original property owner to come forth and reclaim their property. Usually there are no time limits on when a person can reclaim their property, but lately governments have began setting time limits so they can get rid of the property quickly and without hassle.
This is where you can swoop in like a hawk and buy the property. Most of the time, these sales will be in the form of auctions, sometimes not. If it's an auction-style sale, make sure you're prepared to get into a bid war with another person looking to buy the same property. It can be very easy to lose track of what you're doing in a bid war, and spend way more than you originally intended (thus, making the point of bidding for cheap property worthless).
You'll also want to examine the unclaimed property before you decide to bid on it. A lot of the time, it will be in bad to terrible condition. If you intention is to fix the property up and sell it, then this would be ideal. If you're looking to actually live in or use the unclaimed property, then I would be very hesitant to bid on it if it doesn't meet your standards.
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