Repo auctions or repossession auctions are held to sell off assets to bidders at cheaper rates.
These auctions are often contracted to private companies. Repo auctions are held usually on a regular basis at the same location. These are scheduled in a quarterly, half yearly or yearly manner, falling during the same time period so that people are familiarised with the pattern. Even though one can get a nice deal out of these schemes, the awareness about such auctions is found to be limited among the public. The best thing about government held auctions are that they charge no registration fees. One has to pay only the price of the winning bid. Though there is no guarantee on the procured asset, the authenticity is certainly more as compared to other private used – asset sales.
These auctions are advertised mostly through local newspapers giving all the relevant details about the assets at sale. This reduces the number of bidders to a localised radius and improves one’s chance of winning a better bid. One can however, find an auction being held at a location away from home through relevant directories. Having an agent who understands the inner workings of the procedure and holds the information about various such auctions may also be helpful in procuring a better asset at a cheaper price.
Since the auctions are not advertised in a large scale manner it is better to find information by contacting various government agencies, banks and other auctioning agencies about the scheduling of such programs. One other way of getting well informed about important dates in advance is by registering in an online auction directory service. Though they charge a one-time fee, directory services can provide information in the easiest and most detailed manner. This significantly increases one’s chance of finding a better deal. However, one has to be careful when selecting the online directory services as some are more detailed than others, some can even be outdated and provide wrong information.