Re: Seized Coins For Auction - 1000's Of Gold, Silver & Type Coins $1 Starting Bid & Free Registration SeizedPropertyAuctions.com At the top of your web page. I have seen these before. Are these auctions legit? Also, on Ebay they often have these for abandonded property offered by various states, Texas seems popular. Are they legit? They usually have some form of State seal but we all know that that stuff can be bogus. Just wondering.
Well even if they are legit, most of the time people think they can get a bargain there and often overpriced.
These auctions are legit , but from what I've seen the prices being paid are extremely high. You're better off looking elsewhere ... in my opinion.
When I see the above written for estate sales, what I can't imagine is that there is some huge pile of coins that no one has time to go through. More often than not it seems just a way to get people excited that they are going to run across rarities because they will scrutinize the coins more than the seller. Certainly, that can always happen, but aren't the chances rather small? I speak about eBay estate auctions only, where you may not be able to verify the validity of the seizure, the estate, or other supporting details of the sale.
Texas and a few other states do indeed use EBay to auction off escheated items, including coins. The majority of escheated coins and jewelery are from the contents of safe deposit boxes which haven't been paid for by the customer for a period specified in state law - generally 1 to 5 years. Some of it also comes from stolen property recovered by police who can't identify the true owner, but mostly that type of material is sold at local police auctions which don't get on the internet. Escheat laws generally provide that money from abandoned accounts and the proceeds of selling other abandoned property, go into the state's general fund; but if the true owner comes forward and identifies him/her/itself with proof of ownership, they will be paid the escheated amount. The legal basis for escheat laws is the centuries-old concept that since everything must have an owner, abandoned property belongs to the king, who is also entitled to possession of lost property.
Agreed, but I always wondered in these Ebayers are legitimately fomr the different states, or just individuals who are passing themselves off as Texas or whereever. After all, this is Ebay, and we know that they are not very good at policing auctions.
I'm an infrequent member at the siezed property auctions sight and participated in sedveral auctions. The gentlemen above summed it up very well, They are VERY high priced. Is it legit? As far as I can tell. Can you get good deals? I wouldnt hold my breath. Is it worth checking out? Heck yeah!
Thanks all for your comments. I have seen these auctions for years, and I just wondered if anyone else was suspicious. I guess not.
those actions are done by the government when the IRS hasn't been able to get much money lately. jk, I am pretty sure that they are legit, but I wouldn't buy from them since I haven't seen anything that protects you from scams.
Not so. The IRS, Customs, GSA and other government agencies do hold auctions, but this company's auctions are not government auctions.
"Originally Posted by FAQ section of their website Are you a government agency? Federal Asset Recovery Services and its official Web site “SeizedPropertyAuctions.com” is a private corporation which specializes in liquidating assets of all types. We extend our expertise and services to state and federal agencies, local municipalities, police departments, lending institutions, the business and legal communities and the general public" Aha, thanks, Satooko, I thought so. Frank
