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explain irs auctions please

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Forum topic by seriousturtle posted 01-22-2010 03:28 PM 1369 views 0 times favorited 4 replies Add to Favorites Watch
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seriousturtle

101 posts in 2797 days


01-22-2010 03:28 PM

I’m thinking about making some purchases on an irs auction, but there are a number of requirements that need to be met before bidding. I don’t quite understand what this means:

http://www.irsauctions.com/popups/insurance_criteria.html

Has anyone here bought anything from them? How was your experience? Were there any rules to picking up the item that we should be aware of? Are there any hidden fees (beside the 10% extra)? This is just information for anyone here, like me, who is thinking of taking the auction plunge. Thanks alot

~the turtle

-- ~the turtle


4 replies so far

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ajosephg

1878 posts in 3027 days


#1 posted 01-22-2010 04:49 PM

I bought some stuff (one time) and had no problems. The insurance referrred to in your link is not applicable for the equipment most hobby woodworkers would buy.

One drawback is that they don’t take credit/debit cards. What I did was to have my bank wire them the money. The next day IRS sent me an email with the documentation to take to the place where the goods was. My bank doesn’t charge for such services, but if yours does that would be an additional cost for you.

Pickup was easy – drove up, gave the guy on duty a copy of my paper work, he told me where the stuff was, and I got it and left. If you are buying something that you can’t handle by yourself you need to bring your own manpower and rigging as they didn’t have any provisions to help you.

I’d recomend that you arrange to get your stuff at the earliest opportunity. In my case they had scores of lots of the same thing that I bought and I could tell that people that had got their stuff before me were going through the lots and picking and choosing. If you wait you might end up with the worst of the worst. (The company rep was not monitoring for that kind of mischief.)

I wouldn’t hesitate to use them again if an auction is within a reasonable distance from where I live.

-- Joe

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poopiekat

4225 posts in 3200 days


#2 posted 01-22-2010 06:52 PM

wow… hey I just noticed something: This is not an Internal Revenue Service tax auction, the acronym stands for ”Industrial Recovery Services’!!!! Beware!
Imagine going to what you think is an IRS auction only to find out it is a private liquidator.
Items which have been seized by the IRS for tax liens often get sold for bargain prices. For a private auctioneering firm to capitalize on a similar-sounding name is sleazy.

-- Einstein: "The intuitive mind is a sacred gift, and the rational mind is a faithful servant. We have created a society that honors the servant and has forgotten the gift." I'm Poopiekat!!

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seriousturtle

101 posts in 2797 days


#3 posted 01-22-2010 08:32 PM

Thanks ajosephg. They state that you need a flatbed truck, but could I just use my pickup? It will handle the machines that I’m looking at. Also, the pickup spot is about 2 hours away. I’m debating if it’s worth it.

-- ~the turtle

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ajosephg

1878 posts in 3027 days


#4 posted 01-22-2010 09:11 PM

I don’t know why they say you need a flatbed truck if a pickup works.

Why don’t you call them and ask?

Also, as a matter of good judgement I’d take a drive and inspect what you’re interested in if you are going to be spending serious money. That way you could also see what you’d be up against as far as loading out.

You need to consider the value of your time and cost of driving in your bid.

-- Joe

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