Image via CrunchBaseIf you're looking for some great deals on interesting items, then you need to go to eBay. eBay has become the auction place of choice for state's looking to get rid of the hundreds of millions of dollars of unclaimed assets that it has in its coffers. Most items are those that have been taken out of safety deposit boxes that have been considered abandoned, thus the state confiscates the items, sells them and holds the cash for the original owner.
For a safety deposit box to be considered abandoned, usually it is one where the fees have not been paid up to date and the financial institution holding the box cannot get in touch with the owner listed on the account through an address or phone number that is associated with the account. The time frame for this to take place is usually about 3 years. The contents of the box are then turned over to the state's unclaimed property division, which then catalogs the contents and puts them up for sale on eBay.
The money is always available to the owner of the safety deposit box if they ever claim it. The items vary widely in the boxes and can include diamond rings and necklaces, watches, jewelry, rare coins and bills, collectable sports cards and comic books, stamps, books, photographs and more.
Why is eBay used for auctions?
Most states have found that by putting the items up for sale on eBay brings them more bidders from around the world and a greater number of dollars. The bottom line is that more revenue is generated through this auction method than any other. There is no special rule as to when these sales will occur, but when they do, a vast array of unique items can be found.
Many states have found that selling items on eBay can bring in over 10 times what they would normally be able to get from the sale of these items.
Here is a sampling of the states that have gone the eBay route:
California: Seller Name on eBay: ucpauction
Colorado: Seller Name on eBay:co.unclaimed.property
Indiana: Seller Name on eBay: indiana_unclaimed
Kansas: Seller Name on eBay: isolit.kansas0208
Maryland: Seller Name on eBay: mdcompschaefer
New York: Seller Name on eBay: nyssurplus-albany
Pennsylvania: Seller Name on eBay: pastatetreasury
Rhode Island: Seller Name on eBay: riunclaimedproperty
Texas: Seller Name on eBay: tx.unclaimed.property
Washington DC: Seller Name on eBay: DistrictofColumbia
Wisconsin: Seller Name on eBay: wi.unclaimedproperty
Jeffrey M. Richman
http://www.USFinancialFunding.com
http://www.USFinancialFunding.com
Article Source: http://EzineArticles.com/?expert=Jeffrey_Richman
Article Source: http://EzineArticles.com/6270401
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