Purchasing Resources for Unclaimed Property

Opportunities in Unclaimed Property

Outfit your business with confiscated and forgotten items
By Charles Dervarics, Writer/Editor Looking for a good deal? Your business may benefit by participating in national, state and local auctions of unclaimed property from police departments, banks and other agencies. The misfortunes and forgetfulness of others can be a boon to your business. And there's a side benefit – in the process of looking over these opportunities, you may spot something that belongs to your own company.

To capitalize on these opportunities, you'll need a plan:

1. Check with your local or state governments for upcoming auctions.
2. Shop with an eye toward bargains, particularly in computers and electronics.
3. Contact your state government about any unclaimed property that may belong to your business.

 

Tap into local law enforcement

Once they finish their investigations, local law enforcement agencies often auction hundreds of seized items, from tools to computers.
Try: Contact your local police department, or bid yourself at PropertyRoom.com, a nationwide service where many local agencies sell surplus or unclaimed goods.

Scan state government sites

Some states conduct their own online auctions as the best way to attract nationwide buyers for unclaimed property.
Try: Visit the auction site for California, an early leader in this trend, or contact Luv2Bid for a schedule of upcoming auctions in all states.

Register with eBay

More states are finding it easier to auction items through industry giant eBay, which has a built-in national audience. Texas is among states using this service.
Try: Go to eBay to register your name and set up an ID and password. Also check this link to Texas' eBay auctions of unclaimed property.

Check your own records

Have you moved your business recently?You may not have claimed all your security deposits from landlords or utility companies. Such funds may become unclaimed property in your states.
Try: Visit Missing Money, a Web site officially endorsed by the National Association of Unclaimed Property Administrators (NAUPA) with records from 35 states. Find out more about unclaimed property from this MK Consulting.

Don't pay a fee

Some companies will want a fee to connect you with your unclaimed property. But the same information likely is available for free from your state government, which acts as a clearinghouse for such information.
Try: Contact NAUPA for links to all state agencies that specialize in unclaimed property.

• Contents of safe deposit boxes become unclaimed property if the owner fails to pay rent within a certain timeframe. Some states also auction these goods.
• Uncashed checks, store refunds and accounts from closed banks are items that may become your unclaimed property. Check with your state for details.
• To complete a successful claim to your own unclaimed property, most states require you to provide detailed information, including legal name and previous or current address.