(800) 853-2651
SHOP NOW

Upcoming Sheriff's auction...

rockyridgefarm

rockyridgefarm

Well-known Member
Hey all,

There's a Sheriff's auction about 2 1/2 hours from me tomorrow. There's a few items on the sale that I'm interested in. Terms say cash, does this mean I need to haul a briefcase full of 100 dollar bills to this thing, or just that they don't finance and expect a check that day?

Also, I don't know the specifics of the sale. These things can be called for about anything, right? Could be a deadbeat father, or a widow who hasn't paid her property taxes, or a drug dealer bust? Do I dare go to a sale 2 1/2 hours away in another state and risk putting myself in a situation I don't want to be in?
 
Exactly. Hauling several thousands of dollars worth of cash invites questions also. Probably anything commanding that kind of money means a cashier's check from a recognized bank.
 
I called after I posted the topic. They did say they'd take a personal check.

They didn't really know why the auction was called, just that the sheriff called them and told them they needed an auctioneer.
 
I would call the Sheriff's office who is conducting the sale. Also you might want to check back with them the morning of the sale as those sales can be cancelled at a moment's notice if the debtor comes up with some money or an agreement with the person who had the property seized to collect a debt.
 
The sheriff's sales around here say cash and mean it. No checks,no letters of credit,no credit cards.
 
I have only ever seen one sheriffs auction here. That one was a bunch of tools confiscated from a thief, which law enforcement must not have been able to establish the previous owner. Not saying they never happen, just that they must be very infrequent.

JD Seller, yes that one.
 
A cashier's check is different than a personal check. If a cashier's check is issued from a known bank then it is has been established that the funds are there. I've had farm equipment dealers and fertilizer dealers tell me they can not go to the bank and deposit more than a few thousand dollars worth of cash a day and not day after day after day nowadays. So, if a 10,000 dollar purchase for example either a customer needs to write a check for the purchase or plan on making a 10,000 dollar purchase an affair that drags out over a month so it does not look like money laundering.
 
You do realize that at a Sheriff's sale, certain items of value may not be "free and clear"? Someone might have a lien filled against that property - and it is your responsibility to check for that, not the sheriff's.
 
I went to a police pound auction once... It was done on a regular basis to clear out the impound lot of unclaimed property. About 99% of it was junk cars.

There were a couple of them I was interested in, severely wrecked but "possibly" had a good motor. No way to know, no starting, just looking.

I was quickly out bid! Never saw such worthless junk sell for such good money! There was one good car there, a late model Cadillac with very low mileage, but it had sat outside for 2 to 3 years. Paint, vinyl top, interior were ruined. That car went for new car price!!!

I didn't understand what was going on, still don't completely. It was not a charity benefit, the proceeds just went to some general fund. One man I was talking to said a lot of the remains of the high end cars and trucks (which there were very few) are purchased to get a clear title, then a stolen car is given a new VIN and title!

I never went back. They quit having them several years ago, don't know what they do now, probably scrap them.
 
I deposit large sums all the time. The bank has to fill out a form on everything over 10k.. I just tell them that I sold a tractor, which is true... Next week i sell one for 8k, that goes in too. Some times its two tractors and lots of dough goes in. sometimes its a small piece of equipment for $300. You dont need to fear it if it is actual business and you have paper work. Anything you hear otherwise is not norm as there are thousands of business that make weekly deposits in the 10s of thousands of dollars. You must have records. If you dont have records, you can get in a tight spot really quick with money laundering laws. I have withdrawals for all the equipment I buy and deposits for all the equipment I sale. But I do a "bill or sale", and a record in my books for my accountant and taxes.
 
Do yourself a big favor, get there early an operate everything you are interested in. I have
purchased stuff at sheriff's sales. Most of it did not have the best of care or service.
 
Yup, if you try to make lesser deposits/withdrawals from bank account to try to avoid the
reporting....the IRS calls that 'structuring' and can seize all of your accounts and assets.

"Structuring includes the act of parceling what would otherwise be a large financial transaction
into a series of smaller transactions to avoid scrutiny by regulators or law enforcement."
IRS link
 
Not sure but it sounds as it should be a nationwide thing not just state and my SIL works in a bank in accounting and she has to send paperwork all the time to the Feds and she has to send it when it is $5,000 or higher not $10,000.
 
Your correct and many honest small businessmen have been ruined by the IRS because they dealt with primarily cash. Brokerage accounts are monitored differently and you can send money orders to a brokerage account and then wire the money back to your personal bank account and avoid the ''structuring'' flag designation.
 
You must log in or register to reply here.

Similar threads

T
Value of Grain Auger?
Replies
9
Views
408
504
5
N
Auction results - Barney Molitor Rice MN
Replies
4
Views
554
Muir hill 101
M
W
Case items on auction
Replies
7
Views
759
Wrangler1973
W
J
Speaking of 4patriot backup power
Replies
17
Views
1K
buickanddeere
B
super99
How much to charge for mechanic work??
2 3
Replies
40
Views
2K
Rich'sToys
R
Tractor Parts Tractor Manuals

We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today.

Copyright © 1997-2024 Yesterday's Tractor Co.

All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.

Yesterday's Tractors - Antique Tractor Headquarters
Website Accessibility Policy

Back
Top