Buying Failed Bank Assets

Detective Krum

FDIC sells failed bank assets. Many of the assets include security cameras, furniture, ATM machines, phone systems,  conference tables, appliances, desks, chairs and a variety of other business related items.

What many people do not realize is when FDIC takes over a failed bank, they sell the banks assets through auction. If a bank in Illinois fails, the assets are sold by auction, in Illinois. You can bid on items online however, you must pick the items you win through the bid process at the location of the auction, in this example, Illinois.

FDIC appears to use Rick Levin and Associates for their auctions. A real auction is for Park Avenue Bank in New York. You can see what is being auctioned on August 31, 2010 from the Park Avenue Bank in New York here

You can check out all the FDIC bank asset auctions coming over the near future here. Remember, the auctions are not for loans or property. FDIC auctions loans and property in a different manner. You will notice here, there are about 14 bank asset auctions scheduled from today through September 23, 2010. You can set up an account with Rick Levin and Associates and bid on the asset items. Remember, you must go to the location to pick up any winning bids or arrange for shipment through your private sources.