Their Loss, Your Gain, WA State to Auction Off Unclaimed Property Beginning May 13

This is not a real estate property auction, but could be lucrative for you.

 WA State to Auction Off Valuables Starting May 13

The online auction begins Wednesday May 13 and runs through May 20th.  Every year, the WA State Department of Revenue conducts an auction, where valuables that are left in safe desposit and other storage at financial institutions are 'sold' to the highest bidders.

   Why Are they Sold?

These collectible coins, currency, trading cards, jewelry, even artwork, are from financial institutions where people have 'abandoned' their storage.  If a financial institution cannot make contact or has no way of reaching someone who has a safe deposit box, after five years, the contents are removed.

They become the 'property' of the state until the auction.  The James G. Murphy Co. auction house will conduct the auction. The items can be seen online, or in person at their location in Marysville, WA.  If you want to see more about this (and other) auctions, click here.

It's estimated this year about 3,500 separate items will be up for grabs. The state retains the proceeds, or money, from the auction, and once bank and auction fees are subtracted, the remaining funds are given to rightful heirs of the storage owner if they come forward.

 What's The Biggest Reason for 'Forgotten' or Abandoned Safe Deposit Boxes?

The most common reasons for a 'forgotten' or abandoned safe deposit box is death or incapacitation of the box renter.  Often, a person dies and their relatives or heirs don't know about the box. This is especially true of that person doesn't have a will.

Also, if a financial institution merges or closes, and is not able to make contact with the box owner, its contents are removed and given to the state, for future auction purposes.