Auction Tips
"IN PERSON"
Bidding Auction Tips
The word "Auction" comes from the Latin word "Auction" which means "to
gradually increase".
Don't bid more than an item is worth! Get a good or great deal at every auction
and surely don't bid more than you can afford.
An Absolute Auction is an auction where the merchandise or property is sold
to the highest bidder with no minimum bid (price) for the property. At an
absolute auction, the seller is not allowed to bid personally or through another
representative on any of their own property. The only exception to this rule
is that if it is a "forced sale".
Whenever bidding at any auctions, if it say's "EXPORT ONLY" on any items,
the winning bidder is responsible for shipping those items out of the US when
the auction is over. The Bid Winner has 30 days to export the property out
of the United States.
One of the best times to attend an auction is on rainy or cold days when the
turnout is low and other bidders are inconvenienced by the weather or other
things like holidays or special events.
Try to stay to the end of all the auctions. That way, most of the bidders
have left and the others bids and are even lower.
Some of the best auctions with incredible deals are those that have little
or no public advertising whatsoever. Some people refer to these as "Hidden
Auctions".
Before bidding on a vehicle, attend the pre-auction inspection first. Look
at the mileage, start the vehicle (if allowed), and take notes on any defects
or damage you see. Before bidding on any vehicles you are interested in, check
the blue book value (NADA or Kelly Blue Book), make sure you don't bid more
than the vehicle is worth.
The condition of merchandise to be auctioned is rarely listed with what is
being auctioned. If you are traveling a long distance to attend any auction,
you should call ahead of time to get any additional information you may want
or need. The auctioneers are very helpful and are happy to answer any questions
you may have about any upcoming auctions. This will save you a long and possibly
unproductive trip.
Some auctions require Bank Letters Of Credit. This is simply a letter from
a bank certifying that a named person is worthy of a given letter of credit.
This may be required to bid at an auction, especially if the items may run
at a higher price, such as vehicles or houses. I suggest you call prior to
an auction and see what forms of payments are accepted. That way when you
find the car or home of your dreams at a price far below the retail cost,
you will be able to buy it because you thought ahead and had a Bank Letter
of Credit!
"ONLINE" Bidding Auction Tips
Tips for Buyers...
Despite complaints of fraud, online auctions remain a fun, efficient and
relatively safe way to do business - if you act prudently. Here's how:
Before Bidding
- Become familiar with the auction site. Never assume that the rules of
one auction site apply to another. If the site offers a step-by-step tutorial
on the bidding process, do it. It may save you frustration and disappointment
later.
- Find out what protections the auction site offers buyers. Some sites provide
free insurance or guarantees for items that are undelivered, not authentic
or not what the seller claimed.
- Know exactly what you're bidding on. Read the seller's description of
the item or service, and if a photograph is posted, look at it. Read the
fine print. Look for words like "refurbished," "close out," "discontinued,"
or "off-brand" - especially when shopping for computer or electronic equipment
- to get a better idea of the condition of the item being auctioned.
- Be wary of claims about collectibles and other expensive items.
- Understand how the auction works. Many online auctions simply list items
that people want to sell. They don't verify that the merchandise actually
exists or that it is described accurately, and they can't guaranty that
the sellers will keep their promises.
- Try to determine the relative value of an item before you bid. Be skeptical
if the price sounds too low to be realistic. "Brick-and-mortar" stores and
price comparison sites may be good for reality checks.
- Find out all you can about the seller. Avoid doing business with sellers
you can't identify, especially those who try to lure you off the auction
site with promises of a better deal. Be aware that some fraudulent sellers
may use a forged email header that makes follow-up difficult, if not impossible.
Get the seller's telephone number so that you have another way to get in
touch. Dial the number to confirm that it is correct. Some auction sites
post feedback ratings of sellers based on comments by other buyers. Check
them out. Although these comments and ratings may give you some idea of
how you'll be treated, know that sometimes, comments may be submitted by
the seller or "shills" paid by the seller.
- Consider whether the item comes with a warranty and whether follow-up
service is available if you need it. Many sellers don't have the expertise
or facilities to provide services for the goods they sell. If this is the
case with your seller, be sure you're willing to forfeit that protection
before placing a bid.
- Find out who pays for shipping and delivery. Generally, sellers specify
the cost of shipping and give buyers the option for express delivery at
an additional cost. If you're uncertain about shipping costs, check with
the seller before you bid.
- Check on the seller's return policy. Can you return the item for a full
refund if you're not satisfied with it? If you return it, are you required
to pay shipping costs or a restocking fee?
- Email or call the seller if you have any questions. Don't place any bids
until you get straight - and satisfactory - answers.
When Bidding
- Establish a top price and stick to it. This can help ensure that you get
a fair price and protect you from "shill bidding." Don't bid on
an item you don't intend to buy. If you're the highest bidder, you're obligated
to follow through with the transaction. Some auction sites bar "non-paying"
bidders, also known as "deadbeats," from future bidding.
- Save all transaction information. Print the seller's identification; the
item description; and the time, date and price you bid on the item. Print
and save every email you send and receive from the auction company or the
seller.
Before Paying
- Know and understand what form of payment the seller accepts. If the seller
accepts only cashier's checks or money orders, decide whether you're willing
to risk sending your payment before you receive the product.
- Protect your privacy. Never provide your Social Security number, driver's
license number, credit card number, or bank account information until you
have checked out the seller and the online payment or escrow service, if
you're using one, to ensure legitimacy.
- If the seller insists on using a particular escrow or online payment service
you've never heard of, check it out. Visit its Web site. A site that is
generally of poor quality with, say, misspelled words or claims that the
service is affiliated with the government, is suspect. Call the customer
service line. If there isn't one or if you call and can't reach someone,
don't use the service.
- Before you agree to use any online payment or escrow service, read the
service's terms of agreement:
- If it's an online payment service, find out whether it offers buyers
any recourse if sellers don't keep their end of the bargain, whether
it prevents sellers from accessing their funds if buyers are not satisfied
with the product, and who is responsible for paying for credit card
charge backs or transaction reversal requests. If the online payment
service cannot recover the loss from the seller, it might try to recover
its loss from you, using the credit card or bank account information
in its file. To limit your exposure, consider reserving a separate credit
card, stored-value card or bank account to use just for online transactions.
- Examine the online payment and escrow service's privacy policy and
security measures. Never disclose financial or personal information
unless you know why it's being collected, how it will be used, and how
it will be safeguarded.
- Be suspicious of an online escrow service that cannot process its own
transactions and requires you to set up accounts with online payment services.
Legitimate escrow services never do this.
- Check with the Better Business Bureau, state attorney general or consumer
protection agency — where you live and where the online payment or
escrow service is based — to see whether there are any unresolved
complaints against the service. Keep in mind that a lack of complaints doesn't
necessarily mean that a service has no problems.
Auction Rules
Internet auctions are online bazaars. Some are the scenes of business-to-person
activity, where a Web site operator physically controls the merchandise for
sale and accepts payment for the goods. But most specialize in person-to-person
activity where individual sellers or small businesses auction their items
directly to consumers. In these auctions, the seller — not the site
— has the merchandise.
The person-to-person sites require sellers to register and obtain a "user
account name" (or "screen name") before they can place items
for bid. Sellers also must agree to pay a fee every time they conduct an auction.
Many sellers set a time limit on bidding and, in some cases, a "reserve
price" — the lowest price they will accept for an item. When the
bidding closes at the scheduled time, the highest bidder "wins."
If no one bids at or above the reserve price, the auction closes without a
"winner."
At the end of a successful person-to-person auction, the buyer and seller
communicate — usually by email — to arrange for payment and delivery.
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