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Understanding the Auction Process as a Buyer

Auctions should be fun.
  • The most important thing to remember as a buyer at any auction is to have fun biding. Remember there may be many other bidders that want that same item you are biding on so don't get to upset if it goes for more than you want to pay. Enjoy the process and don't take it to serious or you will miss out on the real excitement of the Auction Process. Relax and bid as high as you feel comfortable paying for the item and if it sells for more than that to someone else then you know you did not overprice the item. Auctions are exciting and fun to go to. Anything that sells an Auction will bring what the Market Value of that Item is in your area.
Do your Homework
  • If you are going to an Auction for a specific item that normally sells for more than $50 then do a little homework before going. For Example if you see a riding lawn mower coming up in auction that you need and want to bid on then do a little research before going to auction. The purpose of an auction is not to get more than what an item is worth but to simply get what the market value of the item for sale as the auction. Get the specifics on the lawn mower at the auction and then compare to what a similar lawn mower sells in the classified ads and even new in the store. That little time spent doing you homework will insure that you don't overpay for the item you are bidding on. Remember if you don't do your homework you could also be passing up a real deal. For example there may be a car that is at the auction that sells for $500 and if you had done your homework you might have realized it was worth $1,500 and you miss out on a great deal because you didn't do your homework. If you are buying Real Estate make sure you walk through the building and walk the property before bidding. Real Estate requires a little more time preparing for the auction as a buyer.
Stay alert during the Bidding process.
  • Auctions move fast by design. Most items are sold in less than 3-4 minutes including Real Estate. Don't spend too much time watching the other bidders. Listen closely to the Auctioneer and make sure he sees your bids. You may want to position yourself near an Auctioneer Staff person.
Get to the Auction early for Buyer Registration..
  • If you plan on bidding at the auction you will need to get there early enough to register yourself as a boni fide buyer/bidder. In order to register as a buyer you will need a valid driver's license or proper identification. This process may take longer than you expect if there are a lot of people at the Auction. Nothing is more frustrating than to go to an auction and not be there in time to get a number before they start bidding on the item you wanted.
Auction Announcement .
  • Pre Auction announcements are important and help in understanding what type of auction you are attending. The Auctioneer will explain how he operates, if there are reserves, terms, and conditions of the sale, the method of bidding, and any last minute changes to the Auction.
Working with the Bidder Assistant (Ring Men).
  • The Bidder Assistance also called Ring Men are auction staff members who are positioned among the attendees at the auction. They are there to assist the Auctioneer, spot your bid and assist you with information to help you in your buying decision. You may place a bid by raising your bidder card. It is a myth that bids can be made accidentally by scratching your nose or similar accidental movement. If you did not intend to bid, simply inform one of the Bidder Assistants or the Auctioneer and the mistake will be corrected. Any tie bides or other issues regarding who has the high bid are always resolved by the Auctioneer, who has completed and final authority.
Sold!.
  • From the first bid, things move quickly with bidders offering their bids up to the price they are willing to pay. It is not necessary, nor customary for the Auctioneer to slowly announce, "Going once, going twice etc." When it is determined that the final bid has been made, the Auctioneer will identify and congratulate the high bidder. He will call the bidder number, the price it sold for and the item sold.
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