Buying at auction is becoming more and more commonplace. With all the online sites dedicated to some form of the process, people are realizing they can get great deals while bidding competitively. There are strategies auctioneers use you should understand before entering one of the online Phoenix AZ auctions that are so popular.
With the seller's permission, some auctioneers allow bidders to pre-bid. This is really an offer that an interested party makes to the seller, through the auctioneer, prior to the auction. The seller may accept or reject the offer. If it's rejected, the bidder can submit another bid or wait until the actual auction starts. If the offer is accepted, the auction company will notify all registered bidders that the auction has been cancelled.
It is not unusual to require a bid deposit for an auction of real estate or valuable personal property. In order to eliminate casual bidding and those not qualified to bid at all, auctioneers can require bidders to put down a specific sum of money in order to get a bidder's number. If the high bid is accepted, the high bidder's deposit goes into an escrow account and the other deposits are returned or marked null and void.
You have to place a bid online to start your bidding. Online auctions have beginning and ending times. If the bidding is still active when the auction is scheduled to end, the process is extended. It will keep automatically extending until such time as there is no active bidding. Once you have begun bidding, you will have to keep up with the highest bids if you want to continue to participate.
You can allow the system to bid on your behalf. If you are participating in an auction, and have other things to do, you can put in a proxy bid. This is the maximum amount you want to pay for the item. If you are outbid, the system automatically bids for you, in the smallest increment allowed, and continues to do so until your maximum is reached.
The auctioneer may be bidding against you. It is acceptable for an auctioneer to place bids for a seller. This is done in order for the high bid to reach whatever amount is acceptable to the seller. Reputable auctioneers will not continue to run up the bid once it reaches the reserve.
The reserve price is the amount that is acceptable to the seller. When the bidding reaches this amount, the auctioneer can declare any additional bidding absolute. This means the property will definitely sell to the highest bidder. The reserve price may, or may not, be advertised.
Bidding at auction is a lot of fun, and you can get get some great deals. Being an informed bidder will increase your chances of success. Once you know what you;re doing, and what the auctioneer is doing behind the scenes, you will become an experienced bidder who wins consistently.
With the seller's permission, some auctioneers allow bidders to pre-bid. This is really an offer that an interested party makes to the seller, through the auctioneer, prior to the auction. The seller may accept or reject the offer. If it's rejected, the bidder can submit another bid or wait until the actual auction starts. If the offer is accepted, the auction company will notify all registered bidders that the auction has been cancelled.
It is not unusual to require a bid deposit for an auction of real estate or valuable personal property. In order to eliminate casual bidding and those not qualified to bid at all, auctioneers can require bidders to put down a specific sum of money in order to get a bidder's number. If the high bid is accepted, the high bidder's deposit goes into an escrow account and the other deposits are returned or marked null and void.
You have to place a bid online to start your bidding. Online auctions have beginning and ending times. If the bidding is still active when the auction is scheduled to end, the process is extended. It will keep automatically extending until such time as there is no active bidding. Once you have begun bidding, you will have to keep up with the highest bids if you want to continue to participate.
You can allow the system to bid on your behalf. If you are participating in an auction, and have other things to do, you can put in a proxy bid. This is the maximum amount you want to pay for the item. If you are outbid, the system automatically bids for you, in the smallest increment allowed, and continues to do so until your maximum is reached.
The auctioneer may be bidding against you. It is acceptable for an auctioneer to place bids for a seller. This is done in order for the high bid to reach whatever amount is acceptable to the seller. Reputable auctioneers will not continue to run up the bid once it reaches the reserve.
The reserve price is the amount that is acceptable to the seller. When the bidding reaches this amount, the auctioneer can declare any additional bidding absolute. This means the property will definitely sell to the highest bidder. The reserve price may, or may not, be advertised.
Bidding at auction is a lot of fun, and you can get get some great deals. Being an informed bidder will increase your chances of success. Once you know what you;re doing, and what the auctioneer is doing behind the scenes, you will become an experienced bidder who wins consistently.
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