More and more people are discovering what good deals they can get by bidding at auctions. A lot of this is due to the extremely popular websites that sell goods using this method. All auctioneers use strategy when it comes to selling real and personal property. If you want to be an informed and successful bidder at the online Phoenix AZ auctions being advertised, you need to develop some strategies of your own.
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 place a proxy bid, and the system will bid for you. A proxy bid is the highest amount you are willing to pay for an item. If you are outbid, the system will automatically bid for you, in the lowest increment the auctioneer allows, until it gets to your maximum.
The auction company may be bidding against you. It's not unusual for an auctioneer to place bids on behalf of a seller. They do this to increase the high bid in order to reach the seller's reserve price. Not all states require auctioneers to disclose this. The most reputable ones do. The auctioneer should stop bidding once the reserve price is met.
The reserve price is what a seller has indicated he will take for the item or property. Once the bidding gets to this point the auctioneer can declare an absolute auction, meaning the property will definitely be sold to the highest bidder. It is up to the seller and auctioneer as to whether or not the reserve price is made public.
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 place a proxy bid, and the system will bid for you. A proxy bid is the highest amount you are willing to pay for an item. If you are outbid, the system will automatically bid for you, in the lowest increment the auctioneer allows, until it gets to your maximum.
The auction company may be bidding against you. It's not unusual for an auctioneer to place bids on behalf of a seller. They do this to increase the high bid in order to reach the seller's reserve price. Not all states require auctioneers to disclose this. The most reputable ones do. The auctioneer should stop bidding once the reserve price is met.
The reserve price is what a seller has indicated he will take for the item or property. Once the bidding gets to this point the auctioneer can declare an absolute auction, meaning the property will definitely be sold to the highest bidder. It is up to the seller and auctioneer as to whether or not the reserve price is made public.
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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