Learn to Do Well at the Auction

By Gugum Indra Firdaus

learn auction

An auction can be a great place for bargains and a venue where you can get items you are looking for. That is, if you know how to bid right. Here are some pointers you can apply when you are going to an auction.

Inspect the items personally. Deciding whether to bid for an item or not should not be done while looking at the auction brochure. Because no matter how glossy and attractive the pictures are, there is no other way to get the full details on the things or property you want to buy than looking at it in person.

So, before you even think about buying an item at an auction, make sure that you have done a physical inspection. Come to the auction site before the bidding starts. This will give you enough time to decide if the picture you see is really something worth buying.

Bring a friend. Auctions can stir a lot of emotions you don’t need. Bringing someone who remains neutral can give you a tap if you are going out of line.

Set a budget and bring enough cash. Giving yourself a limit on how much you are willing to spend for a particular item should be one of your top priorities. When doing this, consider the total cost including other fees such as repairs, solicitor’s fee, taxes, redecorating or renovation, and mortgage.

Don’t panic. The auction process happens really fast. In a matter of seconds, an item can be sold and in a matter of minutes, the auction is over and you are on your way home. But this doesn’t mean that you go all out and bid on whatever item that is presented in front of you. Stay calm. If you don’t get the item you are after, do not get disappointed. It is better to go back another day and try your luck than to go home feeling sorry about yourself because you have won an item you don’t really need.

Be aware of the auction lingo. The sale is about to close if you here something like, “going once, going twice” And when you hear the hammer raps, the item is sold. Do not wait for this moment before you decide that you want to bid more for the item.

Check out my other guide on : Variable Rate Mortgage and Bidding Auctions.

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Auction Guide for First Time

Bidders

By Gugum Indra Firdaus

auctions guide

When you are going to an auction for the first time, there are specific things that you should know :

1.         Obtain an auction brochure or catalogue. Do this at least a day before the auction date. This ensures that the goods for sale are what you need.

2.         From the auction catalogue, identify what you want. If it’s a car, do your research on its current market value online. Once you know its value on the market, you can set your budget.

3.         At the day of the sale, phone in the auction house and confirm if the auction is going as scheduled as certain auctions can be subjected to last minute cancellations or rescheduling. Phoning in to confirm if the property or an item you are interested in is still on sale is something you should do before going to the auction house as well.

4.         Once you arrive at the auction house, register to obtain a bidding number. You will be asked for your name, address, and contact number and will be asked to pay a deposit or pay a certain amount for the registration fee.

5.         Come early. This allows you to inspect the auction goods properly before the bidding starts. An auction brochure may be helpful in providing information of the goods for sale; but physically inspecting the items before the sale allows you to determine if the goods are really worth any amount of your money. Do an ocular inspection, days before the scheduled auction if it is a piece of property.

6.         Each item is designated with a lot number for easy reference. Take note of these numbers when you are inspecting the goods. The same number will be called during the actual auction.

7.         Before the auction starts, the auctioneer will explain the rules. Listen attentively and keep your ears open for additional information on the goods up for bid.

8.         Once the auctioneer calls for the starting bid, the bidding process begins. Each item may be sold within seconds. Once the lot number you are interested in is called, be alert and stay focus. Do not bid an amount you cannot afford. Stay within your set budget. Most first time bidders get carried away and bid higher than what they have originally planned.

9.         If you have won an item, you will be asked to pay in partial or in full and to give your personal details the day of the auction.

Once it is all settled, you will be asked to sign an auction memorandum. The deal is done!

Check out my other guide on : Home Loan Mortgage Company and Auction types.

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