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.
It is possible to bid before the auction actually starts. This only happens with the seller's permission however. You can submit an offer to a seller for acceptance or rejection. If you offer is rejected, you can increase it and submit it again or wait for the auction to start. If your offer is accepted, the auctioneer notifies the registered bidders and cancels the public auction.
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.
In order to activate your auction account, you have to place a bid. Online auctions begin and end at certain times. If there is still active bidding when the auction is supposed to end, the system automatically extends the ending time to allow participants to keep bidding. Once there has been no activity for a specified time, the auction ends. Most online auction systems notify bidders when they have been outbid.
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.
It is very common for the auctioneer to bid on behalf of a seller. This is done in order to get the high bid up to the amount a seller will accept. Not all auctioneers disclose the fact that they are doing this The most reputable ones will. The reputable ones will also stop bidding as soon as the high bid reaches the seller's reserve price.
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.
Auctions are a lot of fun and a great way to purchase items below market value. It's important to be an informed bidder however. If you are not you might get caught up in the moment, and the competition, and end up paying way too much.
It is possible to bid before the auction actually starts. This only happens with the seller's permission however. You can submit an offer to a seller for acceptance or rejection. If you offer is rejected, you can increase it and submit it again or wait for the auction to start. If your offer is accepted, the auctioneer notifies the registered bidders and cancels the public auction.
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.
In order to activate your auction account, you have to place a bid. Online auctions begin and end at certain times. If there is still active bidding when the auction is supposed to end, the system automatically extends the ending time to allow participants to keep bidding. Once there has been no activity for a specified time, the auction ends. Most online auction systems notify bidders when they have been outbid.
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.
It is very common for the auctioneer to bid on behalf of a seller. This is done in order to get the high bid up to the amount a seller will accept. Not all auctioneers disclose the fact that they are doing this The most reputable ones will. The reputable ones will also stop bidding as soon as the high bid reaches the seller's reserve price.
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.
Auctions are a lot of fun and a great way to purchase items below market value. It's important to be an informed bidder however. If you are not you might get caught up in the moment, and the competition, and end up paying way too much.
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