An auction is a popular selling method for houses, especially for the owners of foreclosed homes, due to its many benefits. It is the quickest way with the highest guarantee of sale. Here are some guidelines that will help you determine whether you should auction your house or not.
Which Properties To Sell
There are several types of properties that are best sold at auctions rather than under normal circumstances. They include:
Houses That Are Hard To Sell Through Conventional Means: There are certain types of houses that simply can't be sold through the open market fast. These include those that are in really bad shape and have received no repairs over the years, properties that have very unorthodox designs and those that don't receive good advertisement. All of these types could have a fair chance of getting sold through an auction.
Houses That Have No Definite Value: These are houses that are marked for their distinctiveness but are rather hard to sell on the open market.
Foreclosed Houses: Owners of foreclosed homes usually resort to auctioning their houses for faster sale to compensate the expenses, the unpaid bills and sometimes even to save the house itself from being foreclosed.
Highly-Demanded Properties: Popular houses get exceedingly higher selling prices when auctioned.
Evaluation Period
This entails the process of assessing your property and the potential auctioneer/s. Before you decide to sell it at auction, it is best to shop around for auction houses that fit your requirements. Have your property evaluated first so you'll know what is the reserve price of your house and the total value you should get after the auction. Then, check the price range of the properties that the auctioneer offers. This way, you'll be able to increase the possibility of getting a satisfactory deal for your property.
Properties at auctions are sold as-is but the owner has the option to increase its value first. For example, repairs, doing a bit of cleaning and restoring the property will actually increase its selling price.
Knowing The Cost
Auctioneers don't come free. They charge their clients for the brochures, advertisements and the general services they provide whether the house is sold or not. Also, you might pay a minimum commission of 2.5% from the sale of the house. To get around the unsolicited expenses and the payments that you may not expect before and after the auction, negotiate well with the auctioneer and read everything before signing anything.
Selling Proper
Before offering the house for auction, set the reserve price first - this is the starting bid for the property. Consult with your auctioneer before setting the reserve price. Second, arrange the contract. Finally, prepare the property for viewing by willing bidders.
Selling itself will occur during the auction. Potential buyers will bid on it. The one with the highest bid wins and the sale is official and legally binding.
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How To Profit On Selling Real Estate At Auctions
Auctions of real estate are not only done by people who are distressed about their mortgage fees but also by people who want to make a profit on their own properties. And what is the best way to do it? Real estate auctions.
Real estate auctions create the buzz and interest that may not be had through conventional selling on the open market. Sometimes, this type of merchandising your property may even increase its actual value due to bidding wars that often happen during auctions and by the attention the auction gets. Furthermore, bidding occurs only in a day so any willing buyers will have to compete with other more willing buyers to get the property they want.
Here's how you can profit from selling your real estate:
Preparation
To maximize profit, prepare your house for selling. Spruce up the property and make it look good to willing buyers. Paint the exterior and interior, landscape the garden, clean up and put away things that do not look good around your house. These little investments will go a long way in increasing your home's value.
Evaluation
Have your house evaluated by a realtor or real estate agent. If you do not want to throw in some cash, try to research on the general value of the properties in your neighborhood. Compare it against houses with similar amenities. This will give you a rough estimate of how much your house is worth.
Auctioneer
Prepare a meeting with professional auctioneer who offers similar properties like yours. This way you'll get the best value and maximized exposure. Ask for several references. Also, try to attend some of his auctions so you'll know the potential buying capacity of his regular bidders, his performance and his capacity to sell your house.
Then hire the best auctioneer that you can afford. Your best choice may require you to pay a lot more than hiring regular auctioneers. However the best people in this business have the best capacity to attract more interested people in buying your property.
Before signing any contract or agreement be sure to read the fine print. You never know what you will run in to. Also, be sure to note how much commission you will give him and other expenses that you may have to pay during the entire process.
Lastly, with the help of the auctioneer set a reserve price for your house. This is the least amount of money that you will get from auctioning your house.
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Police Auction: A Place To Get Bargain Items!
Everyday all across the country, police agencies like county sheriff departments, police departments, local police agencies, and federal law enforcement agencies acquire lost, abandoned, confiscated real estate, motor vehicles, and other personal properties from different private owners as a result of arrests, forfeitures or plain neglect on the part of the owner. When left unclaimed for a certain period of time or when proven that they are acquired illegally, these items go to police auction.
Police auction is no different from other types of auctions held by privately-sponsored auction houses. You go to the site, inspect the auction goods, bid, win, pay, and go home happy. The main difference is, unlike all other types of public auctions, you do not have to pay a registration fee in order to place a bid. All you have to do is to go to the location and bid.
You may have heard of claims saying that you can drive home an almost new car for just a couple hundred dollars. While this may seem to be too good to be true, there is a truth behind it.
One reason why these goods are being sold dirt cheap is because police agencies really have no use to them. So instead of putting these goods in their storage or at their garage, it is more reasonable to dispose them through public auction. Besides, storage cost are very high.
Another reason for this is that police auctions are not as popular to many as most people are more aware and would certainly go to online auction sites and privately-run auction house. As a result, there are less people that participate in the bidding. This keeps the price of the auction goods low and if you are lucky enough, you can get the item without dealing with the competition.
Third, many goods on sale at police auctions are not appraised. Meaning, the minimum bid is not based on the current market value of the goods. Thus, there is a possibility to get items at the least possible price.
Finally, there is a negative notion that goods being sold at police auctions come from criminal. While this is true, most of the items here do not have bad history of ownership. Still, most are discouraged to go to police auctions.
Police auctions are held on announced schedules. You can get auction schedules on the police agencies' offices, community boards, local newspapers, and police websites.
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How To Buy A House At An Auction
There will always be a home seller or a home buyer. If you are the buyer, purchasing a home from an auction might be your best shot for a great deal. However, you should make some preparations to maximize your chance of getting the property you want at a discounted price.
Research:
Knowing what you are buying will equip you with the best judgments on how to deal with the owners, how much your highest bid will be and your expectations regarding the house itself. Try to get some information about the house. It is much easier to get information on a foreclosed house that is being sold by the owners. If it is being auctioned by the bank or the government, public information may be limited. If you are just looking for a house to buy at an auction, check the title company for information or the county recorder. Also, houses being auctioned are advertised through auction websites. Auction catalogues could also be a good source of information on the reserve price, the starting bid and the maximum price of the house being auctioned.
Compare:
If a house is foreclosed in a certain area, chances are there are other houses being sold in the same area. The prices of such other properties may be good estimates of the property's actual value. When comparing, assure that you are putting similar properties in comparison. Get down to the specifics- how large is the property, what is the lot area, what are the amenities, what is the estimated cost of repairs and others. For more reliable predictors, compare the property being auctioned with properties lying within 3 miles.
Financing:
When buying at an auction, it is not always necessary that you are buying with your own money. You could also get financing from money lenders and mortgagors. However, there is a danger to this- you have to pay the interest of their money on top of the total amount of money you are borrowing. That might hurt your finances a bit. Nonetheless, you must be ready to put some money down as a deposit if you win the auctioned house.
Pricing:
Once you consider bidding on a particular property, start setting your price limit. Remember that the reason you are at an auction is to save some money while getting the property you want. If you cannot achieve this then it is senseless to buy from an auction. Try not to join a bidding war if it occurs. This will increase the price unreasonably with you on the losing end.
Walk Away:
To every house that is being auctioned, there will only be one person who will win it over the others. Thus your chances of winning the auction is a lot lower than you might expect so be prepared to walk away.
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How To Prepare Your House For The Auction
While repainting your house, refacing your kitchen cabinet doors, and scrubbing your bathroom tiles do not increase the value of your home, it certainly will improve its appeal and attract potential buyers. Remember that when your house looks goods, fresh, and clean inside and out, more people will consider buying it.
So, if you have decided to sell your house at an auction, spend some time, thoughts, and perhaps money in polishing up your home.
Repairs.
Before opening your house for viewing, make sure that any minor and major flaws that are considered as eyesores to potential buyers are addressed.
- Clean stains on the floor, on the wall, and the ceiling.
- Replace broken or defective door handles of the closet, drawers, and cabinets.
- Replace dead light bulbs.
- Check all doors, windows, drawers, cabinets, and cupboards. Make sure that they all open and shut well.
- Fix any water leaks.
- Fix the roof.
- Trim the garden grass, bushes and trees.
- Dispose of all your garbage properly.
- Keep the bathroom floor and kitchen sink dry.
- Fix the doorbell if it is defective.
Refurbishments
Most of the time, minor details can influence potential buyers to seriously consider your home. Find a feature of the house that can really make a difference and highlight it more. It could be your fireplace or patio.
Give A Good First Impression.
Some potential buyers take the front porch, front garden, and the facade of the house as a major consideration when buying a home while others simply want a good first impression. Bottom line: you need to clean or even improve the front of your house so that you can attract more potential buyers.
Keep Your House Furnished.
The more organized your house is, the more saleable it becomes. A house looks good if it is furnished; but avoid over decorating. Remove all the clutter from the rooms. Do not exaggerate the space. Clean out your closets but do not remove everything. Leave a few things inside. Also, your furniture arrangement should be cohesive with the structure of the house. Remember, many potential buyers rely on what they see inside your house upon viewing and not on what it will look like once they have bought the property and move in with their own furniture.
Once you have ensured that your house is ready for viewing, it is time to sell it at an auction.
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How To Prepare Yourself For Buying At An Auction
Maybe you are considering the option of buying at an auction. It may be a car, office supplies, an addition to your collection or real estate property. Whichever is your choice, you certainly have to undergo some basic auction preparations. Here are the general ideas:
First Step - know the type of item you want and the respective auction where it is showcased. Almost everything under the sun can be bought at an auction. If you want second-hand cars, you must go to auto auctions. If you opt for buying an old building you need a real estate auction. If you have no concrete idea of what to buy, it is best to go to government auctions where they sell just about everything at very low prices. There are also high-end and low-end auctions. Each showcases various items and properties that differ in price ranges.
Second Step - know the rules of the auction house. Each type of auction has a number of auction houses and each auction house has its own rules. If you are a first-time bidder, it is in your best interest to do your homework first and research on the purchasing or selling rules of the auction house. Most auction houses require registration fees from their participants. This could be withdrawn after the auction. Also, many auction houses require a buyer's premium from bidders who've won the item.
Third Step - know the timing. Auctions vary in timing, they could last anywhere from several minutes to days. The candle auction, for example, usually lasts around 15 to 20 minutes until the candle burns out completely while a real estate auction may last up to 4 days.
Fourth Step - check for the inspection time and maximize it. Some auction houses allow viewing time to give the potential buyers the chance to inspect the items they want to bid on. However many auctions do not provide this privilege especially if catalogues are given out.
Fifth Step - decide on what items you will buy. Once you see the items, pick out the ones you want to bid on and calculate how much you are willing to pay for them. Then set your price limit and stick with it. It is easy to get swept up by the excitement of bidding so be sure to guard yourself against this. If you let your emotions decide for you, you might be buying things you didn't intend to buy or pay more than you can afford.
Sixth Step - register. Almost all auction houses require their bidders to register. You may register beforehand or right before the auction. Before you register, prepare to spend some money.
Finally - start bidding and remember the preparations you've had. If you have a plan, don't diverge from it.
How To Sell Your Item At An Auction?
The process of selling an item at an auction is pretty straightforward. You choose an auction house, know the conditions before signing an agreement, and stand back and wait until your item is bought.
Choosing an auction house is crucial for the sale of your item. Landing a wrong one greatly reduces the chances of getting a favorable sale. As much as possible, pick an auction house that sells items similar to yours within the same price range. There are privately-run auction houses that sell specific items such as jewelry, antiques, artwork, vehicles, or vintage cars. There are others that sell miscellaneous goods. Do some thorough research on the auction company carefully before selling your items through them.
Knowing and understanding the conditions set by the auction house before signing an agreement is important.
There is a cost in placing your item in an auction. One is the commission of the auction house on the sale it has made on your behalf and the other is for the advertisements in catalogues and brochures regardless of whether your item is sold or not.
Keep in mind the things you need to prepare including the reserve price, the contract, and opening your property for viewing (especially if it's a house).
A reserve price is the lowest amount at which you are willing to sell your item. To determine how much your reserve price is, you need to have your property appraised. It is based on the actual market value of the item you are selling. It protects you from selling your item when the final bid is lower than your intended amount of sale. Auction houses charge a fee when setting a reserve price.
The contract contains your terms and conditions of the sale which should be prepared by the solicitor of the auction.
If you are selling a property, have it opened for viewing. This allows potential buyers to inspect the condition of the house.
Once the auction starts, you have no control over your item. An auction is a highly volatile marketplace and the final price is dictated by the bidders. You may get a good deal but if the demand is low, you might end up selling your item at a low price.
One important fact: Whether your item is sold or not, you will pay the auction company. Calculate carefully if it is worth it to sell your items through an auction.
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Must-Know Things About Car Auctions
Investment wise, buying a car at an auction is a smart move. But this should be done with extreme care because public car auctions have inherent risks and benefits. So before you jump in with your bid it is best that you are equipped with necessary knowledge about auctions. It is not all about finding great deals, it is also about dodging the possibilities of getting not-so-good ones.
First with the cars. Cars at auction are generally cheap. However, the mechanical condition of the cars suffers. You won't know whether the car has mechanical defects or whether the paint is original or not until the buyer tests it. The problem with car auctions is that not all auctions have a viewing time. Meaning some auctions will not allow the potential buyers to inspect the cars they are eyeing. Also, many organizers do not allow test-drives. Thus, any potential buyers are not certain whether the deal they are getting is good or bad.
Also, the cars are auctioned as-is. If the car has a dent then you'll be buying that dent along with the car. Nearly all auction organizers do not bother on fixing the car before they bring it to the auction site.
Second, the extra charges. These may be small and can be easily dealt with however, for many buyers paying extra cash for some fees that they were not prepared for could spoil the deal. Paying the buyer's premium, a fee charged to the person with the highest bid, could sometimes cost a couple of hundred dollars.
Third, the type of car auctions. There are several types of car auctions and these provide features that may not be had from other types. For example, there are auctions specializing only on second-hand cars, there are those that sell vintage cars and there are others that attract people wanting to buy salvaged cars. The buyer will then have to decide the options that suit him best which will let him get the best deal.
Fourth, knowing where to look for auctions. Different auction houses have different mediums for relaying their activities to the public. In short, there are many places to look for when wanting to find auctions. Advertisements are commonly found in radio announcements, local TV networks and car sale magazines.
Lastly, the car auctioneers. A lot of car auctioneers are reliable and reputed for their good services but some of them are not. So ensure to it that you go to auctioneers that operate on regular basis but sometimes, even that is not an assurance that you are getting the best deals.
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Understanding How Silent Auction Work
A silent auction is a fundraising method that is commonly used at charity events. It is different from the usual auction wherein an auctioneer calls the price from people who raise their hands or numbers to bid for a particular lot. Silent auction is often the preferred way of raising money as it does not detract people from the event.
At a silent auction, a table or a display that shows the items or services on sale is set up for the people to see. Some items or services may have a minimum bid as they may be of high value. A paper is usually located near the item where the bidders can write their names and the amount they are willing to buy the goods. Some silent auctions have one receptacle to hold the bids for all the goods on sale; others have individual container for each item. The choice however, is really up to the host.
The display gives the chance for the bidders to view all the items during the event and select which among the items they would like to bid.
At a silent auction, previous bids can be shown publicly through a bidding sheet. This allows other bidders to know that they need to bid higher in order to bring home the item. This also gives the bidder a chance to review the current bidding sheet and place their final offer prior to the closing of the auction.
Similarly, the bids at the silent auction can be kept privately throughout the event. All the bids will be calculated at the end of the auction and the highest bidder wins the item for whatever amount he or she has written.
One similar auction website that runs on the same principle as silent auction is eBay where people can see the item and place a bid higher than the previous one made by others.
A silent auction has an advantage over the regular form of auction. Since it is mostly used at charity events, silent auction eliminates the need to hire a professional charity auctioneer.
However, it has drawbacks. A regular auction capitalizes on impulse of the buyers to bid for the items in a very short amount of time. Silent auctions on the other hand allows bidders to consider the amount of their bids longer.
More often than not, charitable events use both silent auctions and regular auctions to take full advantage of both systems.
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Vehicle Auction FAQ
What Is A Vehicle Auction?
A vehicle auction is a type of auction that specializes in selling all types of vehicles such as cars, trucks, SUVs, and motorcycles.
Are Auction Houses Selling Vehicles 90% Off Their Current Market Value?
Buying a car 90% off its market value sounds unbelievable but it is actually true. An auction is a very volatile marketplace and the price depends on the willingness of the bidders to buy a vehicle for a certain price. If you're the only person interested in a certain vehicle, you can buy a car at the cheapest price. Competition can drive the price of the car higher that its current market value, though. Driving home your next car at a dirt cheap price may be possible but is not an everyday affair.
Where Are Vehicle Auctions Held?
Vehicle auctions are being held all across the country everyday. Auctions are held at the following places: police agencies like county sheriff departments, police departments, local police agencies, federal law enforcement agencies; different government agencies including but not limited to U.S. Bankruptcy Court, State Tax Department, Customs and Border Protection; and privately sponsored auction houses. Schedules of auctions are posted and announced on websites, brochures, newspaper listings, and agency offices.
Do I Need To Register?
Yes. Before you can participate in vehicle auctions, you must register and a registration fee is required. This is done at the auction site on the day of the auction.
Do The Vehicles Have Warranties?
Most auto auctions do not provide "in-house" warranty; however, if it is applicable, the manufacturer's warranty is transferable.
Can I Test Drive The Vehicles?
During the auction preview, potential buyers are allowed to inspect the condition of the vehicles but are not allowed to test drive the vehicles. However, bidders are allowed to check the condition of the engine, heater, air conditioning, and other accessories while the engine is running.
How Can I Pay For My Vehicle?
The following are the most common forms of payment: credit card, cash, credit union cashier's check, cashier's check, and traveler's check. However, you should consult with the auction house and ask for the accepted modes of payment.
Can I Back Out From The Sale After I Have Won The Vehicle?
When you win a vehicle, you are legally and contractually bound to pay at a specified period of time. If you fail to pay for the car, you will be obliged to pay for additional fees and penalties identified on the conditions of sale.
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Items For Auction: What Are They?
An auction is basically offering a property to all willing bidders and awarding it to the one with the highest bid.
Traditionally, auctions were a form of selling women to those who wanted to buy slaves or wives. The beautiful ones naturally got the higher prices while those without beauty had to pay the auctioneer to get listed on the auction. These days, however, auctions have become a popular substitute for the open market. While anything can be auctioned, there are several kinds of merchandise that yield the highest sale when put to auction.
Antiques
Antiques are popular among collectors. These could include items like watches, clocks, jewelry, historical items, furniture and others. There are so many different reasons why people are interested in antiques. Usually history buffs have the highest tendency to collect items with historical value or significance. Possibly someone who has been given an old article or item and just wants to expand his collection of the same thing. For example, someone who is fond of collecting potteries or porcelain from various periods of American history will find it relatively easy to obtain more of these items from auctions. Auction houses are one of the vast sources for collector's items.
Fine Art
Paintings and sculptures are staple items sold at auctions. Both buyers and sellers find it easy to dispose and hunt items that are artistically made through auctions.
Collectibles
Medals, coins, postcards, stamps, memorabilia are among the collectibles sold at auctions.
Property
Foreclosed properties are usually offered at auctions to help previous owners generate funds that will cover unpaid bills. While this may be popular due to the rise of home foreclosures in the past five years, many buyers find it hard to get homes that satisfy their dreams. But this does not negate the fact that auctioned homes could provide you the chance to get your dream house at a discounted rate.
Household
Carpets, garden equipment, beds, furniture and appliances could be bought at auctions. For people who have the need to dispose of their unnecessary household equipment, auction could be a good alternative to a garage sale. For willing buyers, auctions could get them the best deals without the frustration usually experienced at flea markets.
Consumables And Agricultural
Wines, beers, produce, and even fish are popular items found at auctions. In Japan, for example, excellent choices of fish are auctioned daily in their larger markets.
As you may notice not everything can be auctioned. In short, only merchandise, properties and real estate can be sold at auctions.
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I Won Something! What Now?
First things first: different auction houses have different ways on how to go about the process of collecting payments for the goods they have sold. Thus, it is a must that before you even begin to bid for something, you need to carefully read and understood the payment process.
These differences, however, may just be on small details. Generally, auction houses employ similar procedures of collecting payments.
The highest bidder will be asked to sign an auction memorandum or a sales invoice, or a paper signifying that he or she has won the item.
When a person wins an auction lot, he or she is required to pay for it immediately or pay within a period of days indicated on the terms and conditions of the auction company. Some auction houses require the winning bidder to pay for the lot at the end of the day or right after he or she has won the lot. Other auction houses give the highest bidder a few days to complete the payment. Other auction companies can give the highest bidder as long as 28 days to fulfill the payment obligation.
The type of auction goods often dictates how long the payment should be completed. Home furnishing items, motor vehicles, consumer electronics, and apparel among others are often required to be paid for immediately. Since there are papers that need to be furnished to complete the sale of real estate properties, the payment often takes longer than the others.
Payment conditions depend on the amount of the item sold. Many auction companies set price ceilings for certain items to identify which payment method to use. For example, an auction house can require the highest bidder to pay in cash if the item he or she has won is $1500 or below.
Modes of payment accepted depend on the auction company. The widely used payment is cash. The following can also be acknowledged as a way in paying auction goods: wire transfer, credit card (MasterCard, Visa, American Express, and Discover) cashier's check, credit union cashier's check, and traveler's check among others. It is important to check with your auction company which forms of payments are recognized.
An auction is legally binding. Once you win something, you cannot back out and refuse to pay. Refusal to pay for the item you have won has consequences including penalties and additional fees. Again, read the terms and conditions of the auction before bidding.
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Learning The Auction System
This is a guideline that will help you understand the bidding process more. This does not discuss the exact process per se but the things that you should practice if you want to be successful in bidding at auctions.
Preparation Period
Research is a valuable means by which you could make your decisions from. Gathering some information from all kinds of resources- the bidders themselves, the auctioneers, the catalogue, online information and thorough study could make the difference between getting a great deal or a not-so-great one.
Attending local auctions could also equip you with first hand information that is useful once you hop into the real deal. Most states hold regular auctions, it is best to attend some first to experience how they works.
You cannot join an auction if you don't have the buying power. Arrange your finances first. If you are buying something big- say real estate or foreclosed property- you should try to seek effective financing.
Decision-Making Period
All bidders have their reasons why they go to auctions instead of purchasing from other traditional methods. You should first determine your own reasons for using this option for buying. Are you after used cars and want to get them at the lowest possible price without the tedious negotiation process? Do you want to buy a home but you don't have enough money? Or are you fond of buying just about everything at discounted prices?
There are several types of auctions and each caters to a different audience. Government auctions, for example, provide the main advantage of offering the public excessively discounted items. A fine arts auction is a high end type of auction which caters to artists and collectors who want to buy art works. Antique auctions, on the other hand, are popular among collectors of old and sometimes historical objects. On your end, you should first decide why you are buying at an auction.
Buying Period
This period may begin once you have determined what you want to buy and the auction sites that you visit.
Most auction sites have their websites where they announce their activities. Use these to get more reliable information.
Buying will actually begin with bidding on the item. But prior to that, you should first establish the price limit you are willing to pay for the item you want. Also, prepare a mental plan that you want to follow and stick with it. Use this plan while bidding, it will help you become more critical of your decisions.
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Making The Most Of Government Auctions
Auctions sponsored by the federal government are the best places to get great deals. Imagine buying a fine set of jewelry for a fraction of the original cost. But like most auctions, government auctions have their own pitfalls. Here are some things to remember when considering government auctions:
Well-Known But Not Advertised
While you can get the real deal from government auctions, there is too little information about it. The government does not bother too much on advertising the auction dates and the items it would be offering. In fact, it is not bothered whether or not the auction will yield profit. All it wants is to get rid of the seized properties and merchandise and sell it to the willing public.
So if you are wondering where to find such auctions, it is best to visit Link ="http://www.usa.gov">www.usa.gov and start your research from there.
No Assurance
The disadvantage of buying at an auction is that you will never know whether the item is in its best condition until you have bought it. The same is true with government auctions. The items sold at such auctions could range anywhere from abused to mint condition. The bad part is it is too seldom that the items to be auctioned will be allowed for inspection. Chances are you won't be able to test drive the car you are eyeing, the most you can do maybe is to test if it starts. The auction organizers, in fact, do not test the items before they put them into auction so don't count on anything.
Competition
A lot of people attend government auctions so you should brace yourself for tough competition. Bidders range from high-end to low-end buyers and you may be up against people who have higher buying power than you.
Intense competition could lead bidders to overbid, which is not really advisable. Overbidding may lead to paying more than you should.
Phonies
Some government auctions are not really sponsored by the government, there are also some phonies out there. To know if the auction is legitimate or not, the best course of action is to check on the website stated above and contact the agency that is being represented by the auction.
Previews
As said earlier most government auctions do not allow previews. This does not mean that all auctions do not provide viewing time. If you are planning to bid on hundred dollar-items you should give yourself the assurance of examining them ahead of time.
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Property Auction: How To Decide How Much To Bid?
Buying at an auction is often a much faster and easier way to own a property. However, as fast and as easy things may appear, there are jobs that need to be done; including setting the highest amount you are willing to pay for the property.
Here's how to decide how much to bid...
First, once you see the property you are interested in, call the auction house and arrange the viewing. This way, you will be able to decide according to the present condition of the property. Initial impression will give you a good idea (a personal estimate), how much you are willing to pay for the property.
Then, consult your mortgage lender and tell them about the property. They will not lend you money unless a survey or an appraisal is conducted. Know how much you can afford to borrow from your lender
Third, know its market value through an appraisal. This may not give you the exact amount you are looking for but property valuation will give you an idea on how much you should really pay for the property.
Also factor in the deposit you can afford. Usually, the least amount that the auction house accepts as down payment for the property is 10% of the final sale.
Compute the possible repair cost. Properties that are sold at auctions often come from repossession, foreclosure and bankruptcy. So it is likely that they may not be very well-maintained. And to make it livable, you need to do some repairs or renovation. Hire a professional do an estimate on the cost of the repairs. Include the cost of repairs on the highest amount of your bid.
Take into consideration several fees including survey fee, valuation fees, mortgage indemnity guarantees, arrangement fees, solicitor's fees, mortgage broker fees, lender fees, stamp duties, moving cost, auction registration fees, insurance, auction house commissions, and the cost of selling your previous home.
Once you have the figures from every detail you need including the price of the property, the cost of repair, and the extra expenses necessary to by the house, you should be able to identify the highest amount you should pay for the property.
Basically, determining how much you should pay for a property at an auction is similar to setting your budget when you buy property from an agent. The difference is, the price is not definite and will depend on other participants at the auction.
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Pros And Cons Of Silent Auction
Silent auction is a common method to raise money at charity events. But before you adopt this system to your own charitable gathering, first take a look of its pros and cons. This will enable you to know how to adjust and make everything work for your advantage.
There are two ways to run a silent auction: first is by keeping the bids private and the other is by showing publicly through a bidding sheet the previous offers made by other individuals.
Pros
It gives no clue on how much the bids of others are. If the bid history is not written and displayed on a bidding sheet, others bidders will have no clue on how much they have to write in order to get the highest price to win the item. This can result in surprisingly good price returns.
Usually, the auction is just a part of a charity event. Thus, a silent auction will not detract people from entertainment as items are not being called by an auctioneer; instead, items are displayed for people to view and later, bid.
The bidding sheet includes the previous bids made together with the name of the bidder. If this is the case, individuals will think about the price they'll write in order not to draw negative reaction from others.
Cons
Long bidding process may give bidders time to consider the amount they are going to write. This is unlike regular auction that capitalizes on the impulse of buyers to bid on items higher than they originally have in mind. This is perhaps the major drawback of silent auctions.
If the bids are kept privately, the selling price may be lower than what is expected. This is because people have no idea whether or not they have to write down a higher amount to outbid others.
Silent auctions are not a perfect fundraising system. Still, it is said to be the more preferred way to raise money for a cause. The reason is that these drawbacks are often worked out so that it won't have a negative effect on the result of the auction. One way to do it is by using a type of silent auction that will work for the crowd. Another is to combine silent auction with regular auction. Ultimately, the choice is still in the hands of the organizers.
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Real Estate Auctions: Will It Work In Your Favor Or Not?
The number of bank-owned properties is steadily rising. Thus it is easy to find houses that are either for sale, foreclosed or being auctioned in any neighborhood. Nearly all neighborhoods are flooding with such properties and lenders, homeowners and mortgagors are willing to negotiate the prices for easier sale or to auction the houses to get the highest market value available.
A great deal of real estate properties are put on auction for the belief that the buyers could be carried by the hype of the bidding wars which in return, could lessen the devaluation of the properties. In most cases, many buyers jump into the hype and place bids that are beyond the prices that they first set and the prices that they could practically afford.
However this is not true in all cases. There are real estate properties that could sell even at the lowest prices available. If no one bids on the property, the owner might even have a deficit. If there are too few interested in the property, on the other hand, the owner might not get his expected value but the buyer will have a property at a much lower price. In general though, foreclosed real estate properties that are being auctioned are sold at a discounted rates to leave money to the new homeowner for repairs and refurbishments. Also, banks and mortgagors have no more interest on profiting from such sales. They only need the return of their investment or security of low deficit due to the cost of maintenance and other expenses over the property.
If you are interested in buying real estate from an auction, you should be very careful while bidding. Sometimes the highest bid is not the final price of the house. Remember that the auctioneers have to get a commission for their service. On the other hand, if you are bidding on a foreclosed house, you don't have to give really high bids to get the property. Allow yourself some money to cover for some unsolicited expenses after buying the house.
Nearly all auction houses have predetermined percentages over the houses being sold to be received as payments. When bidding, calculate this amount and add it to the highest bid you are willing to bid. For example, the typical commission is around 5%. So if you are buying a real estate property at a price of $100, 000, expect to pay a little more than that.
The main selling point of real estate at auctions is getting the property you want at a reduced price. So be sure to get that. If the price is not giving you that advantage then forget about the property.
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Selling An Item? Tips On Finding The Right Auction House
Privately owned properties like houses, vehicles, sports and celebrity memorabilia, home appliances, office items, and electronic gadgets among others, are sold at auctions for a similar reason: owners want it sold fast. As auctions help buyers to locate items they need, auctions also help individual sellers to find the right buyers. But not all auction houses are fit for everyone.
So if you want to sell something at an auction, choosing the right auction house is the first thing you should do.
1. Choose an auction site that sells similar items to yours with the same price range. This is very important since buyers go to auctions that enable them to have a wide selection of auction goods at a very affordable price. Auction houses that specialize in selling items such as yours should be your first option. Consider other auction companies if you think you cannot get a favorable deal on these auction houses. Also, take note of the price of other auction goods they are selling. If the item you want to sell is either too low or too high than the average price of the rest of the goods, find other options. (Placing your item in an auction that sells different items, however, will greatly diminish its chances of getting sold.)
2. Do your homework. Auction houses are not created equal. While they all sell goods that other people will buy, some are better than the others in terms of attracting bidders. You may want to find an auction house that markets or promotes your item very well. Your auction house should have websites where auction goods can be posted for the browsers to check. The auction house should be publishing brochures and catalogues as well.
3. Know the cost. Check with different auction houses on how much it would cost to sell your goods in your behalf. Also, ask how much would they charge for the commission. Usually it goes between 2% to 3% of the final selling price. Still, take note if you can actually earn by putting your good into auction with all the charges they apply. (One thing to remember: whether you item is sold or not, placing it in an auction will cost you money.)
4. Read the terms. Different auction houses have different conditions. One vital consideration when selecting an auction house is your stand on the company's policy. Before signing an agreement, understand carefully how the company will go about with selling your item. This prevents future dispute that costs a lot of trouble, time, and even money.
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Selling Your House At An Auction: Know About The Reserve Price
Selling a house can be easy if the right buyer meets the right seller at the right place at the right moment. However, this does not happen every time. In most cases, homeowners who wish to sell their homes take several weeks, even months to find a seller even if the house has been advertised in different newspaper ads. This is too long especially if the homeowners want to sell their property right away to avoid foreclosure.
One way to find a buyer fast is by placing the property on an auction. But as simple as it may sound, there is one thing that needs to be done in order to get a good deal: you need to set a reserve price.
A reserve price is basically the lowest price you are willing to sell your home. It protects you from highly unfavorable sale or getting a selling price lower than the price of your house.
This is different from setting a minimum bid. While participants know that there is a reserve price, the exact amount is not revealed to the bidders. If the highest bid is lower than the reserve price, you are not compelled to sell your house.
Why Set A Reserve Price?
Setting a minimum bid too low will attract bidders but you will end up with an unsatisfactory low sale price. Setting it too high discourages the interest of the bidders. In order to help you sell your house without compromising one over the other, a reserve price should be set.
How To Set A Reserve Price?
To set a reserve price, perform a property appraisal. Do this through the help of chartered surveyors. Usually, homeowners commit a mistake by letting the estate agents give the appraisal. The estate agents' job is to market your house and not to give an intuitive estimate of what they think your house is worth. As a result, unrealistic figure comes up either too low to make a quick sale or too high to secure your instruction.
It is also possible to do a property appraisal yourself. This is a bit complex as certain methods should be applied when estimating the price of your home. Still you can get the value of your property by using the "income approach" and the "comparable sales method" The income approach calculates the profitability of the property; comparable sales method involves looking into actual data. Both involve serious valuation to know your reserve price.
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The Advantages Of Buying From An Auction
Public auctions have received positive responses among those who have visited them and won items. But why? Let us look at the advantages of going to and buying items from an auction.
The bidding process enables bidders to dictate the cost of the item they want to buy. While most items are often appraised to determine its minimum price or starting bid, the bidders are still the ones who will decide on the final price of the every item at the auction house.
Purchasing an item from an auction is often faster the than the conventional way of buying. Believe it or not, one item can be sold within 30 seconds at an auction. An auction is the simplest and fastest way to buy anything!
Generally, any item being sold at an auction is relatively cheaper compared to its actual market value. This does not mean though that you can steal a deal at a dirt cheap price all the time but auction items are usually sold 10% to 15% lower that their actual market value which is a pretty good deal if you want to save on cash.
The auction house or the auction companies allow you to inspect the items before the auction starts. This way, you can get up close and determine how much you are willing to pay for a particular item.
Items vary depending on what is available at the auction. From cars to boats to properties to office furniture to sports memorabilia to personal gadgets; the possibility of owning an item is endless. Some auction houses only focus on specific items such as cars or property. Still, inventory is very wide.
You can buy good quality items from an auction. This is contrary to the common notion that items that are sold there are used and poorly maintained. Designer clothes, jewelry, antiques, household goods and even cars, boats and motorcycles are well-kept before it is being sold at an auction. Or, in the case of seized properties, lots and houses that are being sold are not located in crime-ridden areas.
Finally, payment is even convenient. At the end of the auction, the item(s) you've won can be paid in cash, check or with a credit card. Partial or full payment is accepted to ensure that you get the item(s) you've won.
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Top Reasons Why You Should Hire A Professional Charity Auctioneer
A major factor in the success of every charity auction comes from the auctioneer who can make the most undesirable auction good into something that's worth, not necessarily a fortune but a significant amount of money. While many talented volunteers can excite the audience, acquired skills of a professional charity auctioneer can make a big difference. Read on and you'll know why hiring a professional charity auctioneer is worth the investment.
A professional charity auctioneer does what he knows best: he connects with the audience, raises the money and sells items as high as possible for your cause. While in the real sense, the bidders have all the control over the final price of each auction goods on sale, a good auctioneer can stimulate the crowd to bring up the cost of the goods by bidding higher. Other volunteers and celebrities can raise the bidders to their feet but it takes more than applause, smiles, and laughs to raise a good amount of money; a task that only he can do.
It does not end here. Not because you see him only as the person who stands on the stage and calls in the bids means that his task is limited to his podium. A professional charity auctioneer can give you useful insights and help you plan better the event that very few members of your team can match.
He is not the planner though, but his experience in hosting the event will ensure that it will go smoothly as possible. Since the auctioneer participates all throughout the planning, he becomes part of the team. This is important since no charity auction will succeed without a good plan and organization. And no charity auction will do exceptionally well without someone who really knows the correct approach on every aspect of what he is doing.
A professional charity auctioneer may cost you some amount but the service he provides is worth more than he charges. Besides, there are auctioneers who will willingly give their service to charity auctions free of charge or for a very small amount.
Take note: a traditional auctioneer has high skills in his on rights but there is a special level of skill required when calling bids for a non-profit auction. The expertise combined with the passion and understanding to the mission and objectives of the clients are something you can only expect from a charity auctioneer.
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Types Of Auctions
English Auction:
This type of auction is used at English auction houses like Phillips, Sotheby's, and Christie's. The process starts when the auctioneer announces the item and the minimum bid. Individuals openly try to outbid each other wherein each bid is higher than the previous one. The item is sold when the 'buy-out' price is reached or when there is no other person willing to place a higher bid. The 'buy-out' price is a pre-determined amount that is set by the seller.
In other cases, 'absentee bidding' is accepted wherein an individual will cast his or her bid online or through a telephone.
In an English auction, a 'reserve' price may be set. This is the lowest amount at which the seller is willing to sell the item. This gives the seller the right to refuse the sale if the final bid does not reach the reserve price.
One variant of the English auction is the silent auction wherein people can write down their bids together with their name on a piece of paper. At the end of the auction, the bids will be calculated and the highest bidder wins the item.
Dutch Auction:
This is a type of auction where the auctioneer begins by announcing the highest asking price. The amount is then lowered until someone is willing to buy the item. The bidder pays for the last announced price. This type of auction is convenient if the seller wants to sell the goods quickly since the process requires just a single bid to get a sale.
Chinese Auction:
This is basically an auction and a raffle combined. At Chinese auction, the bidders are not the ones who will call the price. Instead, the bidders will buy a ticker or tickets and place them inside the "hat" from which the winners will be drawn for a specific item. The bidders can buy as much tickets as they want to increase their chances of winning. It is unclear whether or not this type of auction originates in China but for sure, the term is more likely to come from "chance auction".
Sealed Auction:
This is a form of auction where participants place their bids in a concealed way, usually in an envelope. The highest bidder wins and pays the amount of his bid to the seller. A similar version, called the second-price sealed auction is a type of auction where the highest bidder wins but pays the price of the second highest bid.
All-Pay Auction:
This is a type of auction where all the bidders must pay for the amount they bid regardless of whether they win or not. The highest bidder wins the item.
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Types Of Government Auctions
Government auctions, if you are the type of person who wants to find just about everything on sale, is among the best options you have. Government auctions showcase almost all types of items and properties- from earrings to multi-million dollar properties.
With that in mind, it is easy to understand that government auctions come in many types. Each of which differ in the manner of how the government obtained the items or the properties and the manner of disposal the government uses to sold off the properties to the public while getting a profit in return.
Here are some of the types of government auctions:
Government Surplus Auctions
Also known as the GSA Auctions, is the type where the Government sells everything that it no longer needs. Thus you can find anything and everything being sold here. Typically, the items here are second hand but they are, in most cases, top caliber and buyers can get them at excessively low prices. The government does not aim to make profit on such things; it only wants to get rid of them.
Common items found in GSA auctions are automobiles, jewelry and office equipment. However, surplus buildings, real estate and properties are also sold here.
Many people doubt though whether they should buy too-good-to-be-true items in such auctions. But as they say, to see is to believe. But there is no doubt that most of these things are authentic.
Seized Property Auctions
Mostly selling confiscated properties, seized property auctions sell properties and items that were foreclosed by the government or taken from the original owners due to tax, financial and other related issues. However, seized properties may also come from confiscations from illegal activities like drug dealing or smuggling.
Seized property auctions could also stem from tax seizures. A house, for example, could be seized by the government if the owner fails to pay his taxes, mortgages and bills. This could extend to other properties like clothing, cars, and real estate.
Custom seizure auction, another type of seized properties auction, sells goods that could come from: a) smugglers, b) people who were not able to present enough and detailed information of the merchandise, and c) people who came from other countries bringing along with them unauthorized merchandise.
Buying from government auctions offers you some of the best pieces of items at a very (very) low price. If you want to find the best deals, try to research the schedules of government auctions.
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Winning Over Dummy Bidders And Snipers
Dummy bidders are individuals who sit among the auction crowd and pose as buyers. They are often employees of the auction house or agents that sponsor the sale of the item. They are used to create competition with real bidders or to infuse interest in items with little or none. Dummy bidders are instructed to bid for auction goods at a pre-determined amount.
Auction snipers on the other hand are real bidders that watch for a particular item and bid at the very last possible moment to emerge as the highest bidder. In online auctions, online sniping is usually done using a software. This software allows someone to win an item by setting it up to bid for the very last moment before the auction closes.
It is frustrating to encounter dummy bidders and auction snipers at auction houses especially if you really want to win an item or if you want to buy something at the very lowest price. How to win over them, you ask? Consider the following suggestions
Choose a reputable auction company. While dummy bidders can be at every auction, not all auction houses have them. Read feedbacks and testimonials of previous bidders. They are the most reliable source of information.
Identify the dummy bidder. This is quite a task since you need to focus on watching for your item as well. But, if you happen to identify some of them among the crowd, then you have a good chance of winning over them. Since their main role is to drive the price of an auction lot up, they will stop at a certain price limit. You can either hold your bid until the last possible second or engage them by bidding on the amount you can afford. You can jump bid but this is like saying that you allow dummy bidders to beat you in their game. Well, if the item is more important to you than its final price, then you can always bid higher than them. They will eventually stop bidding anyway.
Bidding snipers can only be beaten by becoming a sniper yourself. To become one, remain watchful and hold back your bid. At the very last moment or when the auctioneer is about to rap the hammer down, place your bid.
Also try throw bidding. This is done by bidding outside the increments. This will confuse bidders and will put the auctioneer off-guard.
Ignoring that they exist is not the best way to win them over. You must engage and fight to win your item without breaking your budget.
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How To Buy A Home At An Auction?
Go to an auction site, bid for a property you like, give the down payment, and move in to your new home. If buying a home from an auction is as simple as this, then we don't have anything to talk about. However, bidding for a property is not a simple matter. You need to consider all the factors that are involved in the whole process. Sure, you need to do every step above but the unmentioned steps are often the most difficult part of the process. Here are those steps.
Know What You Can Afford.
It is nice to look at houses listed in the auction brochures. But no matter how deep you fall in love with any of the houses on the list, everything simply boils down to what you can afford. So, before anything else, know your financial capability. Buying a home at an auction is a big step in realizing your dream to become a homeowner but that does not end there. You are responsible in keeping the payment for your mortgage up to date. Identify your present and future financial standing to decide which house you can afford.
Go To The Listings.
Now that you have a price range in mind, it is time to go through the brochures and look for the house that fits your budget. The key here is sticking to what you can afford. It is useless to buy the house you really want and lose it in a couple of months because of foreclosure. It is important to have enough savings before you plan to buy a house. This way, you increase your chances of buying better and more expensive property.
Do Your Research.
A house is sold at an auction because of two reasons: (1) the owner of the house is unable to pay for the mortgage and the house is taken back by the lender through foreclosure and (2) if the owner of the house cannot sell the property and has to seek the help from an auction company. Know the background of the property you are interested in. Schedule a visit so that you know what you are bidding for. Remember these 3 words: Location, location, location. Not being able to afford a first class neighborhood doesn't mean that you have to settle for a house in a crime-ridden area. Bid for a house that is accessible to your daily needs.
Once you have done these 3, it is time to go to the auction. Make sure that you have money on hand as auction houses require the winner to pay at least 10% of the total price as a down payment.
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How To Avert Auction Mistakes
Bidding at an auction can be an enjoyable experience but if you focus solely on fun and let loose of your limitations, you may be on your way to auction pitfalls. Here are the things you need to remember to avert auction mistakes.
Inspect The Items You Are Interested In.
While auction brochures can supply you with important information about the auction goods you want to buy, there is no better way to know the condition of the items than to inspect them in person. Remember, bidding at an auction is a form of buying goods. So no matter how inexpensive the item you have won, you still have to pull money out from your pocket.
Know What You Need And Not What You Want.
There are several good items that can be put into a single auction; however, this should not be a reason for you to throw away your money and bid on everything. Set your priorities straight. You are going to an auction to get something you need and not just for the heck of bringing home just anything.
Set A Budget.
The bidding process happens very quickly and if you are not attentive, the item you have planned to bid on will be taken by others. But this is not an excuse to engage into a bidding war against other bidders. Set the highest amount of cash you are willing to pay for each item you have chosen. Keep your budget in mind when bidding.
If you are bidding on memorabilia, antiques, artwork, or vintage items which value may appreciate in the future, set your budget so it is worth the investment.
Any items you have won during the auction must be paid for that day. Often, credit cards are accepted as a form of payment but most auction companies require cash.
Do Not Forget To Register.
Before you can participate at an auction, you need to register. You may be asked to give your name, address, phone number, and may be required to give a deposit. You will be then given a number you will use during the auction.
Do Not Get Carried Away
Emotions can run high during the bidding process. Stay focused! If the price of a particular item goes over your budget, let it go. Do not get frustrated and bid on other items you don't really want just to comfort yourself or just to have something to bring home. Again, you are putting money on the line so spend wisely.
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Bidding Tips: Learn To Do Well At The 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.
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Bidding Frenzy: The Problem With Auctions
Why do some bidders stick with their bids even if they are starting to go beyond the rationality of the sale? Why are there so many people who jump into the hype of auctions without really knowing why they do it? And why are there so many bidders who tend to get themselves caught in bidding wars while knowing that they will have to pay more than they can afford?
Bidding frenzy is a common problem in joining auctions which also makes some people reluctant in buying from such. Why is this happening and why are there some people who just can't stop even when the rationality of auctioning is crossed?
Here are three reasons behind this:
One, it may be due to the combination of arousal, excitement, competition, an overwhelming desire to win and extreme reluctance to back out.
Bidding frenzy is comparable with addiction to gambling in terms of the adrenaline rush and the continued excitement running in the psyche of the people involved. The more intense the bidding war becomes, the more interested the bidders become.
The rush of emotions can't be discounted when trying to understand why people participate in bidding wars. At this point, it really no longer matters whether logic is working or not, what is more important is that the person is satisfied emotionally. Also, people loose their best judgment when their minds are clouded with emotions.
Two, it may not be purely on winning the item but on testing the personal threshold of the bidder and the competitor.
People who aren't so interested in the item but get caught in the bidding war no longer feel the need to get the merchandise but the need to make the other person pay dearly when the ending price is several times over than the original price.
Three, it may be due to the lack of experience with auctions.
Bidding wars are more commonly observed among people who are just beginning and are not backed by sufficient information on how exactly they work. It must be noted that some bidding wars are intentionally encouraged by the auction organizers themselves. This is working on the principle that the more interest the public has on the merchandise, the higher the value it receives and the more interested buyers bid on it. This does not only increase the hype over the item but also adds to its market value.
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Home Foreclosure Auction: How To Prepare
Home foreclosure is a very devastating experience. However, for some people who need to buy a home at a much lower rate, home foreclosure auctions could be one of the most favorable choices. Many buyers of foreclosed houses feel guilty. What they don't understand is that it was not their fault that the house is being foreclosed nor was it their fault to want a house for themselves. If you are one of them just remember one thing. If you don't buy that foreclosed home, somebody else will. If someone has to buy it, it might as well be you.
But there are some preparations needed to ensure that you get the best deal.
One, realize that foreclosed homes don't come out clean. The fact that the home was foreclosed only means that the owners failed to meet the regular payments and liens, if there are any. So be sure that the home being auctioned has clean papers. Here's the catch though- most foreclosed homes are auctioned as-is. So any mess or damages done by the previous owners will be your problem once you own the house. So as much as possible research on the particular house that interests you.
Two, don't hop into the auction right away. If you are serious about getting a house through auction try to practice first. Go to an auction but don't participate. This way you'll get the feel of being in the auction pit and it will help you when you actually participate in the bidding.
Three, never get carried away by the bidding wars. Some foreclosed homes increase in value because of exaggerated bidding wars. If there are several people who really want the house and the price has exceeded your budget then do yourself a favor, just back out form the bidding. Emotions can be very dangerous especially during auctions.
Last, do not expect too much. You may or you may not get the house being auctioned. Despite the preparations and research you have done prior to the auction, there might be someone else who may outbid you. If you want to give your efforts some justice and you resort to outbidding everyone else beyond your own capacity, you might find that the auctioned house you won might be a nightmare not a reward. Remember to pull your stops when necessary. If you don't get this house, then think about getting another in the future.
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Guidelines On Buying At An Auction
Here is a guideline to prospective buyers from an auction:
Do your homework: Nothing is more important than knowing what type of battle you are going into. Before traveling towards the auction site, you should first obtain a considerable amount of information about the items being auctioned, the form of bidding and other necessary details. Also, know the requirements of the auction.
Bring cash: Most auctions require the potential buyer to deposit a registration fee which may or may not be withdrawn afterwards. This acts as an assurance to the auctioneer that the person is a serious bidder. Also, know the forms of payment that the auctioneer requires. You might be required to bring cash, to use your credit card or to pay through a bank. TIP: Refrain from joining bids where the auctioneer asks the winning bidders to wire their payment. Once you wire the money, it's lost.
Just be prepared: There are conditions when the auctioneers have to cancel the auction. To get around this possibility, call the auctioneer before going to the auction site. Some auctions are cancelled without notice or with very little notice.
Use the viewing time: Most auctions allow viewing time for the items or properties so that the bidders will get an idea of the items being auctioned. During this time, inspect the item you want to bid on. Check for any indications that will give you hints on whether an item is a good sale or not. Inspect thoroughly because merchandise at auctions come with no guarantees. Foreclosed homes that are being auctioned, for example, are sold as-is. Thus any damages to property, whether it's real estate, a car or just a collector's item will not be recognized through complaints. However, there are some auctions that allow the winning bidder to return the item if proven faulty. But just to eliminate the trouble, try to check the item first before deciding to bid on it.
Set a price limit: Some people get so caught in the bidding wars that they bid beyond their capacity in the process. Don't let your emotions take you to prices that you cannot afford. Set a ceiling for the purchase price and stick with it. This way you won't be a victim of negative spur of the moment decisions because sometimes, even if you can afford the price, it's not wise to buy something priced way beyond its original value.
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Government-Seized Property Auctions: Buy Your Dream Home Here!
Bidding at government-seized property auctions is perhaps the easiest and most effective way to own a dream home. At these auctions, you call the shots; you can choose from any listed properties; you decide how much you are willing to pay for the home; you have the option not to bid if you think you can't afford the property; and most of all, you can buy your dream home at a price lower that its actual value.
Where Do These Properties Come From?
Everyday, many privately-owned properties all across the country are subjected to foreclosure laws and repossession orders; other properties are seized because they were illegally acquired. All of these will become government properties. And since the government doesn't have any use for them, these real-estate properties are brought to auctions to be sold and become government assets.
Buying Your Dream Home At Rock Bottom Prices
When the real estate market is in distress, real estate property prices go down. And when the country's economy is in recession, citizens don't have the financial strength to keep up with the prices. One result of this slow down is homeowners missing their mortgage payments. Both are happening right now! And there's no better time to by property than today.
If You Put Time In It, You Will Be Able To Buy A Home 90% Below Its Market Value.
Do your research and acquire a property listing. If you have one, go through them one by one and study if any particular property fits your requirements. Once you have chosen a property, it is very important to go visit it before the auction. Houses offered at government auctions are not in perfect condition so it is a must that you check its general appearance before finalizing your decision.
Know your financial strength. Decide whether you will pay cash or use financing. If you choose the latter, get pre-approval first from a bank or loan company.
Government-seized properties may have or may have not been appraised before they are put on sale at an auction. Take note of this as the appraised properties are significantly more expensive.
Generally, properties at government-seized auctions are cheaper than the value on the open market but competition can drive the prices up. The key is, be wise when bidding. Bid only the amount you can afford. If you do all these, your dream home is going once going twice and sold to you!
Going To An Auction In 5 Easy Steps
The process of buying at an auction can be confusing to first timers. If you get started on the wrong foot, the whole experience can be discouraging. So in order to make sure that you do it correctly on your first try, here are the steps you should follow
1. Go To An Auction Preview
If you want to increase your chances of success, this is the most important step you should focus on. Auction previews are an opportunity to know the different auction goods on sale and the only time to inspect personally the items you are interested in bidding on. Turn it on, plug it in, try it out and examine all the features of the item when possible.
Auction previews are held days before the actual auction day. It is your chance to take notes, bring a camera, and screen the items through your personal quality check list. At the day of the auction, go through the items one last time and inspect that they are still in the same condition.
2. Do Your Research
Once you have seen the items on sale, go home and do your research. Go online and check the market value of the items. Consider the repair costs if necessary.
3. Set Your Budget
Once you have done your research on the items you are interested in bidding on, determine the highest amount you are willing to pay for each item. Take note, knowing the amount of your highest bid should be based on the current market value of each item, the possible repair costs, and the additional charges the auction company will impose on the sale.
4. Prepare Your Money
Winning at an auction is legally binding so you cannot simply pull yourself out after you win an item. Prepare your money that you have set to cover your bids and the extra fee.
5. Bid
When the auction opens and the auctioneer calls for the bids be ready. A second of hesitation may cost you to lose the item you are eyeing. Stay within your set budget. The auction process is fast-paced; things can get ugly, and emotions can run high. Do not let your emotions rule your decision-making. Bidding on impulse may win you an item but make sure that it won't overrule the budget you have set and the research you have done.
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Fundraising Auction Do's And Don'ts
Organizing a fundraising auction is a big task, nonetheless it is possible. But before start, take these do's and don'ts as your guide to a better and more successful auction.
Do's
Do the planning carefully. Set your goal. Gather your team. Draw your plan. Delegate tasks. Prepare everything you need. Execute perfectly.
Get a corporate sponsor. Not only will it reduce your expenses, getting a corporate sponsor will also help you attract more people through corporate contacts or employees. Companies are less likely to refuse since it gives them exposure for a small amount. The thing is: You need them and they need you. Everyone benefits.
Define what auction you will use. You have 3 choices. You can use a regular auction, silent auction, or both. Each has its own pros and cons. It is up to you to decide what approach to take to make the most out of these types of auctions.
Do hire a professional charity auctioneer. Take note: "professional charity auctioneer". Regular auctioneers have a great skill of their own but a charity auctioneer knows how to execute a non-profit event very well.
Integrate the auction into a charity event. Often, a fundraising activity including charity auction is combined with an event. This helps draw invites and keep the guests entertained.
Don'ts
Don't set limitations on the type of auction goods to sell. If you want to gather enough funds for a cause, be ready to sell everything.
Don't assume that your guests know what to do. Not everyone has been to an auction or experienced bidding for an item at an auction. So keep each of your guests informed as to what they should expect during the actual event. Doing this allows you to connect with them personally. In return, your guests are well-informed on the cause of the event which can yield to better bidding results.
Don't spend too much on preparation. This is a fundraising event and your goal is to raise money. The last thing you want is to host an event that requires big money. Keep your budget to the minimum. Any amount you save is added to the money you earn.
Don't stress yourself out. While there are lots of things going on when preparing the fundraising event and during the auction itself, you don't have to stress yourself over the details too much. Trust your teammates. They will do the job as they're told.
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Do Estate Auctions Interest You?
Estate auctions seem to be the top-rated places for scouring items that may fit your house. If you are out to seek an odd chair, an old designer side table that could be turned into a center piece for your house or an antique cabinet that could be refurbished for your stylish home, estate auctions may offer you better deals than antique furniture shops.
You never know what you are going to find for sale during an estate auction and what adds to the thrill of joining such. If you are someone who makes the most out of anything you see, you may find that an estate auction is more satisfying than you first expected.
But what will assure you of a great deal with an estate auction?
Going to the auction site an hour or half hour earlier than the actual auction schedule. This will give you time to inspect the items that you might want to bid on. Also, using the inspection period will let you see close the items that you want to buy. You can also evaluate the estimated price for each item, thus helping you decide on the ceiling price you'll give it.
While inspecting, look for the labels or manufacturers of the items you want. These will give you an approximation of its value.
Bid later in the auction. The crowd is usually largest at the beginning of the auctions. If you do not want to compete with other bidders, it is best to wait for the last parts of the auction when the crowd is thinning out. This works most effectively among people who are more interested in non-furniture items.
Do not join the bidding wars. If you want to buy a certain piece of furniture so badly, chances are there is someone in the crowd who wants it too. You'll know this for certain if someone in the crowd tries to outbid you. In the end, there will only be you and that bidder (and probably someone else) who'll be left bidding on an item. If this is the case, you can try to outbid him as much as you want but once the price crosses over the actual value of the item, pull the stops and let that person win it. An item is only as good as its original value.
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Common Auction Terminologies: A Must Learn
Absentee bid is a bid made by a person not attending the auction. The bid, or often called order bid is often placed online or done through a telephone call. The winning absentee bidder equals the second highest bidder plus one bid increment.
Absolute auction is also known as straight auction. This is a type of auction where there is no amount or limiting conditions.
`As is where is' or 'in its present condition' or simply 'as is' is a term used to describe an item without return privileges.
Auction block is a stage or a podium where the auctioneer stands and calls for the bids. When an item is placed on an auction block, it means the item will go on sale.
Auctioneer is the person who calls for bid during the auction process.
Bid is an offer of a price the buyer has called.
Bid History is a list of all the bids made, usually, in chronological order. This is usually used at silent auctions.
Buy-out is a predetermined price set by the seller. Once the buy-out price is reached, the auctioneer has the option to stop the bidding and award the item to last bidder.
Deadbeats is a term given to a high bidder who fails to pay for the item he or she has won.
Dutch auction is a type of auction where the auctioneer calls the highest asking price and incrementally goes down until one bidder is willing to buy the item. The winning bidder pays for the last price called by the auctioneer.
English auction is a type of auction that starts with a minimum asking price and goes up incrementally. The item is won if the buyout price has been reached or if there is no other person willing to place a higher bid.
Featured auction are prominently placed on brochures, catalogues, category pages, or home pages of the auction service. Sellers usually pay for the placement.
Jump bid is a bid that is higher than the incremental bid.
Lot can be a single auction listing or a number given to an auction good for easier reference.
Market value is the highest price of the item when it is sold on the open market.
Maximum Bid is the highest amount a bidder is willing to pay for the item.
Opening Bid is the minimum bid.
Reserve Price is the lowest amount the seller is willing to accept for the item. Items with reserve prices are announced before the auction begins but the amount is not revealed.
Snipping is outbidding others during the last moment of the auction.
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Charity Auction: An Effective Fundraising Tool
Charity auction are widely used as a tool to effectively raise funds for a cause. A charity auction works the same as other types of auctions. The main difference is that this auction is a non-profit event and the proceeds of all the items that are sold goes to a common cause.
There are two types of auctions used on a fundraising event: Silent Auction And Regular Auction.
Silent auctions are conducted by setting up a table or a display where all the auction goods will be shown for people to bid on. A minimum bid may or may not be set. A piece of paper is located near the items where participants can write the amount of their bid together with their name. At the end of the auction, the bid is calculated and the person who casts the highest bid wins the item. This is often a better choice for fundraising organizers as it does not detract people from the entertainment.
Bids can be kept privately throughout the auction or can be displayed through a bidding sheet. In a 'private silent auction', all the previous bids are not revealed in public. The good thing about 'private silent auction' is that, it keeps the bidders clueless on other bids. In theory, if a person does not know how much the bids of others are, the tendency is to give the highest amount he or she is willing spend on a particular item. And since it is for a cause, money will definitely come easy.
On a 'displayed-bid silent auction' a sheet of paper reveals all the previous bids made by other people. This allows bidders to watch a particular item or items they like and place higher bids, to write down the amount higher than the previous bid, or to write down the highest bid before the auction closes. This method is currently being used by almost all internet auction sites including eBay.
A regular auction on the other hand requires an auctioneer who will call the price from people who raise their hands or numbers to bid. A regular auction takes advantage of impulse buying as bidders only have a few seconds to outbid each other. If the auctioneer is good and the competition is present, items can be sold higher that their original value.
When executed properly, both silent auction and regular auction effectively yield a good result.
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Car Auctions: Advantageous Or Not?
Good and bad deals in car auctions have their equal share. Some first time buyers who've had a good deal may call it luck, but others who are more experienced at car auctions are just responding to some good opportunities. Here are the pros and cons of buying at an auto auction:
Pros
People with limited budgets and who want to buy a car find that there are a lot of choices in car auctions as compared with conventional car distributors and dealers.
For regular cars sold at auctions, buyers could secure reliable if not the best cars at very cheap prices. In most cases, organizers make it a point that the cars they sell are checked well for any damages or malfunctions and are in good condition.
At car auctions, even the best and most popular models are being sold with an added perk- they come at lower prices.
For car collectors, there are available auctions where vintage cars are featured. This may be a good opportunity to obtain some of the best cars without having to go through negotiations with owners who are unwilling to sell their vintage cars. Also, car auctions present great opportunities for buying really old cars without having to pay premium prices for the "vintage tag".
Cons
Cars at auctions are sold at relatively lower prices because the items are typically second-hand autos repossessed by the mortgagors or the federal government. There is an added danger to this- there are cars labeled as second-hand but are not at all second hand, some of them could be third hand or more.
A lot of cars at auction are not in mint condition, many of them even have mechanical flaws. Such flaws may not be apparent during the auction due to refurbishments, repaints and fixes that were made on the car to make the item look their best. These flaws will start appearing once the buyer uses the car.
Some cars that are being auctioned are "hot" cars, meaning these may be smuggled or stolen. Chances are you'll have problems regarding the car's ownership.
Unlike autos being sold at regular distributors and dealers, those sold at auction usually do not have insurance coverage or warranties.
Different car buyers have different opinions on whether it is good or bad to buy a car at an auction. Thus the buyer has to rely on his best judgment backed by a considerable amount of research and use of gut feelings.
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