Sunday, February 08, 2009

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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