Auctions are used to sell goods at no set price, however, some have reserves that must be met to the highest bidder. The auction is complete when the buyer’s bid is accepted by the vendor, and the buyer(s) winning bid(s) is paid to the seller through the cashier.
Understanding the In’s and Out’s of Attending an Auction
Before attending an auction make sure you understand the rules of the auction. Also, read the terms of the sale and ask any questions you may have, prior to the auction beginning.
Upon arriving at the auction, you must register at the registration table to receive your bidder card. They will use the number on your card to track all of your winning bids and purchase prices during the auction.
Make sure to inspect all the items you plan to bid on thoroughly, prior to the start of the auction. Always know what you are bidding on. Pay close attention to how much you are bidding. You cannot retract a bid once the auctioneer says “sold.”
Once the auctioneer says “sold” ownership of the item changes. If you were the highest bidder the item is now yours. If this item is stolen, you will still be responsible to pay for the item. You are able to pay the cashier at any time and remove your items from the sale. If real estate, a deposit must be made of _____% of the sale price in the form of a cashier check or wire transfer. As the purchaser of the real estate, you will be required to sign a purchase contract.
Auctions can be very fast-moving and hard to follow at times; however, it is a great place to find unique hard to find items and sometimes really good deals. Just make sure to understand the rules and terms of the sale, and have fun!
