Out Of Business Auction Tips And Strategies

Given this economy, one of the best places you can get deals on merchandise is at an out of business auction

. Companies are going belly under, leaving loads of merchandise for the taking. You get below market values on a wide selection of goods from companies that need the fast liquidity. At the same time, realize there are a lot of scams out there masquerading around as an out of business auction. Consider these tips for spotting the deals from rip offs.

Check Out the Seller Before Bidding

It pays to do your homework when participating in an out of business auction. Look into the company that is putting it on. Run a background check with the Better Business Bureau. Google their name and see if you can uncover some bad press. Always make sure you are working with a reputable company. Read their customer testimonials.

Avoid Any Out of Business Auction from Private Individuals

Consumer protection laws often don't apply to private sales, unless criminal action is involved or numerous complaints are made about the individual. It's best to work with a business that is actually going out of business, as oppose to a private individual who has extra goods from a company that has recently gone out of business.

Avoid Outside Countries

When participating in an out of business auction, always stick to the borders of your own country, or at least with a country that has a legal system you can trust. If a problem does develop, the physical difference as well as any entangling problems in an outside legal system can make it very difficult for you to find a solution. Like Nigerian scams, you may want to avoid out of business auctions that take place outside your own country.

Get Name and Contact Info on Seller

Always get all contact information, including name, address, and phone number. This can be handy when you are researching the seller, but it's also good to have if a problem occurs. Don't do business to anyone who doesn't offer that information.

Remember Auction Fees

When buying from out of business auctions, remember to add in any fees and local taxes when considering your purchase. There's usually an auction charge. Also remember to tally in any shipping costs.

Set a Maximum Bid

Always start each bid knowing what your highest bid will be. Set a limit, and don't go beyond it. It's easy to get carried away in the heat of a bidding war before realizing you've bit off more than you can chew. Know when the bid has gone beyond a good deal.

Preview Merchandise

Once you've bought it, it's yours. Always inspect all merchandise you are planning to buy at an out of business auction. Sit in it, plug it in, check it for cracks.

You can get good deals at an out of business auction, but keep your head on your shoulders. Like any other shopping experience, you've got to keep your wits about you. Do your research and look into who you are dealing with. Find out all you can about what you are buying. Let the auction process work for you.

by: Deb Weidenhamer

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