What To Do When Bidding And Before Paying On Police Auctions

What To Do When Bidding And Before Paying On Police Auctions

As with any financial decision, you need to be very disciplined when buying through a police auction. This article will cover a few important keys to follow when bidding on a police auction, and also some essential guidelines to understand before paying. It is necessary that you carefully consider these suggestions and the many others available to make wise buying decisions and reap the rewards available through police auctions and government auctions.

First, when bidding on a police auction item, establish a top price and stick to it. You do not want to get caught up in the emotion of the moment and end up spending more money than you intended to. It is sort of like playing poker or gambling at a casino in this senseyou can't lose what you don't put into the pot. Also, do not bid on any item you are not fully prepared to purchase because if you are the highest bidder, you are totally obligated to complete the transaction. Many police auction sites will ban any "non-paying" bidders from future auctions and you do not want to become one of these outlaws. Additionally, be sure to keep a record of all transaction information including seller identification, item description, time, date, price, etc. Also, print every communicative email you send and receive from the auction company or police auction seller.

Once you have successfully bid on a police auction item, there are still a few important considerations to recall before paying. First you must know and understand the accepted payment forms. Some sellers only accept cashier's checks or money orders, and you might not be prepared to pay this way before receiving the product. Also, be sure to keep your information as private as possible. Do not give anyone your social security number, driver's license number, credit card number, or banking information before the seller or escrow service has proved its integrity. Be very skeptical if the seller insists on an obscure escrow or online payment service. Visit the website and see if you can call the customer service number. You should be able to get a general idea if the service is legitimate or not. Before finalizing any payment, read the service terms of agreement on any online or escrow service payment system. Some middlemen, such as Paypal, offer great buyer protection if sellers do not provide the product as described. However, others will do little to protect you. Consider using a credit card with buyer protection for an added layer of security. Examine the record and privacy policy of the online service and do not give them any financial or personal information unless you understand why they need it and what they are using it for. If the escrow service wants you to set up accounts with online payment services, this is a sure fire sign they are not legitimate. When participating in p0lice auctions, it is always an option to check with the Better Business Bureau, state attorney general, or consumer protection agency where you live or where the online service is based to see if they have any complaints. You can also do some research online just by typing in the name of the service into your favorite search engine.

Overall, these precautions are important to consider but are often not necessary. For the most part, police auction sellers and the payment forms they recommend are legitimate and trustworthy. However, it is worth putting in the small extra effort to ensure that the unlikely poor transaction does not cost you dearly. Follow these guidelines and you are on your way to enjoying the huge discounts available at police auctions.

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