subject: Arizona Auctions: Tips For Bidding At Live Public Auctions [print this page] Arizona auctions create a fun and exciting buying opportunity for the general public.All types of items can be purchased, often for prices below market value.To get the most from your auction experience, its important to follow some basic guidelines.
Finding Live Auctions
The first step for bidding at live Arizona auctions is to find where and when theyll be held.With some simple research, you can learn details on the various auctions held in your area.
For example, you can look up local auction houses online or in your Yellow Pages. Then, check out auction house web sites for information on them and their auctions.In addition, local newspapers might list upcoming auctions in the classified sections.
Different Auctions Types
Once you make a list of upcoming Arizona auctions, youll need to learn the rules for the different auction types.Again, the auction houses web sites, along with some online research, can help you learn about the special nuances of auctions offering police confiscated items, seized property, bankruptcy assets, business liquidation items and more.
Some general distinctions of Arizona auctions revolve around how bidders bid.For example, a traditional or English auction starts with bidders bidding low and going higher until one bidder wins.In fact, the word auction is a Latin word meaning to gradually increase.A Dutch auction, on the other hand, starts at a high price and goes lower until one person bids and wins.
A sealed bid auction requires bidders to submit bids in secret.When the bids are opened, the highest bidder wins.A silent auction works somewhat the same way in that bidders submit sealed bids.But, bidders in silent auctions generally bid on multiple items.
In an absolute auction, no minimum bid is established for property or merchandise.The item is sold to the person with the highest bid.
Auctions vs. Stores
The biggest difference between an auction and retail store involves the law.Arizona auctions are governed by laws, including federal, state, municipal and Uniform Commercial Codes.Any time you place a bid, the transaction is bound by a legal contract to which you become a party.
Just as with many businesses, you can check the reputation of any auction house to guard against fraud.The Better Business Bureau is a good place to start.
A reputable auction house will screen items and describe them accurately.However, understand you are bidding on items as-is and without any guarantees.In addition, you should check the types of buyers the auction house represents.Chances are if they work with police departments, schools and other reliable organizations, you can trust their ethical standards.
The Bidding Process
To start, many Arizona auctions require bidders to have a bidders card.This card is given to you after you provide a deposit.Deposits prevent people from bidding on items and not concluding the transaction.If you place a deposit then dont bid, or your deposit amount exceeds your purchase amounts, your deposit is returned after the auction or whenever you decide to leave.
Whenever you place a bid, you are agreeing to purchase the item if youre the highest bidder.In most cases, you can retract a bid up until the auctioneer claims the item is sold.Once sold, you are liable for the purchase if youre the winning bidder.In fact, at this point legal ownership transfers and the winning bidder assumes all rights and obligations associated with the item.
The bidding pace is usually very fast at Arizona auctions.Auctioneers have full control over the bidding and can reject any bid or move on from slow bidders.Therefore, you may want to sit through your first auction to learn how the process works.When you start bidding, come prepared to keep up with the bidding and know your bidding price range for interested items.
Dangers of Over-Bidding
Depending on the auction type, over bidding is easy to do.People new to auctions can get caught up in the bidding excitement.And, sometimes the desire to win takes over the need to not pay more than an items worth.
So, the very best thing you can do to avoid paying more than market value on any item is to do your homeworkdiligently.For most upcoming auctions you can get a list of the available items.In most cases, you can preview items at a pre-determined time.Note the condition of items youre interested in and then research their value.Once you know a value for an item, set your top price and dont exceed it!
Typically every new venture has a learning curve and auctions are no exception.To benefit most from Arizona auctions, you need to learn about the process before you bid.Then, you can avoid making costly mistakes and instead focus on having fun and getting great deals!
