|
Auction Guide for First
Time Bidders
When you are going to an auction for the
first time, there are specific things that you should know :
1. Obtain an auction brochure or
catalogue. Do this at least a day before the auction date. This ensures
that the goods for sale are what you need.
2. From the auction catalogue,
identify what you want. If it's a car, do your research on its current
market value online. Once you know its value on the market, you can set
your budget.
3. At the day of the sale, phone
in the auction house and confirm if the auction is going as scheduled as
certain auctions can be subjected to last minute cancellations or
rescheduling. Phoning in to confirm if the property or an item you are
interested in is still on sale is something you should do before going
to the auction house as well.
4. Once you arrive at the auction
house, register to obtain a bidding number. You will be asked for your
name, address, and contact number and will be asked to pay a deposit or
pay a certain amount for the registration fee.
5. Come early. This allows you to
inspect the auction goods properly before the bidding starts. An auction
brochure may be helpful in providing information of the goods for sale;
but physically inspecting the items before the sale allows you to
determine if the goods are really worth any amount of your money. Do an
ocular inspection, days before the scheduled auction if it is a piece of
property.
6. Each item is designated with a
lot number for easy reference. Take note of these numbers when you are
inspecting the goods. The same number will be called during the actual
auction.
7. Before the auction starts, the
auctioneer will explain the rules. Listen attentively and keep your ears
open for additional information on the goods up for bid.
8. Once the auctioneer calls for
the starting bid, the bidding process begins. Each item may be sold
within seconds. Once the lot number you are interested in is called, be
alert and stay focus. Do not bid an amount you cannot afford. Stay
within your set budget. Most first time bidders get carried away and bid
higher than what they have originally planned.
If you have won an item, you
will be asked to pay in partial or in full and to give your personal
details the day of the auction.
Once it is all settled, you will be asked
to sign an auction memorandum. The deal is done!
|
|
