| Public auctions can be fun and exciting. They're a little | | | | house. Most items are sold as-is and where-is, |
| like a garage sale where you're buying someone else's | | | | meaning there is no return policy and you have to pick |
| used items and materials. The difference is that you're | | | | up the item and take it with you. |
| in a competitive environment, and the sale is formally | | | | In a nutshell, here is the sequence of events: |
| organized and conducted whereas garage sales are | | | | |
| rather informal and non-competitive. | | | | 1. Get there early to obtain a bidder's number and |
| You can find some wonderful bargains at auctions, but | | | | examine what they have to sell. |
| the competitive environment also creates the potential | | | | 2. Pay close attention to how bids are started, how |
| for buying things at or above retail price. Ouch! Don't | | | | they're taken, and exactly what's being sold. |
| do that. | | | | 3. Ask the auctioneer or an assistant if you have |
| The idea behind such sales is to get more for your | | | | questions about an item - before you bid. |
| money, otherwise you'd just go to a retail store and | | | | 4. Bid what you're willing to pay for an item, but don't |
| make your purchase. Part of my financial self reliance | | | | get into a "bidding argument" with another bidder. |
| is stretching my dollar, so I enjoy these sales - | | | | 5. When the auctioneer says "sold" and you're the top |
| especially if it's a "buyer's sale" where the winning bids | | | | bidder, the item is yours. |
| are low. There are keys to bidding so you get things at | | | | 6. Pay for the items you win before leaving the |
| low cost, but for the most part it depends on who | | | | premises with them. You might want to attend such a |
| attends and what they want to buy. | | | | sale just to see how everything goes. It's rather simple |
| For estate and downsizing or moving sales, the events | | | | once you get the hang of it. Bid wisely and you can |
| are quite often held on an individual's private property. | | | | get some bargains. Otherwise, simply stay out of such |
| Going out of business sales are typically held at the | | | | competitive sales environments. |
| place of business. Still others are held at an auction | | | | |