Getting information.

Getting Information on An Auction Deal:

An auction can most likely get you a good deal for items you’re interested in acquiring. With Internet auctions alone, almost anyone can buy and / or sell almost anything online. And more often than not, the transaction leaves both parties satisfied.

The basis of this satisfaction stems mostly from a mutual understanding of the conditions of the auction, as well as the terms of sale. The phrase terms of sale is actually a document that stipulates what can be called the “rules” of an auction. Whether it is conducted online, in a prestigious auction house like Sotheby’s, at a government or charity auction, the information you will need to understand an auction deal is indicated in an auction’s terms of sale. Here are just some of the information indicated on such a document:

1. Eligibility In order to filter out unqualified bidder who can disturb the process rather than participate in it, auctions put down requirements that help ensure participants are qualified and able bidders. One of the requirements are that bidders be of legal age. Another is that if the auction is conducted by an institution such as the government or an auction house, employees and officers of such are prohibited from participating (as well as their families in varying degrees of separation). In the case of government-seized property, the person from whom the property is seized is also barred from bidding.

2. Registration If a bidder is qualified, he / she is required to sign in with the auctioneer to register his / her presence during bidding. This may also allow the auction its initial screening of bidders, and also allows the auctioneer to determine just how strong the interest is on the items up for bidding. For government auctions, no payment of fees are necessary to participate. The case may not be the same for private auctions. Be sure to ascertain this fact. 3. Auction Preview Schedule Very often a day separate from the auction is set aside for interested parties to examine the items up for auction. This is also the time where bidders can ask questions about the item’s quality, origins and authenticity, in the case of artworks and memorabilia.

4. Statement Changes and Modifications Sometimes, the specifications of the items to be bid on are changed from what was originally indicated on the sale flyer. A terms of sale document can stipulate to what degree can a change be made without needing to merit another preview and inspection. This is often also the section where the term “as is, where is” appears indicating that the item comes as it is, flaws, damages and all and that the auctioneer holds no liability for its condition. 5. Submission of bids Here it is indicated what means are available to a bidder to place his bids during an auction. Should a bidder wish not to be physically present at the auction, a written bid can be submitted before the auction takes place. Bidding can also be conducted online, as it is done with auction sites like eBay. The government also conducts some of its auctions online. This is also the section where it is indicated how the winning bid is decided.

6. Accepted Payment methods Payment methods are generally universal to most auctions. For government and institutional auctions, cashier’s and certified checks, and wire transfers are the method of choice. However, most have come to accept credit cards as well. Escrow services can be considered and the terms may indicate which service provider will be contracted. As a bidder, it will do you well to investigate the reputation of this service for precaution.

7. Applicable charges and taxes after the sale Once a winning bid is determined, the conditions surrounding the acquirement of the item take hold on the bidder. Usually, the terms require that the bidder shoulder shipping and handling charges, or the facilitation of document transfers. Applicable taxes are most often charged to the bidder and the terms of sale indicate such conditions as well. While taking time to pour over the fine print can be tedious, it is a very important part of participating at auctions. Each auction may be different from the others before it and the rules can change from one to another. Save yourself the inconvenience of unanticipated hiccups in the deal by studying this document well. It will pay off in terms of the level of confidence you have in bidding as well as the security you can rely on when you do acquire the item you’ve bid for.