Tag Archive | "Absolute Limit"

How to succeed at Boat auctions.

by guest contributor Jimmy  Draper

Part 2

As more people are becoming aware of the various types of property auctions taking place all over the country, I thought I would share just a few tips which may help you gain the maximum benefit from your participation.

(Editors note: If after reading these tips you wish to explore some of the boat bargains which can be had at auction, one of the best sources of Boat Auction information can be seen HERE).

Although there are many different types of auctions: surplus property, seized property, creditor auctions, repossessed vehicles – covering every type of property imaginable – household items to vehicles to real estate and everything in between (including my favorite, cheap fishing boats) – some basic tips generally apply.

  1. Read and familiarize yourself with the Terms & Conditions of the Sale. This may sound a little too obvious to even include in this list, but personal experience informs me that it does need to be mentioned. Many people who have attended a few auctions wrongly assume that the Terms are all the same, and therefore do not take the time to read the rules. This can result in unpleasant surprises down the road. For example, is some auctions, if you are the high bidder and then fail to follow through and pay, you may be held in Breach of Contract and you may actually have collections procedures began against YOU. How ironic is this? You go to an auction to find a “deal”, often the result of someone defaulting on a debt, only to find you yourself in Default and vulnerable to legal action.

    So take a few minutes and READ the Terms & Conditions of EVERY auction you attend. They can vary in significant aspects from auction to auction.

  2. Again – a bit obvious, but set an absolute limit on how much you are prepared to pay for a particular item, and stick to it!! Because of the atmosphere at an active auction, it can be easy to get caught up in the moment and end up bidding much more than you had originally planned. In fact, a good auctioneer tries to actually create a “momentum” in the bidding process in which bidders do become committed to winning the bid and the resulting competition results in the highest selling price possible. After all, many Auctioneers are paid on a percentage of the final selling price. So the higher he/she can encourage the bidding, the more income they themselves will make.

    Also be aware of any taxes or fees due on top of your winning bid. Again, a good reason to familiarize yourself with the Terms & Conditions.

  3. Obtain a catalog of items beforehand so that you can research the true value of any items you may be interested in. The Internet and “google” can give you access to incredible tools to help you in this regard. From used electronics, household appliances, coins, stamps, vehicles, ATVs etc. etc., you name it and you can get an idea of market value for any item imaginable.

  4. If possible, physically inspect any item you bid on beforehand. Some Sales provide an opportunity days or weeks beforehand for interested parties to inspect each item. If not, be sure to arrive as early as possible on day of Sale to look at which items you are interested in. Also be aware of any return policies. There are a few auctions, especially in the case of automobiles, where there may be a time period in which faulty property can be returned. But as a general rule, there is no return policy, so buyer beware! But again, refer to tip #1.

  5. Make sure you have the means to collect any items you may be successful in purchasing. Including extra help to lift and load and adequate means of transportation to bring your property home. Also make sure you are prepared to pay by the accepted payment methods stated in the all important, yes you guessed it, Terms & Conditions.

  6. And very importantly, I highly recommend attending several auctions of various types as a spectator only. Go as an observer and take in as much information as you can. Observe how people bid and how the auctioneers try to generate excitement and momentum. Become familiar with the entire process without the pressure or apprehension of bidding. That way when you actually participate for the first time you will be much more comfortable and confident and less likely to make any errors which beginners may be prone to make.

I hope you find this information useful and you use these tips to find your perfect bass fishing boats, or any other item you may be looking for.

(Although I believe in the services I recommend, it is important that you know – if you purchase any products from the link in this post, I will earn a small fee.  Although I would prefer to use it as beer money, I am afraid it will have to go toward maintaining this site and continually updating the information and recommendations therein).

Any comments or suggestions, please send to me at: info@minnesotarepossessions.com

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