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You need one more basketball card to complete that collection. You just chipped a piece of the good (and expensive) china and don't want to spend a fortune on another one. Can't find that item anywhere?: bid on an online auction.
EXACTLY WHAT IS AN ONLINE AUCTION?
Basically, an online auction is a forum which allows almost anyone to see almost anything and for bidders to bid on those items. There are auctions all over the Internet. E-bay is the best known auction. You can You Many of the search engines have auctions as well.
In an online auction, sellers list and describe their items, often with pictures, and set a closing date for the auction. Prospective buy place their bids and the highest qualified bidder wins. Most auctions charge the seller a small fee for the service, though some do not.
WHAT ARE SOME OF THE REASONS THAT ONLINE AUCTIONS ARE SO POPULAR?
Two reasons that many of us like online auctions are bargains and selections. You can get some real steals at online auctions. Also, many of the larger houses draw in so many sellers of such a variety of merchandise that you can find items right from your home that might take days or weeks to find if you went around.
For example, if you are looking for bookends or mantle clocks, you will find a huge variety of styles and prices with the click of a mouse-more than you will find in a whole day of shopping.
HOW DO I FIND WHAT I WANT AND START BIDDING?
Most online auctions have search engines that allow you to enter keywords. Some allow you to search both titles and descriptions. For example, if you are looking for a DVD of Alfred Hitchcock's Vertigo, you would type in "Vertigo DVD". You might want to search titles and descriptions if you think that words not in the title would help you find what you want.
The auction companies usually require a registration process for you to bid. They want your e-mail address and certain other information that helps them should there be a problem. This process is usually relatively painless.
WHAT HAPPENS WHEN I BID?
In most auctions, you can enter a maximum bid which may or may not be what you end up paying. For example, if the minimum bid is $5, but you are willing to pay $20, you can enter $20, but the publicly available screen will say that your current bid is $5. Then if another bidder offers $7, that person will be automatically outbid by you and your bid will be adjusted upward from $7 in the next allowable increment.
You will be notified by e-mail when your bid is accepted. You also will be notified by e-mail if you are outbid so you can go back and rebid if that is what you want to do.
HOW DO I KNOW THAT I'M BUYING FROM AN HONEST PERSON?
If online auctions seem like the wild west world of horse trading, don't panic. While there needs to be a lot of caveat emptor applied, the auction houses provide a lot of help.
First, and most important, is the feedback profile. In most larger auctions, after each transaction, sellers and buyers have the opportunity to give feedback on the experience dealing with the other. This feedback is available for all to see. Look at the seller's feedback profile before you bid on anything large.
Most auctions also allow you to contact the seller by e-mail. If you are unclear about any aspect of the auction, ask. How the seller answers your questions reveals a great deal about him or her.
In some cases, an escrow service is involved. You pay the escrow company after you find out that you have won the item. When it arrives and is satisfactory, the escrow company releases the money to the seller. There is a small fee for this service which may be worth it if you are buying expensive items.
WHAT OTHER CAUTIONS DO YOU HAVE?
It is easy to get so caught up in the bidding wars that they end up overpaying for items. I saw one used video, for example, that commanded a higher price than other online merchants charge for the item new. Know your prices before you start bidding.
A few dishonest sellers take advantage of people who get caught up in the bidding war by bidding on their own merchandise under a different name just to drive up the price. Auction houses try to discipline this behavior, but they can't catch all of it.
Realize that you are bidding sight unseen. Therefore, it might be best to buy items that you need to see first in person. If this is an issue, ask.
Also, be careful when you bid on large, bulky items. Shipping charges may make it less than economical to buy the item at the auction.
HOW DO I PAY FOR ITEMS I BUY AT AUCTION?
The seller sets the terms of payment. Some accept only money orders. Some accept checks and money orders, but place a hold on items paid by check.
I have found the most convenient payment method to be online payment transfer. You click on the site and then e-mail the person money. You can either put money into an account or have the transaction charged to your credit card. I have found these services efficient and extremely helpful in situations where things don't go exactly right.
WHAT ABOUT AUCTION ETIQUETTE FOR BIDDERS?
In most auction houses, sellers rate buyers. You want to maintain your good reputation through positive feedback. The good reputation will benefit you in many ways. Sellers are often allowed to reject bids from buyers with bad records. Also, if you want to sell in the auction in the future, you will want to have a good reputation so that people will bid on your item.
The two most important rules are to be truthful and to do what you say you are going to do-promptly.
At the end of an auction, the auction house and usually the seller will notify you with directions on how to pay. It is important that if you are a high bidder, that you contact the seller right away and tell how you are going to pay. Also, you will need to tell the seller your address.
Send your payment promptly and make sure that your check is good and that your credit card is valid.
Obviously, civility is important in the tone of all your communication. The person you are contacting will be much more willing to work with you if you are civil with him or her.
Many online auctions have ways to discipline errant participants. Some will suspend members who disobey the rules. Don't be afraid to report abuses.
Online auctions can be both a source of fun and bargains. Participate with the proper cautions and you may have a great experience as well.
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