The activity of bidding at auction can appear to be as a daunting task, specifically if you are going for the time for such an activity. The bargain and the treasure that you are going to get over here is worth the learning curve. Once you have mastered the art of bid you’ll feel much more comfy about the entire procedure.
Once you start to go to with few property auctions, you will get in the “pulse”. And if you start to walk along/follow a particular auctioneer, then you would come to know about his/her lingo, how things are completed, and in addition to this you will become acquainted with the “regulars.”
The act of auction is more or less like a social gathering and not more than this, thus relax, have a pleasurable time, and let the bargain hunt begin!
Following are few guidelines which will help you during your property auction:
Arrive the Destination at Early Hours
Make sure that you reach the auction venue as early as possible. If you are traveling by your own vehicle then see to that you park them safely and it doesn’t block the way of other automobiles. If at any point of time you feel bored or feel that there is nothing left for you to bid then you can leave the venue without any trouble of blocked vehicles.
By reaching earlier to the venue and before the process of property auction starts, you would have plenty of time left in your hands so as to have a look on the bids that are kept on offer. Through this you would come to know, on which property you will be able to bid and on which you can’t go for.
Get Your Identification Number
Bidders who are going to take part in the process of auction are awarded an identification number which will be related to their name and personal identification, for instance a driving license number. By this way the auctioneer will award the bid which has come into your account at the end of the day.
Get Ready For the Bid Process
When the process of property auction begins, the person who acts as a “ringer” will cling on the item and then the auctioneer will illustrate its details. After this the person will start the process with an opening bid. If you are going to claim first for the bid then never open the bid with the highest amount, else go with a reasonable price.
As the bidding takes place the auctioneer will start to note down the prices that has been offered by the bidders. The highest price claimer will be awarded with the property that has fallen in his/her account.
Pay Up For the Property Awarded
As the process of bidding comes to an end, the possession of property will be awarded to the respective person, once he/she has made a down payment. If a person fails to fulfill the payment then the second largest bidder will be awarded with the claimed property.