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I heard a person can buy property for a song at bank and police auctions- is this true, or is it a scam? I’d like to by a recent decent used car, and am toying with the idea of looking at such an auction- are bargains really there?
and please respond in English
Posted in: Auction FAQ | | Comments (4)
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Auctions can be a lot of fun and a way to get a good deal if you follow some simple guidelines. Don’t get caught up in a "bidding frenzy". This happens when you want something so bad you keep bidding beyond what it is worth. Research the value of the item you are interested in. Set a limit on what you will pay. Some auctions charge a buyers premium which is a precentage paid above the winning bid amount. Sometimes there are Pro’s bidding (people who bid for companies with deep pockets). On occasion there will even be "shill" bidders (people who work for the auction house who artificially drive up the price). You may want to attend an auction just to see how they work. Have fun and good luck!
Comment by Patrick — August 20, 2009 @ 6:48 am
technically you can come out on top by going to police auctions etc…. BUT it does take a trained eye to see which is worth it and which isnt
otherwise you may end up being the victim
also police auctions tend to have cars/houses that arnt worth any amount of money in private trade or trade in so re sale may be difficult
Comment by Sam H — August 20, 2009 @ 6:48 am
If you go in knowing what you want, and realise that you are buying from a ‘last resort’ source, you may come out okay. The cars are sourced from impounds, fleets, lein sales, and abandoned property. If you can tell the good from the bad, & fix your own stuff, give it a try. Cheap is not always worth the effort…
Comment by rick r — August 20, 2009 @ 6:48 am
yes, it all depends on how many people show up ..
most times things go for a fair price ..
but i have seen thing sell cheep or hi just depending on the crowd’s mood
Comment by the bad seed — August 20, 2009 @ 6:48 am