In the event that you’re planning to attend auction sales, there’s a great deal of preparation to be made. If you’re a fast-acting buyer, you’ll be ready to make commitments; before attending an auction, there are things you can do as a buyer. We are going to guide you on the dos and don’ts, when it comes to auction sales in order to understand the process.
What does it costs to register for auction sales?
This question is mostly asked by first time bidders, there is a registration form that you’ll fill, leaving cash deposit so as to get your bidder number. With the cash deposit, it ensures that the bidders are sincere with their biddings. This therefore creates a comfortable environment for the buyers, in the event that you’re unsuccessful in your bidding, you will have a refund of your deposit.
How to prepare for auction sales as a bidder?
Buyers make a very big mistake of attending auction sales, without doing a thorough research on items that are selling. As a buyer, know the price of new and used product so that you can compare it with the selling price it’s being sold at. Examine and inspect the condition of the equipment during the auction preview; hence, you can know how much you can bid it for.
What are the terms of sale?
You will find this information on the auction registration form and auction company websites. It comprises of a bidder’s responsibility in purchasing products, through acceptable form of payments and the time in removing your auction sales purchases.
Will I pay sales tax?
Your total auction sale collection is made by the auction company, in case you are planning to make purchases through resale; ensure that you complete the tax sales forms.
What is the buyer’s premium?
The buyer’s premium is a commission structure for most auction companies. The amount is found in terms of sale. It’s important to understand the buyer’s premium percentage and the figure that gets into your bidding.
In case you are new to auction sales, it’s vital that you’re comfortable with the process of bidding. Pay attention to the auctioneer, understanding the increments in bidding. This will help you to keep pace on sales. Auction sales are an excellent way of saving money, staying in a fast pace buying environment and having a lot of fun.