auction http://www.wisebread.com/taxonomy/term/6892/all en-US What Happens at a Foreclosure Auction? http://www.wisebread.com/what-happens-at-a-foreclosure-auction <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-happens-at-a-foreclosure-auction" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/8121906840_d3a626fa68_z.jpg" alt="bidders" title="bidders" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p><a href="http://www.baltimoresun.com/business/real-estate/wonk/bs-re-corelogic-completed-foreclosures-continue-to-decline-20121031,0,4507778.story">Foreclosures have declined recently</a>, but many houses are still being auctioned on courthouse steps across the country. Recently I attended one of these auctions; here is a run down of what happened and what I learned. (See also: <a href="http://www.wisebread.com/the-process-for-purchasing-a-house-with-cash">The Process for Purchasing a House With&nbsp;Cash</a>)</p> <h2>Finding a Foreclosure Auction Near You</h2> <p>Generally the list of houses up for auction are posted at an official building in each county, and many listings are also accessible online through listing services such as <a target="_blank" href="https://www.lpsasap.com/">LPS Agency Sales and Posting</a>. These auctions are also called trustee's sales because the trustee of the mortgage is making the property available.</p> <p>The auction we attended was for Solano County in California, which covers about a dozen cities. We arrived at the Vallejo City Hall a few minutes before the scheduled auction. The auctions happen on the front steps of city hall twice a day. When we arrived, the auctioneer was sitting on the ground filling out forms. A few more people filed in and waited quietly.</p> <h2>The Auction Process</h2> <p>The auctioneer stood up and asked if everyone was ready, and then she started the auction by reading out all the listings that were canceled or postponed. Many houses get taken off the auction block because the banks have worked out a short sale or decided to modify the loan, and cancelations can happen as late as the date of the auction. After she rattled off a dozen numbers and addresses, she finally got to the actual houses for sale.</p> <p>The first house was a 2,000 sq ft property in Vallejo, and the opening bid was $147,000.</p> <p><strong>Bidding Requirements</strong></p> <p>Before bidding, the qualified bidders stepped up to show the auctioneer their money. Basically, you can only bid if you can show that you have cashiers checks that can cover the amount of the bid. The bidders all have hundreds of thousands of dollars in cashiers checks in their pockets. A few people went up with their envelopes and then the bidding began.</p> <p><strong>The Bidding</strong></p> <p>The first bid was for a penny over the opening bid, then bids of $100 and $500 came in from two or three bidders. Finally the house was sold to a bidder for $158,000. After it was sold, the winner and the auctioneer stepped to the side to fill out forms, and the buyer gave the auctioneer a number of cashiers checks adding up to at least the bid amount. Any overage would be refunded later. The whole process took about 10 minutes.</p> <h2>For Buyers With Cash, Savings Are Substantial</h2> <p>During one of the breaks we talked to the winner of the first house. He told us that usually buyers can get 25% to 30% off the market price at auction. For example, the property he purchased for $158,000 was probably worth around $200,000. However, the risk is that buyers can't inspect the inside of the houses they buy, and they are responsible for any liens such as back taxes or unpaid utilities. Buyers also need cash to close the transaction right on the spot. For these reasons, buyers are mostly professional investors or work for bigger companies.</p> <p>After they purchase these houses, they often have to deal with the unpleasant business of evicting the former owners and <a href="http://www.wisebread.com/what-it-really-costs-to-own-a-home">making any necessary repairs</a>. Currently many investors are renting out houses after they buy them. They are planning to sell after the housing market recovers further. The bidder we spoke to works for a company, and he said that he buys one or two houses per day.</p> <h2>Too Many Houses, Too Few Buyers?</h2> <p>In the end only a few houses sold. Many listings went back to the bank because the starting bid was much higher than the current market price. The investors had all done their research, so they did not bid on those properties. The houses that go back to the lender eventually will end up on the open market or will be sold to other investors in batches.</p> <p>It is definitely possible to make money on these properties if you do your research and a lot of legwork in attending auctions in your area. I felt like it was actually much more transparent than <a href="http://www.wisebread.com/how-to-choose-a-real-estate-agent">buying a house from a realtor</a> because everyone knows the bids, and there isn't a lot of competition. The deal also closes right away, so it is a much more efficient process. However, it is definitely not the way to buy a house for those who need a loan or those unprepared to make substantial repairs on their new, formerly foreclosed property.</p> <p><em>Have you thought about purchasing a house at a foreclosure auction?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/xin-lu">Xin Lu</a> of <a href="http://www.wisebread.com/what-happens-at-a-foreclosure-auction">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-process-for-purchasing-a-house-with-cash">The Process for Purchasing a House With Cash</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/quiz-am-i-really-ready-to-buy-a-home">Quiz: Am I Really Ready to Buy a Home?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/buy-a-home-you-can-afford-with-the-mortgage-suitcase-trick">Buy a Home You Can Afford With the Mortgage Suitcase Trick</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-cost-of-a-free-ride-why-not-to-use-a-buyers-agent-submitted-by-ken-rick">The cost of a free ride - why not to use a buyer&#039;s agent</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-get-into-a-good-school-district-for-less">How to Get Into a Good School District for Less</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing auction buying a house foreclosure Wed, 14 Nov 2012 10:36:46 +0000 Xin Lu 955195 at http://www.wisebread.com Swoopo - great auction deals or great scam? http://www.wisebread.com/swoopo-great-auction-deals-or-great-scam <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/swoopo-great-auction-deals-or-great-scam" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/swoopo.jpg" alt="" title="" class="imagecache imagecache-250w" width="239" height="86" /></a> </div> </div> </div> <p>Today I stumbled upon a site called <a href="http://swoopo.com">Swoopo</a>.&nbsp; It is touted as a new auction site that combines shopping with entertainment.&nbsp; I took a quick look and it seemed like many items were selling for very low prices.&nbsp; For example, <a href="http://www.swoopo.com/auction/1-ounce-gold-bar-31-10g-/157805.html">an ounce of gold recently sold for only $187.96</a> when it is worth around $1000.&nbsp; How is this possible?</p> <p>Apparently, users have to pay 75 cents for each bid, and each bid increases the auction price by a very small amount.&nbsp; In the case of the gold bar, each bid only increases the price by 1 cent since it is a penny auction.&nbsp; This means that there were a total of 18796 bids by all the users with a total value of $14097.&nbsp; If you subtract the value of the item from $14097, Swoopo still made a handsome profit of over $13000 on this single auction.&nbsp; The winner of the auction placed a total of 213 bids so he or she did get a good deal on the gold bar, but the rest of the bidders pretty much lost their money.</p> <p>A rather fishy part of the site is that many of the winners who &quot;win&quot; these auctions use something called a BidButler. It is essentially a bid sniping bot that bids in the last few seconds of an auction.&nbsp; However, each auction's time left is supposed to go up by a few seconds so that others have a chance to bid.&nbsp; The BidButler allows people to basically schedule bids and get hundreds of paid&nbsp; bids for Swoopo in a short amount of time.</p> <p>Finally, just as an experiment I sat down and watched a couple auctions.&nbsp; It was definitely exciting to watch the clock going down to less than ten seconds as a frenzy of bids poured in, but then suddenly the clock gets extended by 10 to 20 minutes and the waiting game starts all over again. There is a final end time on each item, but before that final date the clock is basically controlled by Swoopo and they could extend it as long as they are getting people willing to throw their money away. They know that every time they bring the clock close to 0 they will be raking in cash, and they can do that countless times before the final end time.</p> <p>As the old adage goes, &quot;if it sounds too good to be true, it probably is&quot;.&nbsp; Swoopo basically lets people gamble that noone else will make another bid for a ridiculously cheap item, and in the process Swoopo profits.&nbsp; If you are into finding deals via auctions, I would definitely stick with sites like eBay<br /> &nbsp;where you do not have to pay to bid.<br /> &nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/xin-lu">Xin Lu</a> of <a href="http://www.wisebread.com/swoopo-great-auction-deals-or-great-scam">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-secrets-to-scoring-the-best-price-when-buying-on-ebay">7 Secrets to Scoring the Best Price When Buying on eBay</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-7-dumbest-big-purchases-people-make">The 7 Dumbest Big Purchases People Make</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/beware-the-nasty-secret-of-the-craigslist-free-section">Beware, The Nasty Secret Of The Craigslist Free Section</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/double-coupons-they-could-cost-you">Double Coupons – They Could Cost You!</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-awesome-alternatives-to-groupon">5 Awesome Alternatives to Groupon</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Consumer Affairs Shopping auction deals scam shopping Mon, 06 Apr 2009 20:57:51 +0000 Xin Lu 3012 at http://www.wisebread.com Hoopde for sale. Starting price - $500. Winning bid - $226,521. http://www.wisebread.com/hoopde-for-sale-starting-price-500-winning-bid-226521 <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/hoopde-for-sale-starting-price-500-winning-bid-226521" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/425f_1.JPG" alt="Crappy old car" title="Crappy old car" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p>I love stories like this. It gives me hope that one day, something “worthless” sitting in my garage will instantly fill up my daughters’ college funds. In this case, the seemingly worthless item was a rusty bucket of bolts called a 1963 Pontiac Le Mans Tempest. When I saw the pictures, I was surprised at the high starting bid of $500. Imagine how the owner felt when it netted him almost a quarter of a million dollars. </p> <p>For those of you unfamiliar with the term, Urban Dictionary describes a hoopde (or hoopdie) as: A busted up car, usually very rusty, dented, with broken headlights, bumpers and/or doors; any junk car that can be obtained for less then $1000. And as you can see by the pictures below, this one certainly fulfills all of those criteria. It has no motor, the bodywork is mostly rust and the trunk doesn’t even open. What would you pay for it?</p> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u17/8184_1.jpg" alt="no engine" title="no engine" width="400" height="300" /></p> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u17/811b_1.jpg" alt="all rust" title="all rust" width="400" height="300" /></p> <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u17/2bb5_1.jpg" alt="dash" title="dash" width="400" height="300" /> </p> <p>However, as <a href="http://www.autoblog.com/2008/11/10/ebay-find-of-the-day-1963-lemans-tempest-sells-for-226-521/">Autoblog</a> recently reported, this was no ordinary car. </p> <blockquote><p><em>The car&#39;s Plexiglas windows, unusual suspension setup and a dash plate bearing the name of a racetrack tipped the owner to its racing history. But what he didn&#39;t know is that the car is one of only six 1963 Pontiac LeMans Tempest Super Duty coupes ever made. Hemmings recently did a story on the rare cars in which they listed all ever built. This one looks to have been driven by Stan Antlocer and was the fastest drag car in 1963 before disappearing.</em></p></blockquote> <p>Over the nine days the car was up on eBay, things went from good to great to unbelievable. Clearly this was something way beyond the expectations of the owner. It’s reported that he was offered a buy-it-now offer of $160,000, but turned it down because of, get this, fears of negative feedback! Would you care for that kind of money? </p> <p>With only seven minutes until the close of the auction, the tally stood at $95k. But when it was all over, the grand total was a whopping $226,521. That’s over $66k more than the firm offer he had turned down. In this economy, that kind of windfall is something of a dream come true.</p> <p>Stories like this are rare, but they do happen. And that means we all need to be studious before we have a garage sale or sell something on eBay or Craigslist. Personally, if I had inherited that crappy looking car, I would have been overjoyed with $1000 for it. More fool me. But we may all have hidden treasures right under our noses. </p> <p>Take that old, dusty painting stuck in the back of the closet or basement. Most of us have one, sometimes handed down by an aging relative that we took graciously so as not to hurt their feelings. It is most likely just an old painting. But it may be a masterpiece, as <a href="http://www.youtube.com/watch?v=JQk6sGUWY5M">The Antiques Roadshow has so often highlighted</a> .</p> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="344"><param name="movie" value="http://www.youtube.com/v/JQk6sGUWY5M&amp;hl=en&amp;fs=1" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="http://www.youtube.com/v/JQk6sGUWY5M&amp;hl=en&amp;fs=1" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="344"></embed></object></p> <p>&nbsp;</p> <p><a href="http://www.youtube.com/watch?v=wlkYn39i4Fw">And an old weaving...</a></p> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="344"><param name="movie" value="http://www.youtube.com/v/wlkYn39i4Fw&amp;hl=en&amp;fs=1" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="http://www.youtube.com/v/wlkYn39i4Fw&amp;hl=en&amp;fs=1" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="344"></embed></object></p> <p>&nbsp;</p> <p>Old watches, ornaments, papers, books, you name it, sometimes there really is a treasure in the trash. So look, think and maybe do a little research. If you’re not sure of an item’s value, check it out. A little of your time could turn into a whole lot of money. </p> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/hoopde-for-sale-starting-price-500-winning-bid-226521">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-get-rid-of-all-your-crap">How to Get Rid of All Your Crap</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/save-more-gas-by-safely-following-trucks">Save More Gas by Safely Following Trucks</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/save-gas-dont-make-left-hand-turns">Save gas; don&#039;t make left-hand turns.</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-ways-to-travel-free-or-at-least-really-darned-cheap">3 Ways to Travel Free (Or At Least Really Darned Cheap!)</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/money-making-hobby-panning-for-gold">Money making hobby: panning for gold</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Frugal Living Life Hacks Cars and Transportation auction craigslist eBay Making Extra Cash money treasure windfall Wed, 19 Nov 2008 18:25:25 +0000 Paul Michael 2590 at http://www.wisebread.com They're turning Paris Hilton's trash into cash. http://www.wisebread.com/theyre-turning-paris-hiltons-trash-into-cash <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/theyre-turning-paris-hiltons-trash-into-cash" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/Picture_1_2.png" alt="" title="" class="imagecache imagecache-250w" width="250" height="110" /></a> </div> </div> </div> <p>There's a new website in town folks, and this one is literally scraping the bottom of the barrel. <a href="http://hollywoodstartrash.com/list.html">HollywoodStarTrash.com</a> has hit upon an idea that turns dumpster diving into something quite, well, distasteful. They rummage through the garbage cans of Hollywood biggest stars and sell what they find. And as always, the infamous Paris Hilton tops the list of star junk.</p> <p><strong>What's on sale, I hear you ask? The list is quite disturbing. </strong></p> <p>For $50 (starting price) you can get yourself this used Paris Hilton deodorant. Mmmm.</p> <p><img height="297" width="239" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/wisebread_imce/item023.jpg" alt="Deo" title="Deo" /></p> <p>&nbsp;</p> <p>For $100 (starting price) you can buy some used Paris Hilton envelopes. Great deal.</p> <p><img height="295" width="238" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/wisebread_imce/item016.jpg" alt="Envelopes" title="Envelopes" /></p> <p>&nbsp;</p> <p>For the same $100 (starting price) you could treat yourself to some grubby make-up puffs.</p> <p><img height="307" width="247" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/wisebread_imce/item030.jpg" alt="puffs" title="puffs" /></p> <p>&nbsp;</p> <p>And for a whopping $250 (starting price) how about Paris Hilton's drug prescription? Yes, they're serious.</p> <p><img height="339" width="273" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/wisebread_imce/item002.jpg" alt="Prescription" title="Prescription" /></p> <p><strong>SO, is all this just harmless profit? </strong><br /> Personally, I don't think so. Believe me, I have no love for Paris Hilton. I think certain celebrities are asking for a little punishment based on the the way they behave, and Hilton is the classic example of the 'media whore.' But to encourage digging through garbage for a soiled make-up puff or old prescription is just a sad indication of the times we live in.</p> <p>Are we so desperate for fame and celebrity that we'll do anything to get close to it? Even if that means buying trash? Well, the website lists many of the items it has already sold, including empty coke cans and used q-tips. If there's an audience, our Internet culture will guarantee a supplier.</p> <p>So I throw this out to you, the Wisebread readers. Would you buy trash from your favorite celebrity, or do you think it's just trash? I know one thing for sure. I wouldn't.</p> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/theyre-turning-paris-hiltons-trash-into-cash">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/eco-capitalism-how-to-make-money-from-garbage">Eco-Capitalism - How to make money from garbage</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/hoopde-for-sale-starting-price-500-winning-bid-226521">Hoopde for sale. Starting price - $500. Winning bid - $226,521.</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-a-teenager-started-a-multi-million-dollar-online-business-with-a-parrot">How a Teenager Started A Multi-Million Dollar Online Business with a Parrot. UPDATED</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-launder-money">How to Launder Money</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/101-tax-deductions-for-bloggers-and-freelancers">101 Tax deductions for bloggers and freelancers</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Life Hacks auction business celebrity garbage money money for nothing trash website Wed, 18 Jul 2007 17:59:26 +0000 Paul Michael 859 at http://www.wisebread.com Bidding wisely on eBay http://www.wisebread.com/bidding-wisely-on-ebay <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/bidding-wisely-on-ebay" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000025460645_XXXLarge.jpg" alt="excited woman computer" title="excited woman computer" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p class="MsoNormal">eBay can be the discount shopper&rsquo;s paradise.<span> </span>It&rsquo;s where you can find like-new electronics, brand new designer clothes and accessories, and anything else your heart might desire, most of the time for a fraction of their retail price.<span> </span>Well, that&rsquo;s the idea anyway.<span> </span>eBay is <em>supposed</em> to be the place to get great bargains.<span> </span>As a seller though, I&rsquo;ve seen some crazy buyer activities that make me wonder if some think they&rsquo;re at Sotheby&rsquo;s bidding on an original Picasso. <span> </span>eBay is a tourist trap for the impulsive, competitive, and impatient shopper.<span> </span>But if you follow a few simple rules, eBay can be a gold mine of saved dollars.<span> </span>Keep in mind that I&rsquo;m referring to things that are easily accessible in stores or online for retail price.<span> </span>Sold out or rare items is of course a different animal and can very well be compared to an auction at Sotheby&rsquo;s.<span> </span></p> <h2>1. Don&rsquo;t Pay More Than It Costs on Amazon</h2> <p class="MsoNormal"><span> </span>It seems obvious, but believe me, some go to eBay before they go to Amazon&nbsp;<span style="font-size: 13px; line-height: 1.7em;">and end up paying more than retail price from some random dude on eBay.</span><span style="font-size: 13px; line-height: 1.7em;"> </span><span style="font-size: 13px; line-height: 1.7em;">It&rsquo;s not a given that things sold on eBay are cheaper than anywhere else.</span><span style="font-size: 13px; line-height: 1.7em;"> </span><span style="font-size: 13px; line-height: 1.7em;">Do a quick search on Amazon to find the price you are trying to stay under.</span></p> <h2>2. Don&rsquo;t Get Drawn Into a Bidding War</h2> <p class="MsoNormal"><strong><span> </span></strong>Most of the time, the listings that sell at an unusually high price are due to bidding wars between two people rather than a bunch of people bidding on it.<span> </span>Maybe it&rsquo;s the competitiveness, maybe it&rsquo;s the fact that the bidder has already invested time and energy into that listing, maybe it&rsquo;s the &ldquo;just a few more dollars&rdquo; mentality.<span> </span>Whatever the case, don&rsquo;t get caught in a bidding war.<span> </span>If you see someone aggressively trying to outbid you, just step away from the computer. <span> </span>Move on to the next listing.<span> </span>It&rsquo;s the guy who wins that bidding war who will feel more foolish in the end.</p> <h2>3. Don&rsquo;t Bid Until the Last Minute (Otherwise Known as sniping)</h2> <p class="MsoNormal">Keep refreshing until it&rsquo;s down to 10&ndash;30 seconds (depending on how confident you are at your speed).<span> </span>Then place your bid.<span> </span>A lot of times people are hesitant to put their maximum bid price because they want to wait and see if anyone else is going to bid.<span> </span>So by putting the bid in at the very last second, you can avoid a bidding war and more likely be able to get the price you want.<span> </span>Also, it gives you little time to add &ldquo;just a few more dollars&rdquo; to your bid.<span> </span>Bid the maximum you're willing to pay and see if you win. This is by far the most effective way to buy on eBay.<span> </span>There is no reason to place your bid early.<span> </span>You don&rsquo;t need to advertise your interest.</p> <h2>4. Look at Other Sellers&rsquo; &quot;Buy It Now&quot; Price &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</h2> <p class="MsoNormal"><strong><span> </span></strong>A lot of times sellers underprice their items.<span> </span>Maybe they want to get rid of it earlier or they haven&rsquo;t done their research.<span> </span>If you see a few auctions that ended recently go above a Buy It Now price that a seller currently has it for, that&rsquo;s probably a good price to buy it at.<span> </span>Only do that if you see auctions that ended recently sell at a higher price.<span> </span>Otherwise, it&rsquo;s better to follow a few auctions and try to bid.</p> <h2>5. Pay Attention to Peak Times</h2> <p class="MsoNormal"><strong> </strong>The time the auction ends matters. If it's pretty late or very early in the day, chances are there will be less people trying to bid at the last minute.</p> <h2>6. Read, Read, Read</h2> <p class="MsoNormal"><strong><span> </span></strong>Take some time to carefully read the description of the item you are bidding on.<span> </span>People will sell empty boxes, dead electronics, and damaged goods.<span> </span>Some will also hide their price in outrageous shipping fees. Read their description, ask questions, check their feedback, and really feel comfortable about the seller before bidding.<span> </span>There is no shortage of sellers, so be picky.</p> <p>Hopefully these basic rules will allow you to get bigger and better bargains, making shopping a guilt-free experience at the world's online marketplace.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lin">Amy Lin</a> of <a href="http://www.wisebread.com/bidding-wisely-on-ebay">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/snipe-an-ebay-auction-save-a-fortune">Snipe an Ebay auction, save a fortune.</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/shop-like-a-ninja-on-ebay">Shop Like a Ninja on eBay</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-things-you-should-always-buy-and-sell-on-ebay">10 Things You Should Always Buy and Sell on eBay</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-25-best-things-to-buy-on-craigslist">The 25 Best Things to Buy on Craigslist</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/can-cheap-applecare-on-ebay-be-trusted">Can cheap AppleCare on eBay be trusted?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Shopping auction bidding eBay shopping online Thu, 28 Dec 2006 22:02:04 +0000 Amy Lin 123 at http://www.wisebread.com