Buy Things Cheap at Live Auctions

Saving money has become so important in this economy. People are cutting out any luxuries just to be sure monthly bills are paid and there is food on the table. There are so many little bills that pop up as onetime expenses that people have to be prepared for that it becomes imperative to make sure you have a little money put back. School books or fees, doctor or hospital co-pays, and vehicle or home repairs are likely to throw any budget out of balance. There is one way that people can save money on buying household items and gifts that many people either are not aware of or have not considered. Live local auctions are a great place to possibly find needed or wanted items at a fraction of their actual value.

Live auctions may contain anything from household items, pantry items, furniture, tools, and lawn equipment.  These are not to be confused with real estate auction which may sell a home or land, as well as the contents of a home, garage or outbuilding.  Real estate auctions often happen at the address of the property to be sold.  There is some merit to real estate auctions for finding household items at these types of auctions but there is a strong likelihood that most items will sell closer to the actual value because the buyers will include neighbors and relatives who are either looking for a way to help the individual raise money or are aware of the items actual value

Auctions that are held at auction houses generally contain items that were personal property for sale from more than one source. If you are looking to make money, you can take your items to the auction house and let the auction company auction them off for you. Please beware that just because an item has a monetary value or a value to you does not mean it will receive a lot of bid or bring in a lot of money.  I have gone to an auction and bought a 32in RCA color television with stand and two remote controls for 25US. After the auction house takes their cut, the original owner didn’t receive much for the item and probably paid 200% more for the item than I did. I have also seen an old rusty dented can sell for over 100US because of its age. There is no way to determine what the people who are buying the item will consider valuable.

After seeing auctions in movies, I was a little concerned that I could scratch my nose and bid on something I didn’t want.  I was a little intimidated when I went to my first auction. Auctions may be handled differently depending on the auction house or the region where the auction takes place so this is an example of how the live auction works in this area.

Upon arrival to the auction house, it is possible to look around at the items that are to be auctioned before decided if you wish to participate. Larger items like furniture and appliances are usually lined up along one wall and wrap around the outer edge, as needed. Generally the items are not sorted by what room they would go in or antique separated from newer items. The larger items can be in any shape from looking band new to well-worn condition. Household and personal items are usually spread out over as many cafeteria style tables as necessary to display them. There are some items that are in boxes or bags either on or around the tables.  It is possible to look through these things as well before deciding if you want to bid.

If you have decided to bid on some of the things up for auction, you will go to the cashiers table to get a bid number. They do ask for a photo ID and a phone number to verify who you are and to get your information ready in the computer to make paying at the end of the auction a faster process.  They will give you are card with your number printed largely on it so the auctioneer will be able to see it. Usually the card is disposable so many people take a pen and make notes on the back as to what lot they bought and what they paid for it. This way they are able to keep a running total on how much they are spending. 

When the auction is ready to start, the auctioneer will be seated on a rolling platform high enough to see the crowd and using a microphone so that everyone can hear the lot information and the bids.
There will be someone next to the auctioneer on the platform taking down the winner’s number and entering that, along with the lot information and winning bid price, into the computer. 

The rolling platform will move along the tables and the auction house workers will indicate, usually by holding up the item, what it being auctioned currently. At times, they will add two or more items together in order to gain bids for less popular items. To bid on the item or lot, you simply hold up your number when they auctioneer drops the opening bid amount below your price range. There are a few terms that need to be learned in order to be more comfortable when placing bids

• Lot- a term used for an item or group of items that is bid on at one time
• Choice-a term used to bid on your choice of the group of similar items. The winning bidder may choose to take one or more of the items and pay the winning bid amount for each. The remaining items are bid on again. The price may go higher or lower than the original winning bid. This process is done until the items have all been won.
• 1 times #-a term when there are several of the same items. The winning bidder pays 1 times the number of items. For example, there are three lamps available. The bidder is bidding the amount they will pay for one lamp but agreeing to buy all three. What they end up paying is the winning bid times 3.

When you win something, you can set it aside or put it in your vehicle. I recommend taking an empty box or plastic tote to put your items in as you win each lot. Boxes are in short supply at auctions to having something with you will just make it easier. All items are paid for at one time when you leave for the day. Most auction houses take cash check or credit card as payment.

Auctions can be a good place to find just about anything used, new or antique. Something is really only worth what someone will pay for it and it’s not recommended to show too much interest in any one item. If you bid smartly, you can win things that you want at a lower price. When deciding to bid on an item, it’s a good idea to have in mind what is the maximum amount you will pay for that item. It’s easy to get caught up in a bidding war and pay more than you intended. The winning bid amount is determined based on what the people in the crowd are willing to pay. There may be antique dealers, shop owners and regular people looking to buy items for their personal use.

Live Auctions are generally listed in the local newspaper. Usually there is some information provided that sums up what will be auctioned off, the date, time and location. Whether you are looking for something for yourself or someone else; auctions do seem to have a little of everything to offer.

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