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PURCHASING AT AUCTIONS: PART 2
Last time we covered some terms about which consumers who want to attend auctions should be educated. Here are some final terms:
Handling charges. These are separate from the selling prices. They may include rent or storage, and transportation.
- Preview. A preview is the opportunity for bidders to inspect items before the sale. Larger sales generally have a preview day or half-day preview time anywhere from one week or day before the sale to the day of the sale; smaller sales generally have the preview an hour or two prior to the sale. The purpose of the preview is to give bidders the opportunity to closely examine the items for condition and details prior to bidding.
- As-is. As the term suggests, when you purchase items at auctions as-is, where-is, these items are sold absent of any warranties. You get what you see, with no guarantee that it will work or as to the overall condition.
- Lots. The term lot(s) has two meanings. First, every item being auctioned receives a number, which is referred to as a lot. Second, often a number of small items, such as hand tools, can be grouped together in one lot and sold to the highest bidder. So a lot can be one item, or a number of items grouped together.
- Pick. When more than one identical item is being auctioned, such as six computer monitors of the same size and age, the first successful bidder will get to choose which one they want and how many they want at the same price. The buyer may choose to buy one, some, or all. He or she gets "The pick of the lot." The items not purchased by the first successful bidder are auctioned once more until all have sold, or the auctioneer has moved on to the next lot.
In Part 3 we present tips for consumers who wish to attend auctions.
Remember, the power is yours!
Credit: Entrepeneur.com
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