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Going, Going, Gone

Aug 18, 2007
For those who love finding great deals at auctions but hate the hassles of crowds and getting there, there's now a cool new way to bid. Auction sites are getting more and more which only means that there is a lot more chances in finding that collectible item that you are raring to lay your hands on! You just have to place your bid on your chosen auction site. The next thing you know, you've won it. But before you start bidding, read on and find out some little facts about online auctions.

How transactions work

1. Before transactions are made, you have to sign up for a log-in account at whichever auction site you choose. After that, you can now start looking for items and placing bids. Pictures and item descriptions are very important so make sure to read and look at them carefully. In placing your bid, you can just do it the usual way or you could choose to snipe at timed auctions.

2. When you have won the item, be in touch with the seller. If he replies in a very disturbing manner or if he doesn't respond at all, cancel. In paying for your item, money order is a good choice but it can be hard to locate the seller and recover the money if by chance you are being cheated. Personal checks are obviously not an option. Using internet payment systems for your credit card purchases may lead you into thinking that your money is in good hands. But, no, it is not totally safe at all. Besides, these services ask for an amount of money in return. Shipment is also a big issue. Check the seller's profile. If he is located near your area, then you won't have a problem at all. If not, then be prepared to pay added amount for shipments. The seller could also increase the price for shipment so make sure you check before placing a bid.

3. If by chance the item is broken when it arrives, contact the seller directly. Maintain a professional relationship with the seller.

Some common lingo you could encounter

"in its present condition": as a buyer, the pictures along with the description is your only hope of making a sound judgment about the item.

bid cancellation: as a buyer, you have the right to cancel bids if you are not comfortable about the item or the seller.

Bid increment: the amount being increased in the price of the item after the latest bidder places his bid.

Bid rigging: when a conniving associate of the seller bids on an item to inflate the price.

Caveat emptor: "let the buyer beware"

Escrow: when there is a third person involved who will hold the buyer's money until the buyer gets the item.

Feedback: a user's observation usually about how the other user handles transactions posted for the public.

Sniping: usually happens during the closing of an auction, in which a bidder outbids other bidders to win the item.
About the Author
James Brown writes about uBid.com coupon, eBay discounts
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