Re: Auction techniques? Novice needs help.
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Posted by Steamer on August 04, 1998 at 10:13:30:
In Reply to: Auction techniques? Novice needs help. posted by Greg on August 04, 1998 at 09:57:52:
: On about three occasions now I have passed up some very good deals on tractors having been hesitant at auctions. Are there techniques the experts use at these things when bidding? I don't know about experts. I'm not really one. I do have some rules I stick to at an auction. First, I evaluate the item. Then, I set a top price that I'm willing to pay for it. I write down notes of my observations and the price I set. If there's multiple items I sort them out in order of preference. If a lower preference item comes up before a higher preference one, I don't bid on it unless I have enough money to buy it along with the other items(s). When bidding, I don't exceed my written high amount. Ever. It's far too easy to go up $10-20 more, over and over, until the price is way above reason. I have no fear about getting into a bid war, but I won't go over my price. If junior bids $1 over my limit, he can have it! Otherwise it's too easy to wind up in the poor house. Many times there's a minimum bid that never gets reached. I never exceed my limit to meet the minimum bid. Many times the item can be negotiated for AFTER the auction is over, for a price acceptable to both parties. It's usually frowned upon to do such negotiation BEFORE the auction, however! Hope it helps you!
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